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研究生：	陳麗玲 Chen, Li-Ling
論文名稱：	公司產業多角化、公司財務狀況對資訊不對稱之影響－國際實證研究 Cross-country Evidence on the Effects of Industrial Diversification, Financial Conditions upon Asymmetric Information
指導教授：	王明隆 Wang, Ming-Long Andrew
學位類別：	博士 Doctor
系所名稱：	管理學院 - 會計學系 Department of Accountancy
論文出版年：	2010
畢業學年度：	99
語文別：	英文
論文頁數：	90
中文關鍵詞：	剝奪效果、聯盟效果、財務狀況、公司股權結構、公司多角化、資訊不對稱
外文關鍵詞：	Entrenchment Effect, Alignment Effect, Financial Conditions, Corporate Ownership Structure, Corporate Diversification, Asymmetric Information
相關次數：	點閱：186 下載：5
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本論文包含兩個部份，一是多角化對資訊不對稱的影響，一是公司財務狀況對資訊不對稱的影響。兩者皆使用全球包括美洲、歐洲及亞洲等28個國家的資料。其中第一篇的研究期間從2000年到2006年，探討在不同股權結構下，多角化對資訊不對稱的影響。實證結果發現，多角化將提升資訊不對稱水準。一般來說，經理人持股亦將提升資訊不對稱的水準，但是不同股權結構間的邊際效果不同。有關多角化的邊際效果，當經理人持股低於某一水準時(10% 或30%)，多角化公司顯著地有比較高的資訊不對稱，顯示多角化公司存在剝奪效果。相反地，當經理人持股高於某一水準時(30%)，多角化公司顯著地有比較低的資訊不對稱，顯示多角化公司存在聯盟效果。另外，我們發現普通法國家的多角化公司相對於大陸法國家的多角化公司可以緩和多角化對資訊不對稱所造成的負面效果。
第二篇研究在測試公司財務狀況對資訊不對稱的影響。我們用全球2,294公司為樣本，結果發現，發生財務危機機率高的公司與資訊不對稱有顯著地正向關係。這結果顯示財務危機公司的經理人有較強的動機去從事隱藏或延後獲利不善消息的公告，因此降低了財務報表的透明度。另外，我們也發現多角化公司和股權分散公司均會提升財務狀況對資訊不對稱的不利影響。意味著多角化公司的資訊流量和複雜度提升了隱藏獲利不善消息的容易度。而對於低經理人持股公司，隱藏或遞延獲利不善消息的預期利益則超過其預期成本。換句話說，單一產業或股權集中可以緩和這種財務危機對資訊不對稱所造成的不利影響。但股權集中可以緩和這種不利影響的情形只會發生在非亞洲地區，對於亞洲地區則是產生惡化的情形。

This dissertation includes two studies concerning the impact of industrial diversification and financial conditions on information asymmetry for global firms. The first article examines the effect of industrial diversification on asymmetric information based on global samples. We used international data from 28 countries in America, Europe and Asia during the period between 2000 and 2006 to test how corporate diversification affects the degree of asymmetric information across different ownership structures.
The empirical results show that diversification will raise information asymmetry. In general, the increase of ownership of managing owners raises the levels of asymmetric information, but the marginal effect varies across ownership structure. For the marginal effect of diversification, the level of asymmetric information is significantly higher for the diversified firms when the ownership of managing owners is lower than a certain level (10% or 30%). This suggests that there are more entrenchment effects for diversified firms. In contrast, the level of asymmetric information is significantly lower for the diversified firms when the ownership is more than a certain level (30%). In this case, there are alignment effects. In addition, we find that diversified firms will alleviate the adverse effect of corporate diversification on asymmetric information for common-law countries relating to civil-law countries.
The second article examines the effect of financial conditions on information asymmetry. We use a global sample of 2,294 companies to examine how the financial condition affects the degree of information asymmetry. We find that a higher chance of financial distress is associated significantly with a higher level of information asymmetry. This finding is consistent with the claim that managers in financially distressed firms have stronger incentives to hide or delay poor earnings news and thereby exacerbate the transparency of financial statements.
In addition, we also find that diversified firms and diffused firms can separately deteriorate the adverse effect of financial conditions on asymmetric information. It implies that the characters of high flow of information and complex content of information for diversified firms raise the ease of hiding bad earnings news; the expected benefits of hiding bad earning news or delaying the announcement of bad earning news for the lower manager’s ownership stake may be more than the expected costs. In other words, the focused segment or concentrated ownership can moderate this adverse effect of financial distress on information asymmetry. However, the concentration of ownership structure can mitigate this situation in a non-Asian area, and exacerbate the situation in an Asian area.

