股權結構對資訊揭露在每股盈餘變動下之影響：以台灣上市公司為例

The Effects of EPS Variation on the Associations between Information Disclosure and Ownership Structures: Evidences from Taiwan Listed Companies

10.6595/BDCM.2008.3(2).4

呂麒麟(Chi-Lin Lu)；洪嘉聲(Chia-Sheng Hung)；周至文(Chin-Wen Chou)

資訊透明度 ； 資訊揭露 ； 股權結構 ； information transparency ； information disclosure ； ownership structures

致遠管理學院學報

3_2期（2008 / 09 / 02）

53 - 80

繁體中文

本研究以中華民國證券暨期貨市場發展基金會（簡稱證基會）正式公告之第一屆台灣上市公司資訊揭露評鑑系統之評等結果，探討上市公司資訊揭露程度與股權結構之關係，並分析在不同的每股盈餘條件下，股權結構與資訊揭露間關係的變化。證基會本次所建構之資訊揭露系統中最大的特色是除了包含了公司揭露「數量」的部份，同時也包含了許多揭露「品質」的部份，有別於以往的研究只能考慮揭露數量的部份。本研究的實證結果發現，台灣上市公司的資訊揭露程度確實會受到股權結構的影響。管理者持股比例、機構投資人持股比例及獨立董監事比例與公司的資訊揭露程度呈顯著的正向關係，與大股東持股比例則呈顯著的負向關係。此外，本文也發現股權結構與資訊揭露間的關係會受到當年度每股盈餘多寡的影響，在盈餘較佳時，股權結構的影響是顯著的，而在盈餘為負時，股權結構的影響則不顯著，顯示在公司盈餘表現不佳時，股權結構對公司的資訊揭露影響也跟隨著下降。

This paper examines the relationship between ownership structure and information disclosure and investigates the impacts of EPS on the sensitivity of information disclosure to ownership structure. The data was published by the Taiwan Securities and Futures Institute (T.S.F.I.). The data conveys the quantity and quality of information disclosed by the listed companies in Taiwan. The empirical evidences indicate that the ownership structures are significantly related with the quality of information disclosed. The shareholding ratios of managers, institutional investors and the proportion of independent boarders to total boarders are positive with the quality of information disclosed. And the shareholding ratio of block-holder is negative to the quality of information disclosed. In addition, the empirical results show that the sensitivity of information disclosure to ownership structure depends on the growth of EPS. If the EPS declines, the sensitivity of information disclosure to ownership structure is weaker relative to the circumstance that EPS raises.

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