A Study On Relationship Among Information Disclosure, Credit Rating And Corporate Performance

• Main Authors: Chieh-Hsun Lee, 李婕薰
• Other Authors: Jia-Jiann Chuang
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/99447584908304529260

碩士 === 中國文化大學 === 會計學系 === 100 === 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.