本研究主要目的在於探討公司治理、資金成本與資訊揭露程度之關聯性,本研究以上市電子產業公司為樣本,利用2006至2010年資料,進行實證研究。研究結果指出,自願性揭露水準與資金成本呈顯著負向關係,隱含投資者歡迎公司有較多自願性揭露訊息。此外,本研究亦發現,資訊透明度會干擾公司治理對資金成本之影響效果;當公司資訊愈為透明時,公司治理愈好,其資金成本愈低。
This study aims to examine the relationship among corporate governance, information discourse and cost of capital. To address this issue, we use listed companies from the electronics industry in the period from 2006 to 2010. Our results show that voluntary disclosure level is negatively associated with cost of capital, implying that investors welcome firms to have more voluntary disclosures. In addition, this study demonstrates that information transparency level negatively affects the relationship of corporate governance with cost of capital, indicating that firms can reduce their cost of capital via increasing their transparency.