The study of information transparency in banking industry

本研究檢視台灣銀行業資訊揭露情況，並 檢視銀行業資訊揭露水準與其公司治理之關 聯性。研究結果顯示，最終控制者為政府機構 的公營銀行其現金流量請求權與控制權比值 顯著高於最終控制者為家族集團之銀行。平均 而言，公營銀行的董事會規模比家族集團銀行 大。此外，以行數衡量資訊揭露水準時，公營 銀行揭露資訊顯著多於家族集團銀行。對於以 表格形式揭露的資訊，本研究以0 （無）及1 （有）衡量其揭露水準。公營銀行與家族集團 銀行在以表格揭露資訊部分，並無顯著差異。 本研究實證結果並未支持股權結構會影響銀 行揭露水準的假說。在公營銀行部分，董事會 規模與以行數衡量的資訊揭露水準成正相 關。董事會內部董事人數與以表格形式揭露資 訊水準亦成正相關。然而股權結構與董事會結 構均未影響家族集團銀行的揭露水準。This study reports the level of disclosure in banking industry in Taiwan. It also examines the association between corporate governance and disclosure level using the data provided by listed Taiwanese commercial banks. Findings indicate that the ratio of cash flow rights over control rights is significantly higher in stated-owned banks. The board size of state-owned banks, on average, is larger than that of family-owned banks. In addition, state-owned banks disclosed significantly more detailed information measured by number of lines than family-owned banks. However, the disclosure level of those items that cannot be assessed by counting lines has no significant differences between state-owned and family-owned banks. Findings do not support the hypothesis that the degree of divergence between cash flow rights and control rights is associated with the disclosure level. For state-owned banks, the results show that board size is positively associated with the disclosure level measured by number of lines. The relationship between the fraction of insider-to-total directors and disclosure level of those items that cannot be measured by counting lines is also significantly positive for state-owned banks. However, neither the ownership structure nor the board structure in family-owned banks has significant impact on the disclosure level