網際網路這幾年席捲全球，帶動經濟與社會的重大變革，網路的各種運用應運而生，更為投資者與企業之間提供更多元化的溝通管道，但也產生了一些值得深入探討的議題。故本研究試圖以資訊面的觀點，透過股票市場探討企業網站揭露財務資訊對股票價格的影響，同時，檢視企業網站揭露資訊之程度是否會影響其資訊內涵。

　　本研究樣本為2002年3月29日前已上市的國內公司，共計188家，藉由實地觀測網站，調查近期國內所有上市公司使用企業網站報導財務資訊之現況，並利用自我迴歸與最終預測誤差（Final Prediction Error, FPE），瞭解公司股價的反應速度是否受企業網站揭露財務資訊的影響，同時，運用事件研究法與複迴歸分析進一步驗證企業網站揭露財務資訊是否具有資訊內涵。研究結果發現：

1.企業網站揭露財務資訊比例有逐年攀升的現象，且採取簡明式者仍多於採用完整式報導者，就產業別而言，金融業可能受限於法定規定，故在揭露各項財務資訊的程度為最高，電子業為第二，該產業則以揭露月營收資訊為最高，較其他產業更著重於提供即時性的資訊。

2.企業網站揭露財務資訊與公司股價對資訊的反應速度確實存有相關性，亦即有利用企業網站揭露財務資訊的公司其股價對資訊的反應速度比未利用企業網站揭露財務資訊的公司相對較快速，並且，當網站所提供的財務資訊愈詳細，其股價對資訊的反應速度愈迅速。

3.企業網站揭露財務資訊與公司股票異常報酬亦具有關聯性，也就是利用企業網站揭露財務資訊的公司其股票異常報酬比未利用網站揭露財務資訊之公司較高，同時，企業網站所提供的資訊種類、財務報表的詳細程度，及連結外部網站的多寡皆與累積異常報酬呈現正向關係。

none

一、中文部份
1.王春源、錢淑芬，2001，資訊經濟學，初版，台北：國立空中大學。
2.石齊平、郭照榮，1994，當代計量經濟學，第二版，台北：三民書局。
3.朱嘉文，2001，企業網路報導決定因素之研究，台灣大學會計學研究所未出版碩士論文。
4.江宜璋，2000，失敗公司事件前之風險與報酬分析，中山大學企業管理學系研究所未出版碩士論文。
5.林世銘、陳明進、蔡天俊，2000，土地增值稅政策對股市之影響，當代會計，第1卷第1期：1-18。
6.林植蔭，2001，企業線上財務及非財務資訊報導之探索性研究，文化大學會計研究所未出版碩士論文。
7.吳昭明，1987，複線性迴歸模型精簡之最終預測誤差研究，中央大學統計研究所未出版碩士論文。
8.陳依蘋、柯淑貞，2001，企業價值報告－趨勢預測，資誠教育基金會編著，資誠叢書第一期：50-53。
9.翁銘輝，1994，部門別資訊揭露增額資訊內涵之研究－部門別資訊影響股價變動之實證研究，台灣大學會學研究所未出版碩士論文。
10.黃俊英、林震岩，1997，SAS精析與實例，第二版，台北：華泰書局。
11.張倩綾，2001，我國上市公司環保資訊增額資訊內涵之研究，政治大學會計學系碩士班未出版碩士論文。
12.劉思綺，2001，財務預測修正對股價影響之研究，朝陽科技大學財務金融系碩士班未出版碩士論文。
13.鄒怡萍，1997，退休金資訊與股價相關性之實證研究，東吳大學會計學系碩士班未出版碩士論文。
14.劉舒惠，2001，台灣股市波動影響因素之探討，朝陽科技大學財務金融系碩士班未出版碩士論文。
15.鄭淳方，2001，季盈餘宣告對股價影響之實證研究—月營收資訊盈餘預測模型之利用，台灣大學會計學研究所未出版碩士論文。
16.顏信輝、鄭程鴻，2001，我國企業使用網際網路報導財務資訊之研究，當代會計，第2卷第2期：147-168。

