資訊揭露、信用評等與公司績效關聯性之研究

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Title:	資訊揭露、信用評等與公司績效關聯性之研究
Authors:	李婕薰
Contributors:	會計學系
Keywords:	資訊揭露 information disclosure 信用評等 credit rating 公司績效 corporate performance
Date:	2012
Issue Date:	2012-11-20 10:31:27 (UTC+8)
Abstract:	資訊揭露及信用評等為兩大重要市場資訊，可讓投資大眾透過兩大評鑑系統，使公司內部資訊更加透明化，讓投資人更了解該公司，藉此降低資訊不對稱問題。同時期望公司能夠重視公司治理層面，也能藉由這些評鑑制度達到自我求進而能夠增加公司績效與價值。本研究主要根據代理理論與信號發射理論探討資訊揭露、信用評等與公司績效之關聯性。以2005年至2010年共六年且針對台灣上市、櫃公司為研究樣本，將產業區分電子及非電子兩類，並利用SPSS統計軟體進行模型之實證分析。實證結果顯示：不論是電子或非電子業，資訊揭露與公司績效之間呈現顯著正相關，表示資訊揭露透明程度越高時，該公司績效會越好；信用評等與公司績效之間具顯著正相關，表示信用評等評比風險較低時，該公司績效會越好；另外，資訊揭露與信用評等也成顯著正相關。 The information disclosure and credit rating are two of major market information systems. The investors could more understand the inside information of companies by the two systems. Consequently, the information asymmetry can be reduced. Accordingly, this research hopes that companies can more focus on corporate governance by the evaluation systems to upgrade the corporate performance and value. This research aims to explore the association among information disclosure, credit rating and corporate performance according to agency theory and signaling theory. The research samples are the listed companies of Taiwan and classified as electronics and non-electronics companies from 2005 to 2010. The SPSS statistics method is applied to conduct the relevant empirical analyses. The results show that the relationship between information disclosure and corporate performance is significantly positive whether electronics or non-electronics companies. This indicates that companies the higher transparencies of appraisal results are, the better corporate performance is. Nevertheless, the relationship between credit rating and corporate performance is significantly positive. This means that companies the higher credit rating of appraisal results in low risk are, the better corporate performance is. Also, the relationship between information transparency and credit rating is significantly positive.
Appears in Collections:	[Department of Accounting & Graduate Institute of Accounting] Thesis

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