The Incremental Value of Corporate Governance Featuresin Explaining Business Valuation

[[abstract]]過去有關企業評價議題之研究，都僅侷限於財務報表相關資訊之應用。Ohlson（1995）認為股權評價的基本分析，尚應將會計報表所無法涵蓋的資訊納入評價模式中，其更進一步推導出以公司帳面價值、當期超額盈餘與其他資訊為主的股權評價模式。因此，本文參考Ohlson（1995）會計評價模式，以台灣上市公司為研究對象，探討公司治理特性所傳遞的訊息與企業價值的攸關性。實證結果發現，公司治理特性確實與股權價值存在顯著攸關性，且以公司帳面價值及盈餘為主的Ohlson股權評價模式，在加入公司治理特性後，將可使股權評價模式更為完整。[[abstract]]Previous studies analyze a firm’s market value as it relates to financial statements only. Ohlson（1995）provides a foundation for redefining the appropriate objective of research on fundamental analysis that involves assessments of factors beyond accounting data. It derives a valuation model in which market value of equity is a function of book values, contemporaneous abnormal earnings and other information. This study refers to the Ohlson valuation framework and includes corporate governance features in the empirical analysis of the electronic industry in Taiwan. Our findings indicate a significant relation between market value of equity and corporate governance features. Overall, the corporate governance features treated as explanatory variables in the valuation model are value-relevant and can enhance the validity of the Ohlson framework