資訊揭露水準對於權益資金成本之影響

The Effect of Disclosure Level on the Cost of Equity Capital

10.29735/SJEB.200806.0003

陳瑞斌(Jui-Pin Chen)；許崇源(Chung-Yuan Hsu)

公司治理 ； 資訊不對稱 ； 資訊揭露水準 ； 權益資金成本 ； Corporate Governance ； Information Asymmetry ； Disclosure Level ； Cost of Equity Capital

東吳經濟商學學報

61期（2008 / 06 / 01）

67 - 106

繁體中文

近年來台灣證管機關積極地推動公司治理，特別是藉由法規的修訂以改善企業的資訊揭露及透明度，並期望透過提高企業資訊透明的方式，以降低企業管理者與外部投資人之間的資訊不對稱。本研究之目的係以台灣上市公司為樣本，檢視資訊揭露水準與權益資金成本之間的關聯性，以期提供證管機關推動公司治理政策強而有力的例證，也能讓國內企業的執業者深刻瞭解提高資訊揭露水準對於公司價值的意涵。 在控制了公司規模、淨值市值比、負債比率、系統性風險、產業別、年度別等預期會影響權益資金成本的變數後，本研究的實證結果發現，資訊揭露水準與權益資金成本呈顯著負相關，而每增加揭露一單位將可使得權益資金成本降低約2.18%，這個結果顯示在國內資本市場的環境中，增加企業的資訊揭露水準，能降低管理當局與外部投資人之間的資訊不對稱，降低投資人所承擔的資訊風險與代理風險，以致於投資人願意降低其所要求的必要報酬率，導致可獲得較低的權益資金成本。此外，在敏感度測試方面，在考量資訊揭露水準與權益資金成本之間可能存在內生關聯性之後，以二階段最小平方法進行統計分析的實證結果亦支持提高資訊揭露水準能顯著地降低權益資金成本。這個結果也對於近年來證管機關所提「提升資訊透明度能降低資金成本」，提供了實證上的支持。

Emphasized on corporate governance, Securities and Futures Commission started to improve the disclosure of firms in order to reduce the information asymmetry between insiders and outsiders. The relationship between disclosure level and cost of equity capital is still an important topic in today's economy and a primary issue concerned by accounting researchers. Securities and Future Commission in Taiwan encourages and enforces the firms to increase disclosure to reduce their cost of equity capital. In this paper, we examine the association between disclosure level and cost of equity capital by regressing firm-specific estimates of cost of equity capital on firm size, book to market ratio, debt ratio, beta, industry, year and a self-constructed measure of disclosure level. The result indicates that great disclosure is associated with lower cost of equity capital. The magnitude is such that the most forthcoming firms enjoy about 2.18% cost advantage over the least forthcoming firms. In the sensitivity test, we consider the endogenous relation between disclosure level and cost of equity capital, and use two-stage least squares to estimate that relation. The finding persists even after we control the endogenous problem. Consequently, this empirical finding can support regulators' suggestion that increases information transparency can reduce the cost of equity capital.

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