公司治理與未預期盈餘之資訊效果

Abstract

自亞洲金融風暴以後，上市公司公司治理品質再度受到高度關注。根據世界銀行及亞洲華爾街報導，東亞國家上市公司普遍有公司治理不佳的問題。台灣也不例外，自1998下半年起，企業財務危機頻傳，上市公司的公司治理品質成為投資人關注的焦點。 本研究以2002年到2006年台灣上市櫃公司為樣本，研究最終控制者控制權程度、現金權與控制權偏離程度、獨立董監占比、關係人交易與董監質押比率五項公司治理變數對未預期盈餘之資訊效果的影響。結果發現無論未預期盈餘為正或負，最終控制者控制權程度、現金權與控制權偏離程度、董監質押比率與未盈餘資訊效果成顯著負相關，獨立董監占比在未預期盈餘為正時與盈餘資訊效果成顯著正相關，顯示公司治理較好的公司有較佳的未預期盈餘之資訊效果。

The sample in this study includes Taiwan TSE & OTC Listed Companies from accounting year 2002 to 2006. We use five corporate governance variables: voting rights of the ultimate owner, the deviation of cash flow rights from voting rights, the percentage of independent members of the board of directors and supervisors, related-party transactions, and the pledge ratio from members of the board of directors and supervisors, to examine the relationship between corporate governance and the informativeness of unexpected earnings. The results suggest that when unexpected earnings are positive, companies with better corporate governance generally tend to exhibit higher abnormal returns. Conversely, when unexpected earnings are negative, companies with better corporate governance tend to exhibit poorer abnormal returns. This reveals that investors trust the accounting results from companies with better corporate governance more, resulting in a stronger reaction to unexpected earnings announcements. Thus, the informativeness of unexpected earnings is higher for companies with better corporate governance.