家族企業在全球企業皆是相當普遍的企業型態，在各經濟體系中扮演重要的角色，由於企業不斷發生舞弊之行為，使得投資大眾對於企業提供之資訊透明度的要求及需求日漸殷切。國內家族企業經營型態普遍且對國家經濟發展深具影響力，因此家族企業的資訊透明度攸關國家資源的配置。本研究旨在比較家族企業與非家族企業之間，其資訊透明度是否存在差異。
本研究以證券暨期貨市場發展基金會之資訊揭露評鑑系統所評定結果進行分析，證實家族企業的資訊透明度相較於非家族企業是較低的。此結果顯示，家族企業存在控制與非控制權股東之間嚴重的代理問題，因而導致家族企業的揭露程度較低。

In the wake of accounting frauds, investors urgently require firms provide more transparent information. Since family firms, a prevalent pattern in global enterprises, play an important role to impact the economic development of a country, information transparency of family firms is associated with the allocation of a country’s resources. The purpose of this study is to investigate whether the difference of information transparency exists between family firms and non-family firms.
Using the evaluation results of the Information Disclosure and Transparency Ranking System from Taiwan Securities and Futures Institute, we evidence that compared with non-family firms, family firms deliver lower information transparency due to the severe agency problem between controlling shareholders and minority shareholders.

一、中文文獻
1.上市上櫃公司治理實務守則，金融監督管理委員會，http://www.selaw.com.tw/。
2.公開發行公司年報應行記載事項準則，金融監督管理委員會，http://www.selaw.com.tw/。
3.中華徵信所，2006，台灣地區集團企業研究，台北：中華徵信所企業股份有限公司。
4.余志遠，2000，董事會特性與年報自願性揭露關係之研究，國立政治大學會計學系碩士論文。
5.吳建頤，1999，董事會規模對公司價值的影響，國立中正大學財務金融學系碩士論文。
6.林嬋娟與張哲嘉，2009，董監事異常異動、家族企業與企業舞弊之關聯性，會計評論，第48 期：頁1-33。
7.林穎芬與劉維琪，2003，「從高階主管薪酬的研究探討代理理論在台灣的適用程度」，管理學報，第20卷2期：頁365-395。
8.林清揚，2001，如何修正商業會計法以提升商業會計資訊品質，中原大學會計學系研究所碩士論文。
9.周行一、陳錦村、陳坤宏，1996，家族持股、聯屬持股與公司價值之研究，財務金融學刊，第4卷，第1期：頁115-139。
10.范宏書與陳慶隆，2007，會計師異動、存在最終家族控制股東與財務報表公佈時效性之探討，當代會計，第8 卷第1 期：頁1-34。
11.倪衍森與廖容岑，2006，家族企業負債代理成本及股利政策之研究-以台灣上市公司為例，管理與系統，第13 卷第2 期：頁153-179。
12.許士軍、陳光中，1989，台灣家族企業發展與家族結構關係，行政院國家科學會專題研究。
13.黃旭輝，2006，經理人異動與股東財富效果，管理評論，25(1)，頁23-45。
14.陳冠宙、陳育成與陳雪如，2005，影響上市公司網站資訊透明度因子之實證，會計與公司治理，第2卷第1期，頁33-59。
15.陳瑞斌與許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理評論，第27 卷第2 期：頁55-109。
16.陳瑞斌與許崇源，2008，資訊揭露水準對於權益資金成本之影響，東吳商學院經濟學報，第61 期，頁67-108。
17.陳佩甄，2008，會計主管異動與公司資訊內涵，逢甲大學會計學系碩士班碩士論文。
18.陳譽民，2011，董事會組成、獨立董事屬性與資訊揭露水準的關聯性研究，國立中正大學會計與資訊科技研究所碩士論文。
19.張書瑋，2013，家族企業新規則，會計研究月刊，第328期：頁68-73。
20.葉銀華，1998，家族控股集團與股票報酬共變性之實證研究，臺大管理論叢，第9卷，第1期：頁25-49。
21.葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證券市場之比較，管理評論，第18 卷第2 期：頁59-86。
22.葉銀華、李存修與柯承恩，2002，公司治理與評等系統，台北：商智文化事業股份有限公司。
23.曾玉琦，2009，資訊揭露評鑑系統之效益分析:股票報酬及經濟附加價值，國立成功大學會計學研究所博士論文。
24.楊朝旭與林紓瑋，2001，公司監理、產品市場競爭程度與公司績效之關聯性研究，國立中正大學會計學研究所碩士論文。
25.楊朝旭與蔡柳卿，2003，總經理更換與相對績效評估，人力資源管理學報，第3 卷第1 期：頁63-80。
26.楊朝旭，2004，產品市場競爭可否降低公司內部監理機制不佳所導致的代理成本，管理學報，第21 卷第2 期：頁153-173。
27.廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響，東吳經濟商學學報，第54 卷：頁117-160。
28.薛明玲，2002，資訊透明度與企業競爭力，會計研究月刊，第200 期：頁14-15。
29.薛明玲與蔡朝安，2003，從資訊揭露看公司治理，月旦法學雜誌，第96 卷：頁335-343。
30.證券暨期貨市場發展基金會，「資訊揭露評鑑系統」，http://www.sfi.org.tw/。
二、英文文獻
1.Ahmed, K., and J. K. Courtis, 1999. Associations between Corporate Characteristics andDisclosure Levels in Annual Reports: A Meta-analysis: The British Accounting Review, v. 31, p.35-61.