TABLE OF CONTENTS
		Page
PartⅠ: International Evidence on Industrial Diversification and Asymmetric Information across Different Ownership Structures		
Introduction		1
1 Research motivations and background		1
2 Research objective		3
3 Research framework		4
Hypotheses development		4
Sample selection and empirical design		6
1 Sample selection		6
2 Empirical design		9
2.1 The independent variable and dependent variable		9
2.2 Grouping control variables		12
2.3 Other control variables		13
2.4 Empirical model		14
Empirical results		16
1 Descriptive statistics		16
2 Regressions for full sample		19
3 The regressions’ results across different legal systems		22
4 Regressions across ownership structure		24
4.1 The regressions’ results of forecast accuracy		24
4.2 The regressions’ results of forecast dispersion		26
4.3 The regressions’ results of price impact of unexpected earning		28
4.4 The regressions’ results of adverse -selection component of bid-ask spread		31
5 Additional test		33
5.1 Issues of reverse causality		33
5.2 The comparison between prior results and this study		34
Conclusion		35
Reference		37
		
PartⅡ: International Evidence on the Effects of Financial Conditions upon Asymmetric Information		
Introduction		42
1 Research motivations and background		42
2 Research objective		46
3 Research framework		46
Literature review and hypotheses development		47
1 Information asymmetry and financial distress		47
2 Corporate diversification		49
3 Ownership structure		50
4 Ownership structure across Asia and non- Asia areas		52
Research design and measurement of variables		53
1 The effects of financial conditions on information asymmetry		53
2 The effects of financial conditions on information asymmetry across different level of corporate diversification		59
3 The effects of financial conditions on information asymmetry across the degree of concentrated ownership		60
4 The effect of ownership structure on the relationship between a firm’s financial condition and the extent of information asymmetry across Asia and non-Asia areas		61
Sample selection and descriptive statistics		61
1 Sample selection procedure		61
2 Descriptive statistics		64
3 Correlation of the variables		67
Empirical Results		69
1 How does financial trouble affect the extent of information asymmetry?		69
2 Could focused-business model reduce the adverse effect of financial difficulty on information asymmetry?		71
3 Could highly concentrated ownership reduce the adverse effect of financial distress on information asymmetry?		73
4 Can highly concentrated ownership characteristics of Asia firms really help mitigate the information asymmetry issue when encountering financial difficulty?		75
5 Additional test		78
5.1 The results of U.S. and Non-U.S. firms		78
5.2 The results of legal system		78
5.3 Issues of reverse causality		80
Conclusion		82
Reference		84
 
LIST OF TABLES
Table			Page
PartⅠ: International Evidence on Industrial Diversification and Asymmetric Information across Different Ownership Structures	
Distribution of sample		9
Descriptive Statistics of Variables		17
Correlations of the variables		18
The regressions’ results for full sample		19
The regressions’ results across common- and civil-law countries		23
The analysis of forecast accuracy across ownership structure		25
The analysis of forecast dispersion across ownership structure		27
The analysis of earnings announcement abnormal returns across ownership structure		29
The analysis of the adverse -selection component of bid-ask spread across ownership structure		32
The literatures’ difference between the information diversification hypothesis and the transparency hypothesis		34
			
PartⅡ: International Evidence on the Effects of Financial Conditions upon Asymmetric Information	
Distribution of sample firms		63
Descriptive statistics		66
Correlation matrix on regression variables		68
Regression of information asymmetry on financial conditions for the full samples		70
Regression of information asymmetry on financial conditions across different level of corporate diversification		72
Regression of information asymmetry on financial conditions across different ownership structures		74
Regression of information asymmetry on financial conditions across different ownership structures and area		77
Regression of information asymmetry on financial conditions across U.S. and non-U.S. firms		79
Regression of information asymmetry on financial conditions across legal systems		81
The results of the Hausman Test		82

                                    

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校內：2013-01-25公開
校外：2015-01-25公開

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