A Study Of The Relationship Between The Information Evaluation Result And Business Value For The Companies Listed In Taiwan Stock Exchange

• Main Authors: Fen-Mei Cheng, 鄭芬梅
• Other Authors: Kuang-Wen Chang
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/93343301268792607376

碩士 === 東吳大學 === 企業管理學系 === 98 === As the economies in Taiwan are getting liberalization and internationalization, the transparency of business information is major channel for the public and the investment agency. Improving the transparency and reducing the asymmetric of business information can strengthen the investors’ confidence in the capital markets. This study is focus on the companies listed under Taiwan Stock Exchange after the event of Lehman Brothers collapse in 2009 to explore relationship between information evaluation results and the market value. This study is based on the results of the information evaluation from Securities and Futures Institute (“SFI”) and the voluntary exposing from businesses to be the measurement of information transparency and using Tobin's Q to calculate the business value. This study is using information transparency as an independent variable plus company fundamental explanatory variables, including debt ratio, equity rate, revenue growth rate, company size and listing age. Through stepwise regression analysis, study the effect of market value of the companies. Per the results, found that there is no significant positive relationship between the business value and the information evaluation from Securities and Futures Institute (“SFI”) and the voluntary exposing from businesses.