The relationship among the trade secret, insider trading and corporate governance

• Main Authors: Hui-Yin Chang, 張蕙茵
• Other Authors: Wei-Kang Wang
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/07078252886085132169

碩士 === 元智大學 === 會計學系 === 96 === T he invisible knowledge has become the most important element of production to the enterprise management nowadays. The intangible assets scope are general, including the public intangible asset information (ex: Patent) and private trade secret. The former literature had many relative researches about the public intangible asset information, but really unusually research about trade secret. However, more and more research found public patent information had less relationship with the firm operating performance, but it still had high relationship with the firm operating performance (Lev, 2001), so we want to examine can trade secret also affect the enterprise to manage? Therefore, the goal of this research is explore the relationship of trade secret, insider trading and corporate governance. Because the private information is so hard to directly measure, this research refers the concept of Marshall (1890) "ordinal utility", trying to quantify and rank the trade secret depends on its strength, the arrangement slightly, the trade secret strength will be lower, otherwise, the arrangement is bigger, the trade secret strength will be higher. We discuss the relationship between the trade secret strength and during various variables by regression model. This research was sampled from the Taiwan public electronics industry taking year 2002 to 2006, after deleting the samples had missing financial data, finally, the sample numbers are 199. The findings shows significant positive relationship between trade secret and the enterprise operating performance variables, indicated trade secret indeed can enhance the enterprise operating performance. And the higher trade secret strength will increase the insider trading situation. It shows significant positive relationship between trade secret and the corporate governance variables, expressed the more concentrative shareholder structure will increase the trade secret produce from the enterprise invests to innovation activities.