2.Ali, Chen & Radhakrishnan.2007. Corporate disclosures by family firms: Journal ofAccounting and Economics 44, p .238–286.
3.Amihud Y., and H. Mendelson.1986.Asset Pricing and the Bid-Ask Spread: Journal ofFinancial Economics 17, p. 223–249.
4.Anderson, R.; S. Mansi; and D. Reeb. 2003. Founding Family Ownership and the Agency Cost of Debt: Journal of Financial Economics 68, p. 263–285.
5.Anderson, R., and D. Reeb.2003. Founding-Family Ownership and Firm Performance:Evidence from the S&P 500: Journal of Finance 58, p.1301–1328.
6.Bamber, L. and Y. Cheon. 1998. Discretionary management earnings forecast disclosure: antecedents and outcomes associated with forecast venue and forecast specificitychoices.:Journal of Accounting Research 36(2), p.167-190.
7.Barnes, L. B., and S. A. Hershon. 1976. Transferring power in the family business: Harvard Business Review7 (4), p. 377-392.
8.Barnea,A.,R.A. Haugen, and L. W. Senbet, 1981. An Equilibrium Analysis of Debt Financing under Costly Tax Arbitrage and Agency Problems: Journal of Finance,v. 36, p. 569-581.
9.Bartholomeusz, S., and G. A. Tanewski. 2006. The relationship between family firms andcorporate governance:Journal of Small Business Management 44(2),p.245–267.
10.Botosan, C. 1997.Disclosure Level and Cost of Equity Capital :The Accounting Review 72, p. 323–350.
11.Bradbury, M. E., 1992. Voluntary Semiannual Earnings Disclosures, Earnings Volatility,Unexpected Earnings, and Firm Size: Journal of Accounting Research v.30, p.137-145.
12.Bushman, R.; Q. Chen; E. Engel; and A. Smith.2004.Financial Accounting Information,Organizational Complexity and Corporate Governance Systems :Journal of Accounting & Economics 37,p.167–201.
13.Casson, M.1999.The Economics of Family Firms.:Scandinavia Economic History Review 47,p.10–23.
14.Chen, C. J. P. and B. Jaggi.2000. Association between Independent Non-execute Directors, Family Control and Financial Disclosures in Hong Kong :Journal of Accounting and Public Policy, 19(4-5), p.285-310.
15.Chen, Chen, & Cheng ,2008. Do Family Firms Provide More or Less Voluntary Disclosure? :Journal of Accounting Research Vol.46 No. 3, p.499-536.
16.Dabrowski, R. A.1994.Proportionate Liability in 10b:5 Reckless Fraud Cases :Duke Law Journal 44,p.571–611.
17.Dechun Wang, 2006. Founding Family Ownership and Earnings Quality: Journal of Accounting Research Vol. 44 No. 3, p.619-656.
18.Demsetz, H. and K. M. Lehn. 1985. The structure of corporate ownership: cause and Consequence :Journal of Political Economy 93(6),p.375-390.
