| Summary: | 碩士 === 中原大學 === 會計研究所 === 97 === “Information Disclosure and Transparency Raking System” was conducted by Securities & Futures Institute, entrusted by Taiwan Stock Exchange and GreTai Securities Market. Evaluation criteria were developed by an independent, fair, professional, and objective organization to promote corporate transparency, reduce the information asymmetry, and strengthen investors’ confidence on capital market. This study tried to explore the impact of information transparency on the stock price-evidence from Electrical Industry of 2007 Information Transparency and Disclosure Ranking Results in Taiwan. The study adopted the market model of event study, using the standardized SAR and SCAR to examine if the result of information transparency and disclosure evaluation possesses the information connotation. Another objective was using Tobin’s Q as the variable parameter of company value, and discussing if the market value was higher concerning company as disclosure level increase.
This empirical study found that electrical companies with better information transparency and disclosure ranking results on the market have a positive SAR at the day the ranking result was announced, but it was not significant. It was significant that electrical companies with better ranking result were clearly higher than those with poorer ranking, which showed that the “Information Transparency and Disclosure System” possessed the information connotation. Besides, the study also found that when using Tobin’s Q as the variable parameter of company value, while company has higher information transparency, it can reduce the information asymmetry with the investing public, to enable investors to better protect their interest through us of ranking results as am additional decision-making tool.
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