本研究利用股票報酬率替代市場上公開可獲得的消息，根據Basu (1997)之盈餘時效性不對稱模型，檢視台灣上市櫃金融機構的會計盈餘是否具有時效性與穩健性。另一方面，為凸顯亞洲及台灣本土性金融風暴之後，治理機制日益受到重視，本研究將Basu (1997)模型加入治理機制變數，探討治理機制的健全程度，會否改變會計盈餘的時效性與穩健性。除此之外，本研究尚且利用F檢定驗證實證模型有否存在時間效果，並觀察公司治理機制是否隨著不同的金融服務業而有相異的盈餘傳遞效果。實證結果發現，將股票報酬率的估計期間與會計盈餘的發布時間設為相同時，會計盈餘能有效地反應股票報酬率的改變。但公司治理機制沒有顯著地影響台灣上市櫃金融機構的會計盈餘，亦沒有造成時效性與穩健性的改變。當利用固定效果模型進行實證分析時，發現會計盈餘的傳遞有明顯的時間效果，亦有一定程度的削減其時效性與穩健性。在保險業的實證分析發現，治理機制的健全程度，會帶來會計盈餘之時效性與穩健性的改變；治理機制越健全的保險公司，會計盈餘的及時程度越快；而會計盈餘對壞消息的反應速度雖然減緩，但仍顯著高於對好消息的反應速度。 This study bases on the model reported by Basu (1997) about the asymmetric timeliness of earnings, using stock returns to proxy for the publicly available market news. To begin with, this study surveys whether earnings of financial institutions in Taiwan have timeliness and conservatism principle. After Asian and Taiwanese financial crisis, corporate governance is more important day after day. Therefore, this study adds the corporate governance parameters to empirical model to survey whether corporate governance changes the timeliness and conservatism of earnings. Subsequently, this study applies F test to verify the time effect of empirical model. Finally, this study examines whether corporate governance affects the earnings transmission in different industries through empirical analysis in the industry level. The results indicate that if the estimated period of stock returns and the announcement time of earnings are the same, the changes of stock returns are reacted effectively on earnings. Corporate governance does not significantly affect earnings of financial institutions in Taiwan and change the timeliness and conservatism of earnings. Evidence from using fixed effects model shows that time effect has great influences on earnings and makes the timeliness and conservatism of earnings cut down. As for the empirical analysis of insurance companies, this study shows that robust corporate governance makes the timeliness and conservatism of earnings change; if insurance companies have more robust corporate governance, the timeliness of earnings becomes quicker; although the rate that earnings react to bad news becomes slow, it is still faster than the rate that earnings react to good news.
