資訊揭露評鑑等級與法人持股關聯性之探討

• Main Authors: Chen, Hung-Chang, 陳弘昌
• Other Authors: 沈大白
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/88247558548314451791

碩士 === 東吳大學 === 會計學系 === 102 === Corporate governance is one of the essential means for a firm to survive volatile business environments. Integrated corporate governance framework makes companies operate more effectively and earns stakeholders’ trust. OECD (Organization for Economic Cooperation and Development) stated that an important quality of corporate governance is disclosure. A firm should disclose any major information accurately and timely, including financial status, firm performance and corporate governance; this statement illustrates the importance of information disclosure in corporate governance. When corporation offer more clear information, the investor will receive more information to make decision and reduce uncertainty. Corporation also can reduce the other disclosure cost. Information asymmetries, including those between investors and between management and investors, have negative effects on the liquidity and transaction equity in the capital market. The purpose of this study is to discuss the inside index of information disclosure review system. The information disclosure review system provides investor an initial determination of corporation. Examining the relationship between three primary professional institutional investors in Taiwan and disclosure level, the result does show significant pattern that better disclosure ranking level is associated with highly stockholding of foreign investors. On the relationship between stockholdings of investment trusts ,security dealers and disclosure ranking level, the empirical results show that improvement on disclosure ranking has positive influence with stockholding level. The finding persists the percentage of shares held by corporate investors is positively correlated with the Information Disclosure and Transparence Ranking System.