二、英文部份
1.Akaike, H. 1989. Fitting Autoregressions for Prediction. Annals of the Institute of Statistical Mathematics 21:243-247.
2.Arrow, K. J. 1985. The Economics of Agency. In Pratt, J. & Richard 　　　　　Zechauser ed. Principals and Agents: The Structure of Business. MA, Harvard Business School Press. pp37-51.
3.Ashbaugh, H., K. Johnstone, and T. Warfield. 1999. Corporate Reporting on the Internet. Accounting Horizons 13(3): 241-257.
4.Ball, R., and P. Brown. 1968. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research 6(1): 159-178.
5.Beaver, W. H. 1968. The Information Content of Annual Earning Announcements. Journal of Accounting Research 6(1): 67-92.
6.Chan, S. H., J. D. Martin, and J. W. Kensinger. 1990. Corporate Research and Develop Expenditures and Share Value. Journal of Financial Economics 26(2): 255-276.
7.Chow, G. C. 1960. Tests of Equality between Sets of Coefficients in Two Linear Regressions. Econometrica 28: 591-605.
8.Craven, B. M., and C. L. Marston. 1999. Financial Reporting on the Internet by Leading UK Companies. The European Accounting Review 8(2): 321-333.
9.Ettredge, M., V. J. Richardson, and S. Scholz. 2000. Timely Financial Reporting at Corporate Web Sites? Working paper, University of Kansas.
10.Ettredge, M., V. J. Richardson, and S. Scholz. 2001. The Presentation of Financial Information at Corporate Web Sites. International Journal of Accounting Information Systems 2: 149-168.
11.Fama, E. F., L. Fisher, M. C. Jensen and R. Roll. 1969. The Adjustment of Stock Prices to New Information. International Economic Review 10(1): 1-21.
12.Fama, E. F. 1970. Efficient Capital Market: A Review of Theory and Empirical Work. The Journal of Finance 25(2): 383-417.
13.FASB, Steering Committee Report Series, Business Reporting Research Project－Electronic Distribution of Business Reporting Information, January 31, 2000.
14.Frankel, R., M. McNichols and G. P. Wilson. 1995. Discretionary Disclosure and External Financing. The Accounting Review 70 (1): 135-150.
15.Grant, E. B. 1980. Market Implications of Differential Amounts of Interim Information. Journal of Accounting Research 18 (1): 225-268.
16.Grossman, S. 1981. The Information Role of Warranties and Private Disclosure about Product quality. Journal of Law and Economics 24 (December): 461-483.
17.Han, J. C. Y., and J. J. Wild. 1997. Timeliness of Reporting and Earnings information transfers. Journal of Business Finance & Accounting 24 (3-4): 527-540.
18.Hays, P. A., and D. E. Upton. 1986. A Shifting Regimes Approach to the Stationarity of the Market Model Parameters of Individual Securities. Journal of Financial and Quantitative Analysis 21 (September): 307-321.
19.Hsiao, C. 1981. Autoregressive Modeling and Money - Income Causality Detection. Journal of Monetary Economics 3: 85-106.
20.Jensen, M. C., and W. H. Meckling. 1979. Rights and Production Functions: An Application to Labor-Managed Firms and Codetermination. Journal of Business 52(4): 469-506.
21.Leftwich, R. W., R. L. Watts, and J. L. Zimmerman. 1981. Voluntary corporate disclosure: The case of interim reporting. Journal of Accounting Research 19 (Supplement): 50-77.
22.Linter, J. 1965. The Variation of Risk and the Selection of Risky Investment in Stock Portfolio and Capital Budget. Review of Economics and Statistics 47(1): 13-37.
23.Lowengard, M. 1997. The Internet Puzzle. Institutional Investor 41(May).
24.Lymer, A., R. Debreceny, G. L. Gray, and A. Rahman. 1999. Business Reporting on the Internet. IASC Research Study.
25.Markowitz, H. M. 1952. Portfolio Selection. The Journal of Finance 7(1): 77-91.
26.McConnell, J., and C. Muscarella. 1985. Corporate Capital Expenditures Decisions and the Market Value of the Firm. Journal of Financial Economics 14(3): 399-422.
27.Milgrom, P. R. 1981. Good News and Bad News: Representation Theorems and Applications. Bell Journal of Economics 12(2): 380-391.
28.Mikkelson, W. H., and M. M. Partch. 1986. Valuation Effects of Security Offerings and the Issuance Process. Journal of Financial Economics 15(1): 31-60.
29.Neu, D., H. Warsame, and K. Pedwell. 1998. Managing public impressions: Environmental disclosures in annual reports. Accounting, Organization, and Society 83: 265-282.
30.Noack, D. 1997. Web Pages Help Build Investor Relations. Investor’s Bus Daily (October 10).
31.Penman, S. H. 1980. An Empirical Investigation of the Voluntary Disclosure of Corporate Earnings Forecasts. Journal of Accounting Research 18(1): 132-160.
32.Pirchegger, B., and A. Wagenhofer. 1999. Financial Information on the Internet－A Survey of the Homepages of Austrian Companies. The European Accounting Review 8(2): 383-395.
33.Rice, S. J. 1978. The Information Content of Fully Diluted Earnings Per Share. The Accounting Review 63(2): 429-438.
34.Sharpe, W. 1964. Capital asset pricing: A theory of market equilibrium under conditions of risk. The Journal of Finance 19: 425-442.
35.Shivakumar, L. 2000. Do Firms Mislead Investors by Overstating Earnings before Seasoned Equity Offerings？ Journal of Accounting and Economics 29(1): 339-371.
36.Spence, M. 1973. Job Market Signaling. Quarterly Journal of Economics 87: 355-374.
37.Theobold, S. 1998. Internet “Bolsters” annual Report. Toronto Star (March 4).
38.Verity, J. W. 1994. Ready or Not, the Electronic Mall is Coming. Business Week 3365: 84-85.
39.Verrecchia, R. 1983. Discretionary Disclosure. Journal of Accounting and Economics 5(3): 179-194.
40.Waymire, G. 1985. Earnings Volatility and Voluntary Management Forecast Disclosure. Journal of Accounting Research 23(1): 268-295.