股東會電子投票與資訊揭露透明度之關聯性研究

The Study of Relationship between Electronic Voting in Shareholder Meeting and Information Disclosure Transparency

黃劭彥(Shaio-Yan Huang)；陳玲娜(Ling-Na Chen)；吳彩君(Tsai-Jiun Wu)

公司治理 ； 電子投票 ； 資訊揭露透明度 ； Corporate Governance ； Electronic Voting ； Information Disclosure Transparency

評價學報

14期（2021 / 12 / 01）

1 - 22

繁體中文

股東會是公開發行公司之民主決策機制，也是公司治理的重要一環。政府推動股東會電子投票制度，除為落實股東行動主義外，更是展現其重視股東與強化公司治理的決心；而資訊揭露透明度是健全公司治理的重要環節之一，除可降低公司與投資人間資訊不對稱外，亦能使公司受到資本市場有效監督，以保障股東權益。本研究以台灣上市（櫃）公司為主體，以2012年至2014年之相關樣本及資料，運用STATA統計套裝軟體並以敘述性統計、相關係數及迴歸等分析方法探討股東會電子投票及資訊揭露透明度間之關聯性。實證結果發現實施股東會電子投票之公司較未實施電子投票之公司，其資訊揭露透明度為佳；自願性實施電子投票之公司，其資訊揭露透明度較強制性實施電子投票之公司為佳。

Shareholder Meeting is the democratic decision-making process of the company. Shareholders exercise their voting rights by electronic voting, not only to implement the shareholder activism, but also demonstrate the importance of shareholder and the spirit of corporate governance. The public disclosure of information can reduce the risk of information asymmetry, and protect the interests of shareholders. This study examines the relationship between the electronic voting in shareholder meeting and information disclosure transparency. Use the data from Taiwan capital market, we find that the implementation of electronic voting in shareholder meeting of the company represents much better information disclosure than the company not implementing the electronic voting in shareholder meeting. Voluntary implementation of electronic voting represents better information disclosure transparency than mandatory electronic voting of the company.