| 摘要: | 近年來，在公司治理領域當中，「資訊透明化」是企業財務報表所追求的揭露品質，也是投資大眾投資決策所需考量的因素。因此強化公司治理機制是企業必須執行的管理決策，資訊揭露品質與公司績效兩者之關係更是值得探討的研究問題。
本研究探討資訊揭露品質對公司績效的影響，以2008年至2012年中國深圳證券交易所主板與中小板上市公司為研究樣本，以Tobin’s q、ROA與ROE為衡量公司績效的變數，上市板別種類作為中介變數，觀察深圳證券交易所企業考評結果，是否與績效攸關，並分析在主板或中小板的上市公司，Tobin’s q、ROA與ROE等公司績效變數與資訊揭露品質的相關程度是否具備差異。
本研究以敘述性統計量來觀察樣本的配置，以Pearson相關係數分析來觀察變數之間的相關程度與共線性，最後進行迴歸分析，驗證資訊揭露品質與公司績效之關係。實證結果顯示，不論在哪一板上市，企業的資訊揭露品質越好，公司績效也會提升，二者呈正向關係。實證結果顯示以Tobin’s q作為衡量公司績效指標較使用ROA或與ROE的解釋程度為佳。
In recent years, within the framework of corporate governance,“information transparency”not only concerns the disclosure quality of corporate financial state-ments, but also is one of the important factors which potential investors consider in making investment decisions. As strengthening corporate governance being an important task in corporate management process, the relationship between information disclosure quality and corporate performance becomes an interesting and meaningful research question which stimulates the current study.
This study aims to investigate the impact of quality of information disclosure on corporate performance, using individual firm data collected from corporations listed on the Main Board and the SME Board in Shenzhen Stock Exchange in China, from year 2008 to 2012. Tobin’s q, ROA and ROE are applied separately to measure firm performance. The board where the company is listed is used in the model as a mediator. In addition to identify the relevance of information transparency quality and corporate performance, the sample also is used to investigate whether the relationship varies between cohorts of companies listed in different boards, and the differences of the empirical results on explaining Tobin’s q, ROA and ROE.
A linear regression modelling the quality of information disclosure, with other controlled variables, and corporate performance is developed after presentations of the descriptive statistics of the sample, and Pearson correlation coefficient analysis on associations among variables included and the degree of multicollinearity. Empirical results of the regressions show that the dependent variable, Tobin’s q, has a significant relationship with the quality of corporate disclosure, that is, higher quality of corporate disclosure enhances better corporate performance and this conclusion is intact among firms in either the main board or the SME board of the Shenzhen Stock Exchange. Among the Tobin’s q, ROA and ROE, Tobin’s q performs better as a measure of corporate performance indicator over the ROA and ROE in our model. |
