| Summary: | 碩士 === 嶺東科技大學 === 財務金融研究所 === 96 === For the pursuit of business profits, the purposes of investors are to get profit as well, hence the government, industry and investors have paid much more attention in corporate governance. Thus it is necessary to establish a well corporate governance mechanism to corporate prevent fraud. The information transparency of corporate governance is an important aspect, however, Taiwan’s enterprises have repeatedly emptied the emergence of another case, it shows the lack of corporate governance and information transparency.
In this study, we use the index of information exposed that was announced by Securities and Futures Market Development Foundation to rate 262 companies which was classified as electronic and information industry in Taiwan. We use the way as a measure of the transparency of corporate information. Besides, we use market value, the net value per share, Modified Tobin’s Q and Return on Equity as the variables of firm value to discuss the effect of information transparency and the effect of different indexes.
In this study, the empirical result of information transparency, structural equation modeling (SEM) and path analysis with observed variables (PA-OV) indicates that the relation of information transparency and firm value is a positive sign, it shows the higher degree of information exposed will bring a higher firm value. We also find out the timeliness is the most important factor in information transparency, and the relation to market price and interest rate of return is positive. However, the empirical data shows that the construction of websites of Taiwan’s enterprises is not complete. We believe the authority should regulate the information exposed in enterprises’ websites.
|
|---|
