公司治理结构与资讯揭露之关联性研究 - 国立交通大学机构典藏.pdf

Chiao Da Management Review Vol. 27 No. 2, 2007 pp.55-109 公司治理結構與資訊揭露之關聯性研究 A Study of Association between Corporate Governance Structure and Information Disclosure 陳瑞斌 Jui-Pin Chen 國立彰化師範大學 會計學系 Department of Accounting, National Changhua University of Education 許崇源 Chung-Yuan Hsu 國立政治大學 會計學系 Department of Accounting, National Chengchi University 摘要：資訊揭露有助於降低資訊不對稱及提高資本市場的健全度。本研究由 公司治理結構的角度，探討影響公司資訊揭露水準的因素。研究結果發現， 當投信基金的持股比率增加，或董事會中獨立董監事席次比率增加時，公司 的資訊揭露水準會提升；當控制股東所掌握董監事席次比率與現金流量權比 率之偏離程度愈大，或董事會人數超過七人後人數愈多，公司的資訊揭露水 準會愈低。 關鍵詞：資訊揭露；公司治理結構；控制股東 Abstract: Information disclosure is useful in reducing information asymmetry and plays a major role in the cooperation government. The purpose of this study is to explore the relationship between the level of information disclosure and corporate governance structure. The results support the following hypotheses. First, the higher the level of information disclosure is, the higher the investment from investment institution. Second, the level of information disclosure decreases if the divergence between the ratio of board seat and cash flow rights controlled by the ultimate controlling shareholders increases. Third, the level of information disclosure is lower with the number of directors when the number is over seven. Finally, the level of information disclosure increases if percentage of independent 56 A Study of Association between Corporate Governance Structure and Information Disclosure board member increases. Keywords: Information Disclosure; Corporate Governance Structure; Ultimate Controlling Shareholders 1. 緒論 1980 年代以來，公司治理的研究者陸續發現與股權分散不一致的現 象，因此開始質疑