上市公司信息披露对盈余操弄与公司治理影响分析

Analysis of the Impact of Listed Company Information Disclosure on Earnings Manipulation and Corporate Governance

以中国台湾地区"上市柜公司信息揭露评鉴结果"进行实证研究,探讨台湾地区上市上柜公司在披露公司信息于信息披露评鉴系统前是否会有操弄盈余的情况发生,信息披露与公司治理之间的关系。分析发现,台湾地区信息披露考评结果与董监事持股比率显著负相关,与董监事持股质押比率显著正相关;信息披露考评结果与盈余操弄和投资报酬率负相关。

＂The evaluative result of the disclosure with the Information of Listed Companies and OTC-Listed Companies＂which is announced by SFI of Taiwan is analyzed. The purpose is to evaluate whether the information disclosure and evaluation system has a phenomenon of earning manipulation and to investigate the relationship between evaluation results of information disclosure and corporate governance. The empirical results showed that evaluation results of information disclosure and ratio of the stock ownership of directors had a significant negative correlation. The evaluation results of information disclosure and the pledged shares of directors were significantly and positively correlated. The information disclosure and investment return showed a significant negative correlation.