| 摘要Abstract | 近年來全球各地企業財務舞弊陸續爆發，造成投資人損失慘重，甚至引起世 界性的金融海嘯，各國政府無不積極致力於提升企業資訊透明度，並強化公司治理 機制。2003 年，臺灣證券交易所委託證券暨期貨市場發展基金會建置「資訊揭露評 鑑系統」，針對上市（櫃）公司的自願性揭露資訊進行評等，以期喚起公司對資訊 透明度的全面重視。本研究之貢獻主要在於檢驗資訊透明度是否對財務分析師之預 測行為有所影響，有別於過去文獻探討的角度。財務分析師為資訊中介者，其對資 本市場的影響力不可小覷檢驗，本文同時檢驗「資訊揭露評鑑系統」的有效性。研 究方法係以手工方式針對 2002 至 2003 年所有上市（櫃）公司符合研究條件者進行 評分。實證結果發現：(1) 資訊透明度度愈高之公司，證券商分析師預測意願也愈 高。(2) 資訊透明度愈高，愈能提升證券商分析師預測精確性。另外，本研究結果 亦發現，處於知識經濟時代，非財務性資訊在提升證券商分析師預測精確度上更形 重要。(3) 當公司之資訊透明度不佳時，證券商分析師較為傾向於發布樂觀預測， 以獲取管理當局擁有之私有資訊。本文完整分析資訊透明度與證券商分析師的分析 意願、準確性及預測偏誤性，不但檢視「資訊揭露評鑑系統」的有效性，也促進企 業、證券商分析師及投資人對提升資訊透明度的重視。The outburst of continual enterprises’ financial fraud cases all over the world has caused heavy loss to the investors, worse even, gave rise to financial tsunami. Regulators across countries have devoted to enhancing information disclosure levels and strengthening corporate governance mechanism. The Securities and Futures Institute has been entrusted to set up ‘Information Transparency and Disclosure Ranking System’ to assess all listed and OTC companies’ information transparency, hoping the ranking system can help to improve corporates’ information transparency. This study contributes to extant literature in that, it investigates specifically on how the level of information transparency influences analysts’ forecast behavior. Specifically, analysts are information media, they play a vital role in communicating information between investors and capital market. We further assess the efficacy of ‘Information Transparency and Disclosure Ranking System’. We manually assessed the disclosure level for all listed and OTC companies between 2002 and 2003. Our empirical results show that: (1) Firms that have higher degree of information transparency tend to have more analysts following. (2) Firms that have higher degree of information transparency tend to have more accurate analyst earnings forecasts. Moreover, non-financial information seems to have important impact on the accuracy of analysts’ forecasts (3) For firms that have lower degree of information transparency, analysts tend to issue optimistic forecasts in order to acquire private information from the management. |