企業資訊透明度是健全公司治理的重要前提。證交所及證券櫃檯買賣中心委託證基會對國內上市上櫃公司進行資訊揭露評鑑，希望藉由企業自行揭露更多資訊，降低企業內部與外部人士間資訊不對稱之情況，使得外部人士能取得更完整之資訊，以利其做出更適當之決策。本研究探討該「資訊揭露評鑑系統」的實施，是否能有效改善投資人、證券分析師以及會計師的決策行為。實證結果顯示該評鑑系統實施後，整體而言，投資人對於公司未來盈餘的評價能力已有顯著改善；此外，分析師在預測公司未來盈餘時也比較準確，且彼此間看法也較一致，因此，預測的離散性也顯著降低。然而，評鑑系統的實施，並未對會計師的查核意見型態產生影響。此外，評鑑結果較透明的公司，相較於評鑑結果較不透明的公司，分析師的盈餘預測會較準確；但是，分析師評鑑結果較透明與較不透明之公司，其投資人對公司未來盈餘評價能力，分析師間盈餘預測離散性與會計師的查核意見型態並沒有差異。本研究結果可提供主管當局日後擬定相關政策時之參考。

Information transparency enhances corporate governance. In an attempt to reduce the information asymmetry between business insiders and outsiders and to allow outsiders to have more information for decision making by disclosing more corporate information voluntarily, the Taiwan Stock Exchange Corporation (TSEC) and Over-The-Counter Securities Exchange (OTCE) requested the Securities & Futures Institute (SFI) to implement an information disclosure and evaluation system for all publicly traded and OTC companies listed in TSEC. This study investigates the effects of the system on decision behavior of the investors, analysts, and auditors. Empirical results indicate that investors’ ability of future earnings evaluation increases, analysts’ earnings forecasts are more accurate, and the earnings forecasts dispersion among the analysts decreases after the system has been implemented. However, the implementation of the system has no effects on the types of audit opinion issued by auditors. Besides, the analysts’ earnings forecasts are more accurate for the “more transparent” companies. However, the differences of future earnings evaluation, earnings forecasts dispersion among the analysts and types of audit opinion between “more transparent” and “less transparent” companies are not significant. These results may provide implication to authorities for making related policies.

第壹章 緒論…………………………………………………… 1
第一節 研究背景與動機……………………………………… 1
第二節 研究目的……………………………………………… 5
第三節 研究貢獻……………………………………………… 6
第四節 研究架構……………………………………………… 8
第貳章 文獻探討與假說發展………………………………… 9
第一節 資訊揭露評鑑系統、公司資訊透明度與公司治理. 9
第二節 公司資訊透明度與投資人對公司未來盈餘評價能力 12
第三節 公司資訊透明度與分析師盈餘預測特性.... 15
第四節 公司資訊透明度與會計師查核意見型…………. 19
第參章 研究設計……………………………………………….. 22
第一節資訊透明度與投資人對公司未來盈餘評價能力關係之驗證22
第二節資訊透明度與分析師盈餘預測誤差與離散性關係之驗證25
第三節資訊透明度與會計師查核意見型態關係之驗證… 30
第四節資料來源………………………………………………. 33
第肆章 實證結果分析………………………………………….. 39
第一節資訊揭露評鑑系統與投資人未來盈餘評價能力之關係...39
第二節資訊揭露評鑑系統與分析師盈餘預測誤差之關係………51
第三節資訊揭露評鑑系統與分析師盈餘預測離散性之關係.. 71
第四節資訊揭露評鑑系統與會計師查核意見型態之關係… 91
第伍章 結論與建議……………………………………….. 101
參考文獻 ……………………………………………………….. 104

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