我國上市公司資訊透明度與資訊揭露管道之關係研究

Abstract

我國上市公司聯電修正財報之資訊因揭露管道之選擇而引發對國內外投資人厚此薄彼之爭議，外資法人因聯電運用Business Wire作為揭露管道受益而得以率先拋股，反觀國內投信及自營商則因資訊落後而後知後覺，損失慘重，故擬深入探討資訊透明度與資訊揭露管道之關係，分析資訊透明度五種屬性在不同管道所發揮之強度、探討透明度在不同管道之差異、探索現有揭露管道在投信及自營商心目中之透明度與滿意度，對現有揭露管道提出具體建議，進一步滿足投資人知的權利。 資訊透明度（Information Transparency）是對於外部人士而言，企業之營運及財務公開的程度，而且必須具備「正確性」、「完整性」、「易讀性」、「即時性」與「易得性」等五種屬性；而資訊揭露管道（Disclosure Channels）則為公司為使投資大眾更瞭解公司營運狀況，而用以公布資訊之方式，資訊可以口頭、書面、影音、或電腦檔案等形式存在，而方式則可以為傳遞資訊之工具或活動形式，如報紙公告、電視轉播、新聞通訊社流通、網站、公開資訊觀測站、記者會或法說會等。本研究以全體投信與自營商為研究對象，利用問卷調查收集研究對象在資訊透明度與揭露管道相關性之意見，以「正確性」、「完整性」、「易讀性」、「即時性」與「易得性」等五種屬性作為資訊透明度的替代變數，採法律強制性之揭露管道作為自變數，即報紙、公開資訊觀測站、記者會、公司網站及法說會等五種。 回收問卷後以社會科學統計軟體為分析工具，歸納結論包括觀測站正確性最強且整體表現佳，法說會完整性最強但易讀性即時性與易得性最弱，記者會易讀性與即時性最強但正確性最弱，報紙易得性最強而完整性最弱，公司網站所有透明度屬性皆不突出，觀測站與法說會之透明度與滿意度最高，最多人建議增加電子郵件、網路媒體與新聞通訊社做為資訊揭露管道，正確性與完整性在不同管道有顯著差異而易讀性即時性與易得性則無。最後則建議觀測站應增加資訊流通服務，法說會資訊應更普及，重大訊息記者會應更公開，報紙應致力於獨家報導，獎勵積極流通重大訊息之公司，公司網站應致力於行銷推廣，進行揭露管道滿意度調查。

I managed to make a study of the relationship between the information transparency and disclosure channels of listed companies, because the selection of disclosure channels for the correction of United Microelectronics Corporation’s (UMC) financial statement stirred up a violent argument that the foreign investment institutes gained profit by selling out UMC’s stocks promptly thanks to UMC’s using Business Wire to distribute its information while local securities investment trust enterprises and securities dealers lost a lot of money due to information lag. For fairly satisfying the knowing rights of investors, the purposes of this study included, firstly, to analyze the strength of information transparency in different channels, secondly, to discuss the difference of transparency in unlike channels, thirdly, to survey the levels of transparency and satisfaction amid the securities investment trust enterprises and the securities dealers, and finally, to make some suggestions to present enforced channels. Information transparency means the publicity degree of the corporate’s operation and finance, besides, the exposure must contain 5 characters including accuracy, integrity, comprehensibility, immediateness, and accessibility. Disclosure channels signifies the methods, which are the tools or the activities to deliver the information such as newspaper, TV stations, news agencies, websites, information filing systems, press conferences or analyst meetings, to unveil a company’s operation information expressed by spoken, written, video or electronic formats. This study collected the opinions from the securities investment trust enterprises and the securities dealers through the questionnaires. Meanwhile, the alternative variables of information transparency cover its 5 characters including accuracy, integrity, comprehensibility, immediateness, and accessibility. On the other hand, the independent variables of disclosure channels comprise newspaper, Market Observation Post System (MOPS), press conference, corporate’s website and analyst meeting with legal enforcement. This study arrives at 8 conclusions by using Statistics Package for Social Science as the analyzing tool: 1. the accuracy of MOPS is strongest and MOPS performs good in all aspects, 2. analyst meeting does best in the integrity but worst in the comprehensibility, immediateness, and accessibility, 3. press conference executes greatest in the comprehensibility and immediateness while weakest in accuracy. 4. newspaper accomplishes best in the accessibility yet worst in the integrity, 5. the 5 transparency characters of corporate’s website act mediocre, 6. the transparency and satisfaction of MOPS and analyst meeting are finest, 7. the majority suggest to add the email, the Internet media and the news agency as information disclosure channels, 8. the accuracy and integrity show obvious difference in diverse channels, however, the comprehensibility, immediateness and accessibility not. Consequently, this study offers 7 suggestions: 1. MOPS should increase the service of information circulation, 2. the information of analyst meetings have to be more available, 3. the press conferences concerning material information ought to be revealed more widespread. 4. the newspaper must focus on exclusive news, 5. the authorities should reward the companies spreading the material information actively, 6. the corporate websites must appeal to commercial promotion rather than public information disclosure, 7. the authorities ought to conduct the survey for the satisfaction of disclosure channels.