公司治理與會計資訊價值攸關性

Abstract

本研究旨在探討公司治理機制與會計資訊價值攸關性(value-relevance)之關聯。以91年至96年之台灣證券交易所上市公司、3744個會計年度為研究對象，就內部股權結構、內部監理機制及外部治理機制此三個面向切入，探究公司治理機制是否能有效發揮其功能，增加會計資訊價值攸關性。以Ohlson (1995)評價模型為攸關性衡量基礎，並同時考量公司特徵值之影響，評估公司治理變數與公司特徵值對資訊價值攸關性之增額解釋能力。研究結果發現如下： 一、 會計資訊攸關性同時受公司治理機制與公司特徵值之影響，其中尤以公司特徵值之影響較大。 二、 內部股權結構對帳面價值之資訊攸關性產生影響，顯示出控制股東之股權偏離以及董監持股質押比會將增加自利性誘因並響財務報導程序，降低帳面價值之攸關性。 三、 內部監理機制則對盈餘資訊攸關性產生影響。顯示出董事會之專業性與獨立性可有效提升監理功能，對盈餘資訊攸關性產生正面效果。 四、 外部治理機制對帳面價值資訊攸關性及盈餘資訊攸關性皆有正面影響。代表機構投資人與外部最大股東對公司扮演積極監督的角色，有助於提升會計資訊品質；而外部查核亦能有效為財務報表把關，提供適切之資訊予投資人。 綜上所述，若能將控制股東或管理當局之利益與公司整體利益做連結，並藉由董事成員之專業性與獨立性加強董事會功能，以及外部監督機制之運作，可有效提升會計資訊價值攸關性。 關鍵詞：公司治理、董事會、股權結構、會計資訊價值攸關性

This study seeks to examine the relationship between corporate governance and the value-relevance of accounting information. This study uses internal ownership structure, board of directors and external mechanism related variables to proxy for corporate governance. Value-relevance is measured by the adjusted R2 derived from a regression of stock price on earning and book values which is based on Ohlson’s accounting-based valuation model. Regression results are as follows：(1) Stronger corporate governance structure exhibits higher value-relevance of accounting information. Firm-specific factors are also related to the value-relevance of accounting information. (2) There is a negative association between the deviation of control right from cash flow right of the controlling shareholders and value-relevance of equity book values. (3) There is a positive relation between board composition, proxied by board size and board independence, and value-relevance of earning. (4) External mechanism has positive effects on both the value-relevance of equity book values and earning. Keyword: corporate governance, value-relevance of accounting information, board of directors, ownership structure