Effect of the Information Disclosure and Evaluation System on Ownership Structure

• Main Authors: Yi-Fen Tsai, 蔡怡芬
• Other Authors: Po-Sheng Ko
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/6h6m43

碩士 === 國立高雄應用科技大學 === 財富與稅務管理系碩士在職專班 === 102 === In recent years because of the financial crisis caused a significant financial investment environment of confusion, domestic companies are also frequent outbreak of the financial scandals event, which makes companies operating principle of good faith has been questioned, and thus harm the interests of shareholders and investors, also hit worse investor confidence and stock market trading and hit the capital market. In order to save investor confidence, in addition to the implementation of corporate governance is also a need to strengthen the public outside of corporate information disclosure and transparency of information in order to maintain investor's right to know, the TWSE commissioned the SFI at the 2003 plenary information disclosure of listed companies evaluation, and the evaluation results announced in the TWSE website for all investors use and reference. In this study, the information published by MOPS evaluation results revealed, the extent of voluntary disclosure of information and the use of linear regression analysis and verification, etc., to analyze the extent of disclosure of information in the context of corporate governance of the company's operating performance. Published by the information coming from MOPS financial statements disclose the information published evaluation results and the TEJ, the TWSE, so as to exclude all the listed companies in Taiwan's financial services industry as the research object, the study period from 2003 to 2012 a total of 10 years. This study found evidence in the ownership structure and other aspects of assessment information disclosure, directors' shareholding ratio, the ratio of institutional investors, corporate shares, between firm size and firm performance was a significant positive correlation, the results support the hypothesis that the efficiency of supervision and external investors and problem of internal investor information asymmetry; in terms of voluntary disclosure, corporate shares among institutional investors and corporate performance ratio was significantly positively related to the ratio of the largest shareholder and corporate performance was significantly negatively correlated, this in all industries the results support the largest shareholder, the higher the percentage of institutional ownership, the more able to use their influence to manipulate shareholding company voluntary disclosure will; debt ratio, the ratio between R & D and advertising costs and corporate performance was significantly negatively correlated.