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To narrow the information gap between managers and investors, the authorities concerned in Taiwan have called for greater corporate disclosure transparency and treated it as an important principle in the reform of corporate governance. It is held that corporate disclosure, if determined by the responsiveness of corporate boards, plays a significant role in mitigating information asymmetry. In this study, we examine the impact of board composition and ownership structure on information disclosure level in the annual report. The empirical results show that the more independent and smaller the board is, the higher the disclosure scores of corporate information are. In like manner, the higher the managerial ownership is, the higher the scores are. Following the percentile rank method, this study also finds that as the aggregate score of corporate governance mechanisms becomes higher, the level of corporate disclosure becomes better. Meanwhile, the differences that resulted from the impacts of corporate governance mechanisms on corporate disclosure types reveal the monitoring functions of the institutional investors. The results are robust, no matter whether the analysis is performed by filtering out corporate governance factors comprised in corporate disclosure or performed through some other sensitivity tests.

提升企業資訊揭露的透明度，降低投資人資訊接觸的障礙，為政府推動公司治理改革的重要方針。由公司董事會所主導的資訊揭露政策，正扮演著減緩資訊不對稱的機制。本研究旨在探討董事會的組成及股權結構對年報資訊揭露水準的影響。實證結果顯示，不論是強制性或自願性質訊揭露，均指出董事會獨立性愈強、董事會規模愈小、管理當局持股比例愈高，企業報導的資訊揭露水準愈佳。此外，若將各項公司治理機制轉換融合為單一衡量因子時，亦發現公司治理綜合指標分數愈高，公司資訊揭露的水準亦愈高。同時，公司治理機制對資訊揭露性質的影響差異更反應在機構法人監督效果上。上述的實證結論即使在過濾公司治理因子後或經由若干敏感度測試後仍然維持相當的穩定。

本研究旨在從審計品質所扮演的資訊與公司治理角色，及從改善盈餘品質之監督效果執行分析，希冀瞭解產業專家會計師是否可直接或間接抑制受查客戶財稅差異的幅度？研究結果顯示，經由Heckman兩階段估計法控制財稅差異樣本自我選擇偏誤，及工具變數之兩階段最小平方法控制產業專家變數內生性後，產業專精程度與財稅差異幅度呈顯著負相關。進一步透過兩階段估計法觀察產業專家會計師是否經由提升盈餘品質而降低財稅差異之間接效果時，亦發現產業專家會計師所查核的客戶其裁決性應計數較小，且因其具備較佳的盈餘品質得以降低財稅差異的幅度。上述結論即使改以傾向分數配對法控制產業專家變數內生性時，審計品質的效果仍然維持相當的穩定。