The Relationship between the Information Transparency and Disclosure Channels of Listed-Companies
Date Issued
2008
Date
2008
Author(s)
Yu, Min
Abstract
I managed to make a study of the relationship between the information transparency and disclosure channels of listed companies, because the selection of disclosure channels for the correction of United Microelectronics Corporation’s (UMC) financial statement stirred up a violent argument that the foreign investment institutes gained profit by selling out UMC’s stocks promptly thanks to UMC’s using Business Wire to distribute its information while local securities investment trust enterprises and securities dealers lost a lot of money due to information lag. For fairly satisfying the knowing rights of investors, the purposes of this study included, firstly, to analyze the strength of information transparency in different channels, secondly, to discuss the difference of transparency in unlike channels, thirdly, to survey the levels of transparency and satisfaction amid the securities investment trust enterprises and the securities dealers, and finally, to make some suggestions to present enforced channels.nformation transparency means the publicity degree of the corporate’s operation and finance, besides, the exposure must contain 5 characters including accuracy, integrity, comprehensibility, immediateness, and accessibility. Disclosure channels signifies the methods, which are the tools or the activities to deliver the information such as newspaper, TV stations, news agencies, websites, information filing systems, press conferences or analyst meetings, to unveil a company’s operation information expressed by spoken, written, video or electronic formats. This study collected the opinions from the securities investment trust enterprises and the securities dealers through the questionnaires. Meanwhile, the alternative variables of information transparency cover its 5 characters including accuracy, integrity, comprehensibility, immediateness, and accessibility. On the other hand, the independent variables of disclosure channels comprise newspaper, Market Observation Post System (MOPS), press conference, corporate’s website and analyst meeting with legal enforcement.his study arrives at 8 conclusions by using Statistics Package for Social Science as the analyzing tool: 1. the accuracy of MOPS is strongest and MOPS performs good in all aspects, 2. analyst meeting does best in the integrity but worst in the comprehensibility, immediateness, and accessibility, 3. press conference executes greatest in the comprehensibility and immediateness while weakest in accuracy. 4. newspaper accomplishes best in the accessibility yet worst in the integrity, 5. the 5 transparency characters of corporate’s website act mediocre, 6. the transparency and satisfaction of MOPS and analyst meeting are finest, 7. the majority suggest to add the email, the Internet media and the news agency as information disclosure channels, 8. the accuracy and integrity show obvious difference in diverse channels, however, the comprehensibility, immediateness and accessibility not.onsequently, this study offers 7 suggestions: 1. MOPS should increase the service of information circulation, 2. the information of analyst meetings have to be more available, 3. the press conferences concerning material information ought to be revealed more widespread. 4. the newspaper must focus on exclusive news, 5. the authorities should reward the companies spreading the material information actively, 6. the corporate websites must appeal to commercial promotion rather than public information disclosure, 7. the authorities ought to conduct the survey for the satisfaction of disclosure channels.
Subjects
Information Transparency
Disclosure Channels
Listed Companies
Information Disclosure Evaluation
Information Asymmetry
Type
thesis
File(s)![Thumbnail Image]()
Loading...
Name
ntu-97-P93126010-1.pdf
Size
23.53 KB
Format
Adobe PDF
Checksum
(MD5):863b2c9d32a496db316095551f72cbb2