家族所有權對年報揭露資訊品質與公司價值的影響

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姓名

劉凡萱(Fan-Syuan Liu) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

家族所有權對年報揭露資訊品質與公司價值的影響
(The impact of family ownership on the quality of information disclosed in annual reports and company value)

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至系統瀏覽論文 (2029-12-31以後開放)

摘要(中)

股東會年報是公司每年在股東大會上提交的報告，旨在向股東和利益相關
者提供公司在過去一年營運狀況及未來經營計劃，年報的揭露資訊品質對投資者有重要影響。本研究將家族企業類型分為控制型（FAM_FOCUS）與家族認同型（FAM_BROAD），探討其年報資訊揭露品質對公司價值(TOBIN’S Q)的影響。研究範圍涵蓋 2013 至 2022 年所有上市櫃公司的股東會年報，研究發現，控制型家族企業傾向於保守揭露語氣，並有較高的文字重複度，對公司價值產生負面影響，家族認同型企業在揭露新內容和揭露語氣較正面，雖然對公司價值的影響不顯著；年報中數字揭露越多且文字重複越少，公司價值越高。在中介效應測試中，無論是控制型家族企業還是家族認同型家族企業，其所有權對公司價值的影響主要是直接的，而非通過年報揭露品質來實現的。

摘要(英)

The shareholder meeting annual report, submitted annually at shareholder meetings, aims to provide shareholders and stakeholders with an overview of the company′s past year operations and future business plans. The quality of information disclosed in these annual reports significantly impacts investors. This study categorizes family firms into controlling (FAM_FOCUS) and identity-driven types (FAM_BROAD), examining how their annual report disclosure quality affects company value (TOBIN’S Q) from 2013 to 2022 among all listed companies. Findings reveal that controlling family firms tend to disclose conservatively with higher text repetition, negatively affecting company value.Identity-driven firms disclose more new content and positive tones, though their impact on company value
is not significant. Higher numerical disclosure and lower text repetition in annual reports correlate with better company value. Mediation tests indicate that ownership
effects on company value are primarily direct rather than mediated by annual report
disclosure quality.

關鍵字(中)

★ 揭露資訊
★ 年報
★ 家族企業
★ 社會情感財富
★ 公司價值

關鍵字(英)

★ Disclosure information
★ annual report
★ family firms
★ socioemotional wealth
★ company value

論文目次

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 vi
圖目錄 vii
符號說明 viii
一、緒論 1
1-1研究背景與動機 1
1-2研究目的 2
二、文獻探討及假說 3
2-1家族企業類型對於公司價值之影響 3
2-1-1家族企業社會情感財富(SEW)概念 3
2-1-2家族企業與公司價值 4
2-2揭露品質與其對於公司價值之影響 4
2-2-1家族企業報告書揭露品質 4
2-2-2報告書揭露品質對公司價值之影響 7
三、研究設計 9
3-1研究架構 9
3-2研究範疇 10
3-2-1文本處理 10
3-2-2資料來源及樣本選擇 11
3-3模型及變數定義 12
3-3-1模型設定 12
3-3-2變數定義 13
四、回歸分析及結果 15
4-1敘述性統計 15
4-2相關性分析 17
4-3實證研究結果分析 18
4-3-1家族企業類型與公司價值 18
4-3-2家族企業類型與年報揭露品質 18
4-3-3年報揭露品質與公司價值 19
4-3-4年報揭露品質作為中介效果，家族企業類型與公司價值關係 24
五、結論與研究限制 30
六、參考文獻 32
附錄一 35
附錄二 36
附錄三 38

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指導教授

曹壽民

審核日期

2024-7-25

推文