摘要
以台湾"证基会"信息评鉴A级公司为例,使用Ohlson评价模型探讨自愿性信息披露透明度与股价之间的关联性,并探讨公司治理和自愿性信息披露透明度的交互作用对股价的影响,结果显示:自愿性信息披露透明度与股价有显著正向关联性;独立董事比率与自愿性信息披露透明度的交乘项、外部股东持股比率与自愿性信息披露透明度的交乘项对股价有显著正向影响,董事监事持股比率与自愿性信息披露透明度的交乘项、政府机构持股比率与自愿性信息披露透明度的交乘项对股价的影响不显著。
Using the corporations with A-level information disclosure appraisement from Taiwan Residents Securities ＆ Futures Institute as sample, this paper extends Ohlson＇s model to evaluate the relationship between the transparency of voluntary information disclosure and firm＇s market value; and further, it examines the relationship between the interaction of corporate governance with the voluntary information disclosure transparency and firm＇s market value. The research results show there are remarkable positive relation between the transparency of voluntary information disclosure and firm＇s market value; and it has significant positive relation between the interaction of ratio of independent directors, out-shareholders holding rate with voluntary information disclosure transparency and firm＇s market value, but it has not significant relation between the interaction of directors holding rate, government agencies holding rate with voluntary information disclosure transparency and firm＇s market value.
出处
《南京审计学院学报》
2015年第5期86-94,共9页
journal of nanjing audit university
关键词
自愿性信息披露
信息披露透明度
价值相关性
公司治理
Ohlson评价模型
信息不对称
voluntary information disclosure
transparency of information disclosure
value relevance
corporate governance
Ohlson model
information asymmetry