19.Diamond, D., and R. Verrecchia.1991.Disclosure, Liquidity and the Cost of Equity Capital :Journal of Finance 46, p.1325–1360.
20.Elliott, R. K., and P. D. Jacobson, 1994. Costs and Benefits of Business Information Disclosure, Accounting Horizons, American Accounting Association, p. 80-96.
21.Eng, L. L., and Y. T. Mak, 2003. Corporate governance and voluntary disclosure: Journal of Accounting and Public Policy, v. 22, p.325-345.
22.Fama, E. F., and M. C. Jensen, 1983. Separation of Ownership and Control: Journal of Law & Economics, v. 26, p.301-325.
23.Forker, J. J., 1992. Corporate governance and disclosure quality: Accounting and Business Research, v. 22, p.111-124.
24.Gilson R. J, and J. N. Gordon. 2003. Controlling shareholders. Working paper, p.7-14.
25.Gul,F.A., and S. Leung,2004. Board leadership, outside directors' expertise and voluntary corporate disclosures: Journal of Accounting and Public Policy, v.23, p.351-379.
26.Haniffa, R. M., and T. E. Cooke,2002. Culture, Corporate Governance and Disclosure in Malaysian Corporations: Abacus, v. 38, p.317-349.
27.Hart,O.,1995. Corporate Governance: Some Theory and Implications: The Economic Journal, v. 105, p. 678-689.
28.Healy, P.; A. Hutton;and K. Palepu. 1999.Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure: Contemporary Accounting Research 16,p.485–520.
29.Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature :Journal of Accounting and Economics 31, p .405-440.
30.Ho, S. M. and K. S. Wong. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure :Journal of International Accounting, Auditing & Taxation 10, p.139-156.
31.Hutton, A.2007.A Discussion of ‘Corporate Disclosure by Family Firms’: Journal of Accounting & Economics 44 , p.287–297.
32.Jensen, M. C., and R. S. Ruback, 1983. The market for corporate control: The scientific evidence: Journal of Financial Economics, v.11, P.5-50
33.Jensen, M. C., 1993. The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems: Journal of Financial Economics, v.48, P.831-880.
34.Kasznik, R.1999.On the Association between Voluntary Disclosure and Earnings Management: Journal of Accounting Research 37, p.57–82.
35.Kasznik, R., and B. Lev.1995.To Warn or Not to Warn: Management Disclosures in the Face of an Earnings Surprise:The Accounting Review70, p.113–134.
36.King, R., G. Pownall, and G. Waymire. 1990. Expectations adjustment via timely management forecasts: review, synthesis, and suggestions for future research.: Journal of Accounting Literature 9, p.113-144.
37.Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures :Journal of Accounting Research 31(2),p .246-270.
38.Laporta, R.; F. Lopez-De-Silanes; A. Shleifer; and R. Vishny.2000.Agency Problems and Dividend Policies Around the World.:Journal of Finance 55,p.1–33.
39.Lee, J. 2004.The Effects of Family Ownership and Management on Firm Performance. S. A. M Advanced Management Journal 69, p.46-53.
40.Litz, R. A. 1995.The Family Business toward Definitional Clarity :Family Business Review, 8(2),p.71-82.
41.Mcnichols, M., and B. Trueman.1994. Public Disclosure, Private Information Collection, and Short-Term Trading:Journal of Accounting & Economics 17,p.69–94.
42.Niehaus, G., and G. Roth.1998.Insider Trading, Equity Issues, and CEO Turnover in Firms Subject to Securities Class Action:Financial Management28, p.52–72.
43.Skinner, D.1994.Why Firms Voluntarily Disclose Bad News. : Journal of Accounting Research 32,p.38–60.
44.Skinner, D.1997.Earnings Disclosures and Stockholder Lawsuits: Journal of Accounting & Economics 23,p .249–282.
45.Villalonga, B., and R. Amit. 2006.How do Family Ownership, Control and Management Affect Firm Value？: Journal of Financial Economic,80 (2), p.385-417.
46.Welker, M., 1995.Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets: Contemporary Accounting Research, v. 11, p.801-828.
47.Yermack, D., 1997. Good Timing: CEO Stock Option Awards and Company News Announcements: Journal of Finance, v. 52, p.449-476.