| Summary: | 碩士 === 健行科技大學 === 財務金融所 === 101 === Since the 1997 Asian financial tsunami occurred, revealing investors being worried about investing risks implied by information non-transparency, so that the worldwide investors began to note the importance of corporate information transparency and corporate governance. In order to encourage companies to implement voluntary information disclosure, Taiwan Securities and Futures Institute (SFI) began to implement the Information Disclosure and Transparency Ranking System in 2003 to reduce the information asymmetry in capital market. There are many studies in the Information Disclosure and Transparency Ranking System in Taiwan. However, most of them focused on the ranking level of information disclosure and the relationship to stock prices, and few of them focused on relationship between the change of appraisal ranking and transparency of voluntary information disclosure and the corporate performance. This research intended to explore the impact of change of ranking result on corporate performance.
The study period is from the year 2007 to 2010 （fifth to eighth appraisal） , all listed companies are included. The proxies of operating performance include EPS, ROA, ROE, Operating ROA, Sales growth rate, and Net profit margin. The preliminary empirical results show that there are differences of performance indicators among upgrade, downgrade and all companies. General speaking, performance of downgrade firms are worse than that of average. However, the regression analyses do not provide significant evidences on the relationship between change of ranking result and firm performance.
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