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來源文獻資料
摘要
外文摘要
引文資料
題名:
The Impact of Transparency Alteration of Voluntary Information Disclosure on the Firm's Equity Valuation--Evidence from Taiwan
書刊名:
朝陽商管評論
作者:
王茂昌
/
莊嘉建
/
徐培鈞
作者(外文):
Wang, Mao-chang
/
Chuang, Jia-jiann
/
Xu, Pei-jun
出版日期:
2016
卷期:
15:1
頁次:
頁29-41
主題關鍵詞:
自願性資訊揭露透明度變化
;
權益評價
;
公司治理
;
Ohlson(1995)評價模式
;
Transparency alteration of voluntary information disclosure
;
Firm's equity valuation
;
Corporate governance
;
Ohlson(1995) model
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:0
點閱:6
近年來公司治理之自願性資訊揭露的議題受到產官學界重視,我國證券暨期貨市場發展基金會,自2005年起於資訊揭露評鑑系統,增加公佈自願性資訊揭露較透明的公司名單,鼓勵公司能自願性增加資訊揭露,使投資人得到額外的資訊,以提高決策的攸關性。本文以台灣上市公司為樣本,運用Ohlson(1995)評價模式來探討自願性資訊揭露透明度變化與權益評價之關聯性,並探討產業的調節效果。實證結果顯示自願性資訊揭露透明度變化與股價有顯著的正向關係,且電子產業的調節效果與股價也有顯著正向關係。本文建議,企業自願性資訊揭露透明度變化的資訊,可做為企業利害關係人做決策時的攸關訊號。
以文找文
The voluntary information disclosure is deeply concerned by the industry, government and academia communities in the field of corporate governance. The Securities and Futures Institute (SFI) of Taiwan has been using the Disclosure of Information Evaluation System to release the more transparent companies list of voluntary information disclosure since 2005. This study evaluates the relationship between the transparency alteration of voluntary information disclosure and firm's equity valuation for Taiwanese listed firms by applying the Ohlson (1995) model, and further examines the effect of industry adjustment. The empirical research results support the hypothesis of positive significant relationship between the transparency alteration of voluntary information disclosure and the firm's equity value. In addition, the electronic industry's adjustment effect and firm's equity value is positive and correlated significantly. This paper suggests the transparency alteration of voluntary information disclosure can be a relevant signal for the decision-making of firm's stakeholders.
以文找文
期刊論文
1.
Diamond, Douglas W.、Verrecchia, Robert E.(1991)。Disclosure, Liquidity and the Cost of Equity Capital。The Journal of Finance,46(4),1325-1360。
2.
Aboody, D.(1996)。Market Valuation of Employee Stock Options。Journal of Accounting and Economics,22(1-3),357-391。
3.
Petersen, C.、Plenblorg, T.(2006)。Voluntary disclosure and information asymmetry in Denmark。Journal of International Accounting, Auditing and Taxation,15(2),127-149。
4.
Gelb, D. S.、Zarowin, P.(2002)。Corporate disclosure policy and the informativeness of stock price。Review of Accounting Studies,7(1),33-53。
5.
Alves, H. S.、Canadas, N.、Rodrigues, A. M.(2015)。Voluntary Disclosure, Information Asymmetry and the Perception of Governance Quality: An Analysis Using a Structural Equation Model。Review of Applied Management Studies,13,66-79。
6.
Healy, P. M.、Palepu, K. G.(1993)。The Effect of Firm's Financial Disclosure Strategies on Stock Price。Accounting Horizon,7(1),1-12。
7.
Kumar, G.(2013)。Voluntary disclosures of intangibles information by U.S.-listed Asian companies。Journal of International Accounting, Auditing and Taxation,22(2),109-118。
8.
Hossain, M.、Mitra, S.、Rezaee, Z.(2014)。Voluntary Disclosure of Reasons for Auditor Changes and the Capital Market Reaction to Information Disclosure。Research in Accounting Regulation,26,40-53。
9.
Wang, M. C.、Xu, P. J.(2015)。The Value Relevance on Voluntary Information Disclosure Transparency: Evidence from Taiwanese Securities and Futures Institute。Journal of Nanjing Audit University,12(5),86-94。
10.
Wang, L.、Shiue, M.、Tseng, C.(2011)。The Relation between the Changes of Information Transparency Ranking and Earnings Management。Review of Accounting and Auditing Studies,1(1),101-131。
11.
Barth, M. E.、Clement, M. B.、Foster, G.、Kasznik, R.(1998)。Brand values and capital market valuation。Review of Accounting Studies,3(1/2),41-68。
12.
Healy, Paul M.、Hutton, Amy P.、Palepu, Krishna G.(1999)。Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure。Contemporary Accounting Research,16(3),485-520。
13.
Healy, Paul M.、Palepu, Krishna G.(2001)。Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature。Journal of Accounting and Economics,31(1-3),405-440。
14.
Ghosh, Aloke、Moon, Doocheol(2005)。Auditor tenure and perceptions of audit quality。The Accounting Review,80(2),585-612。
15.
Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research,11(2),661-687。
16.
Botosan, Christine A.(1997)。Disclosure level and the cost of equity capital。The Accounting Review,72(3),323-349。
17.
Clarkson, P. M.、Li, Yue、Richardson, G. D.、Vasvari, F. P.(2008)。Revisiting the Relation between Environmental Performance and Environmental Disclosure: an Empirical Analysis。Accounting, Organizations and Society,33(4/5),303-327。
18.
Carey, Peter、Simnett, Roger(2006)。Audit partner tenure and audit quality。The Accounting Review,81(3),653-676。
19.
Lang, Mark H.、Lundholm, Russell J.(1996)。Corporate Disclosure Policy and Analyst Behavior。The Accounting Review,71(4),467-492。
20.
Hooks, J.、Coy, D.、Davey, H.(2002)。The Information Gap in Annual Reports。Accounting, Auditing and Accountability Journal,15(4),501-522。
研究報告
1.
Haggard, K. S.、Martin, X.、Pereira, R.(2006)。The Impact of Voluntary Disclosure on Stock Price Informativeness。University of Missouri Columbia。
圖書
1.
White, G. I.、Sondhi, A. C.、Fried, D.(2003)。The Analysis and Use of Financial Statements。Hoboken, New Jersey:John Wiley and Sons。
2.
Greene, William H.(2008)。Econometric Analysis。Upper Saddle River, NJ:Prentice Hall。
3.
Securities and Futures Institute(2009)。Taiwanese Corporate Governance。Taipei:Securities and Futures Institute。
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