資訊透明度、生命週期階段與價值攸關性關聯性之研究

A Study on the Relation between Information Transparency, Life Cycle and Value Relevance

林有志(Yu-Chih Lin)；傅鍾仁(Chung-Jen Fu)；陳筱平(Shaw-Ping Chen)

資訊透明度 ； 生命週期階段 ； 價值攸關性 ； Information transparency ； Life cycle stages ； Value relevance

會計審計論叢

3卷1期（2013 / 06 / 01）

49 - 80

繁體中文

本研究採用Ohlson（1995）權益評價模式，測試資訊透明度是否是影響企業權益市值的其他資訊，資訊透明度是否會影響投資人對會計資訊的看法；接著加入企業生命週期階段作為企業屬性，探討在不同生命週期階段下之企業，其資訊透明度與企業權益市值之關聯性。研究結果顯示資訊透明度可視為是影響企業權益市值的其他資訊，亦具有調節會計資訊與權益市值關聯性之效果。加入不同企業屬性後，本研究發現處於成長期階段的企業，其資訊透明度與權益市值正向關聯性大於成熟期階段企業和衰退期階段企業；處於衰退期階段的企業，其資訊透明度與權益市值正向關聯性大於成熟期階段企業。

Using Ohlson's Model (1995), this study first aims to examine the direct and indirect effect of information transparency on firm value. Then, this paper incorporates the life stages as an enterprise attribute to reexamine the relationship between enterprise equity value and information transparency. The results indicate that information transparency can be considered as other information that affects enterprise equity value and as a moderator that moderates the relationship between accounting information and equity value. After incorporating an additional enterprise attribute, this study finds that enterprises in a growth stage have greater positive relationship between information transparency and equity value than that of those in the maturity or decline stage and enterprises in the decline stage have greater positive relationship between information transparency and equity value than that of those in the maturity stage.

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