The Study of Taiwan Listed Companies Corporation Transparency and Information Disclosure on Stock Price Volatility

• Main Authors: Lai,Yen-Che, 賴彥哲
• Other Authors: Wu, Ming-Cheng
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/r4u474

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 107 === The main purpose of this study is to explore the relationship between corporate governance performance and stock price changes. Taking Taiwan listed companies from 2010 to 2017 as research objects, and this study is divided into two parts. The first part uses the information published by the Taiwan Securities and Futures Institute to expose the appraisal and corporate governance assessments to test whether the voluntary information disclosure results significantly affect the stock price volatility of intraday trading information. The second part establishes the accounting information structure and organizational structure, reflects the transparency level of the company with objective index, and further explores whether the transparency of companies in emerging market countries will significantly affect the synchronization of stock price volatility. Studies have shown that voluntary information disclosure has a significant impact on stock price volatility, and companies with better performance have lower stock price volatility, that is, information disclosure policies help to reduce large changes in stock prices. In addition, the company transparency and stock price volatility have a negative relationship, it means the high transparency of the financial and organizational structure can increase the efficiency of stock prices reflecting the company's representative information, reduce the degree of linkage with the market's stock price, ease information asymmetry and enhance the utility of asset allocation.