信息透明度与企业经营绩效的关系

The Relationship between Information Transparency and Operating Performance

亚洲金融风暴之后,上市公司信息透明度及披露质量受到高度关注,根据世界银行及亚洲华尔街报导,东亚国家上市公司普遍有信息透明度不高的问题。台湾也不例外,自1998下半年起,企业财务危机频传,上市公司财务透明度成为投资人关注的焦点,证券市场主管机关除关心会计准则的制订及执行之外,也努力于其它有助于披露环境的改善。例如,新公报的制订逐渐与国际会计准则接轨,以及推行上市公司信息披露程度的评价。本研究以2003至2005年台湾上市柜公司为样本,探讨信息透明度与公司经营绩效的关连性。信息透明度以证券暨期货市场发展基金会"信息披露评鉴系统"的评价结果为代理变量,经营绩效则分别以会计绩效及市场绩效衡量。实证结果发现当信息透明度较高的公司,会计绩效及市场绩效的表现均优于信息透明度较低的公司。

The issue of corporate governance has prompted calls for greater transparency and disclosure on companies around the world.As a result,a disclosure ranking system,Information Transparency and Disclosure Ranking System(ITDRS) was launched in Taiwan since 2003 by the request of Taiwan Stock Exchange Corporation(TSEC).This paper examines the relationship between information transparency and corporate performance.Operating performance is measured by accounting performance and market performance.The empirical tests are conducted using TEJ database for firms listed on the Taiwan Stock Exchange with fiscal year ends between 2003 and 2005.Empirical results indicate that,information transparency,measured by the ranking of ITDRS is positively associated with both accounting performance and market performance.