資訊揭露、盈餘品質與股票市場流動性之關聯性

• Main Author: 林秀錦
• Language: 中文
• Published: 國立政治大學
• Subjects: 資訊揭露; 資訊透明度; 盈餘品質; 流動性
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0097353024%22.

全球弊案陸續發生，投資大眾信心受創，對提升資訊透明度以及資訊品質正確性愈來愈殷切，主管機關為了維護資本市場，修改相關法規、制定相關政策以確保資訊正確性，另外，我國資訊揭露評鑑主要是希望藉由評鑑的機制，使公司對資訊揭露能有所重視。 本研究主要分別探討資訊揭露水準與資訊品質(盈餘品質)對於股票市場流動性的影響，並參考Francis et al. (2008) 的作法，探討資訊揭露水準與股票市場流動性間之關係在納入盈餘品質考量後，結果是否改變，檢視盈餘品質與資訊揭露水準之關係在台灣市場為何。 本研究採用我國的資訊揭露評鑑系統之評鑑結果來衡量資訊揭露，研究結果發現，公司資訊揭露水準愈高，股票市場流動性愈好，盈餘品質愈好，股票市場流動性愈好，但資訊揭露水準與股票市場流動性的關係在納入盈餘品質後，其結果並無明顯差異，推論在台灣市場中，除了盈餘品質外，尚有許多因素影響公司資訊揭露政策。 === Investors confidence in companies is decreasing due to the increasing rigged cases around the world. Therefore, information transparency and accuracy receives much more attention than ever. In order to protect the capital market and ensure information accuracy, the authorities have taken several steps such as relevant laws introduction and regulation amendments. The purpose of establishing Information Transparency and Disclosure Ranking System in Taiwan is to expect the companies would take information disclosure more seriously. This research is to explore the impacts of information disclosure level and qualities on stock markets liquidity. Furthermore, followingFrancis et al. (2008), this research aims to investigate the impact of information qualities in Taiwan capital market by explore the correlation between information disclosure and the liquidity of stock markets after the adoption of information disclosure and transparency ranking system. This research evaluates the information disclosure by adopting the Information Disclosure and Transparency Ranking System in Taiwan. The research finds that the higher the information disclosure level , the better the liquidity of stock market . Furthermore, the research also finds that the better the earnings quality, the better the liquidity of stock market . However, the correlation between the information disclosure level and the liquidity of stock markets reveals no significant difference after taking earnings quality into consideration. Therefore, we conclude that information disclosure is affected by many other factors in the company.