公司治理與盈餘品質：公司治理評鑑級距的影響

Corporate Governance and Earnings Quality: The Influence of Corporate Governance Ranking Mechanisms

10.6295/TAMJ.201808_18(2).0002

劉福運(Fu-Yun Liu)；吳宗翰(Tsung-Han Wu)；林岳喬(Yuah-Chiao Lin)

公司治理評鑑 ； 盈餘品質 ； 資訊揭露透明度 ； corporate governance ranking mechanisms ； earnings quality ； information disclosure transparency

台灣管理學刊

18卷2期（2018 / 08 / 01）

29 - 47

繁體中文

本研究旨在探討台灣證券交易所公布公司治理評鑑指標後，上市櫃公司是否因更加重視公司治理機制，使得公司財務報表品質提升。證交所於2014年開始實施第一屆公司治理評鑑，首次結果揭露三個級距；隨後，第二屆增加至四個級距，第三屆更增加為七個。據此，本研究檢視在揭露級距逐次增加下，公司更加重視其結果，公司是否會因此改善治理品質。實證結果顯示，於第二屆呈現負相關情形，即隨著揭露級距增加，公司治理品質有較為改善的現象。因此，增加公司治理評鑑結果的揭露，公司會對其結果更加重視，故而改善其公司治理品質，與研究預期相符。但第三屆僅呈現不顯著負相關，可能是受到公司強制設立審計委員會，而影響實證結果。

This study aims to explore whether the publicly traded company has increased the quality of its financial statements by paying more attention to corporate governance mechanisms after the corporate governance evaluation system implemented by Taiwan Stock Exchange (TWSE). In 2014, the first round, TWSE announced the first corporate governance evaluation results for the companies ranked into three interval of TWSE listed companies. In 2015, they announced the second corporate governance evaluation results into four interval. Starting from 2016, the rankings results for all listed companies were announced into seven interval. Accordingly, this study examined weather the gradually improve the ranking content of the evaluation system, the company would pay more attention to the results, then improve its quality of governance (to restrain the use of the absolute value of discretionary accruals). The empirical results show that based on the first round evaluation results, the function of corporate governance is insignificantly correlated with the absolute value of the discretionary accruals. Whereas based on the results in the second and third rounds, there are negative correlated between the function of corporate governance and the proxy of earnings quality. To sum up, it indicates that increasing the disclosure of corporate governance assessment results, the company gradually improve their implementation of corporate governance system.

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