| Summary: | 碩士 === 中原大學 === 會計研究所 === 97 === After a considerable number of impacts resulted from misappropriation of assets and fraudulent financial reporting occurred in domestic and overseas companies, global investors have lost confidence in the information disclosed by companies. That has seriously affected the activities of the capital market. In order to strengthen corporate governance and promote information transparency, Taiwan Securities and Futures Institute launched the Information Disclosure and Evaluation System from 2003 with an expectation that the outside mechanism can urge companies to disclose their information more voluntarily than that the regulations required, and hereby to intensify company transparency, reduce the information asymmetry between insiders and outsiders, and enhance the healthy development of the capital market. Besides, conference calls in recent years have gradually become an important medium for companies announcing related message to the public. By holding conference calls, the communication and interaction between management and investors can be more direct and the disclosure of information can also become more timely.
This research uses listed companies from 2005 to 2007 as samples to explore the relationship between conference calls, voluntary disclosure and information asymmetry; among which the level of voluntary disclosure is ranked in accordance to the annual report ranking index of the Information Disclosure and Evaluation System. The results show that as the frequency of conference calls or the level of voluntary disclosure becomes higher, the degree of information asymmetry becomes lower. That means that holding conference calls and promoting voluntary disclosure can indeed mitigate the condition of information asymmetry.
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