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1394 :LA/ -7 )K -B ) -+A, 26 '/.1 2-2 D3 :D3 KL* :4 #n 1 -<8 5 #n.+ (& ] & 2 9*)?*0 > < 5 3 2 8 8 :4 p/ #% jla3 9Ko/ +#/ " :+ : (2001) #.&O #K.+d -olc 91 J :#* 8'K* 8K, 8 q/ C L -:+ K1 & d3 8 :D83:#C :D3+L j0/ _K ".+LA -$% :D3 5 +A,?*0 'L :+ VK* 24 /g +L +/ olc p 1 [oz/ :4 rc;l & d3 + #1 +#/ -+ 8 @.(1393 -:'K ) +3 r$# : 2 4-8 8 t8#l 5 :2 +/* (2001) & +A, +L?s + 2 D3 # L1 39Ko/ -/5 +g 2 L -L* 5 5 8@#o%?8*0 8. V& #C #* /9 % +8 81 P & /*0 :g/ B+* +#/ - < #1 L+8^ -d 2.(1986 -:#A&+ #1 4) + 5 r// 8 8#O C ;F 2 - #$?*0 )LA3 2 8oLC \8L j83 o^?*0 p. C?u#o^ 2 2 C + K& a/ +, LC ;C# :'?+ +?KKo/ 28 8?8*0 8> v#o% + +.+ )<L #% p<?*0 #$.(1376-1377 -) +K C `;/ -?u#o^ LC 2 8 8 +8 8 & ] &?*0 ) 8 8 & -?8g :#C t#/ /*0 x+ > 2?#@ 8 8 F, 5NO @ M+ -L.+ #$ :4 >. :1/ 1 P Q# )+ LDO?*0 5N8O j 8_K y#f# t/ 5NO O n L# )+8 {8 F :# 24 \L :4 2 zo + ma 2 L3 F 1. Transparency 2. Disclosure Policies 3. Voluntary Disclosure 4. The Financial Accounting Standard Board 5. Private Information

27 )+ 3aL -)+ {... O n -F :# 24 \L $#/ 1.+ :O 1O = 23* * 1.2 )8K -+ V^/ E^ V?*0 -B#1< /+^ )3+8 2.(1992-8: 8A'+) 8 V8K' 7A,?#@ &?#@ -88 V 8 8K'/ #8 &8 8?#8@?*0 > -/)LA3 -)+84 `8?8K* )8 +8 8V8^/ E8^ - 2/ h/ 2 zo + 8F &?#@ +A, K @0% -/K* & 5O 34 ; :K a $?*0.(2004 -:'K J&) ) 8;/ 8#d (1995) :'K J.(1392 - L ) 2 9 #8 +8 5Z 24 7ZL I+: /*0 B& 2 " :+ 839Ko/ 2 q# 2 /*0 +A,?*0 > 8/}8 8 8 :8 (1973) #86 ".# L+O &?3 2 :3+)<L 5 2 :4 :+ t#/?*0 ~^ 8 82 $#/ -L 6 Id -r//.+ 'K VC+, c 2 )+8 8 8 y#f# :+ 7D$ E* al L% M#; #% K 8 8 8 -+8 8 2 8% &8 s/..+8 58 #8% +#L /*0 :g/ B+* 5 / +2 8nL #8 :8 8 r8l?#8@ 34 & : +gl; (1985) 834 & A : [&% al.+ +O R/ 34 ] & 8/ -#8$ 8 8.+8 R/ 34 ] & nl # : 3 L, -+ C G 8 8 8 nl -+1$# +^ 3 JA -)34 :3& +, 8 8 Q8.+ 5 34 & A : 34 ] & 5 /*0 :g/ B+* -#% # :4 t/ LK A 34 & /u ~.+ 5 al 8 )#8 7D8$ )#8K :D3 ' :+ 1/ - : (1997 -:#/#) O n 5NO.(2012 -:'K LO) 8 8 < 2 n?gg^/ 2. <

1394 :LA/ -7 )K -B ) -+A, 28 1 81 P 2 d+g -/5 ' `.+ K, 8 58 c8 2 86 5 E* c 2 + 5 81 P 8 Fg/ 5 c 2 6?0 ; 5 c 2 6 - #81 4 x1985 -B8d L#3 x1983 -u3 +O x1968 -LA ) # - J8A -8/58 8 + : B.(1991-6 +# 1986 -A&+ 5 %O2 I#^ )2 L O 2 :D3 4 2 L% 4.(1993 & + x1988 -L#& &# x1985 -: x2006 -:#/#) + 8 8 8 86 D3Gs/ : Q :+?KKo/?#8@ 8 8/4 8K v#8o% :8K B+* 5 /*0 JA - 8 8 Gs8/ c8 2 9gLA ] 9gLA # 2 xdo 8 0O) +88 8C Gs/ ^/ j2 -+g :$ B1 :,@ P#g,.(2008 -` 8 Gs/. * +H (2004) :'K : a/ +# 8 #al8a$ )8d : 8R/ -D838 8 al /*0 :g/ B+* 2 8, (1982) 6 5NO \L.(2007 -Aa :) @#o%?*0 @#o%?*0 d$ - t#/ )+ #K*?*0 :4 8-88 8@#o%?8*0 V8o^/ :D3 VK/ : # 8 (1985) +# -_K.+ 5 - )+ #K*?*0 : 5 5 @#o%?*0 Vo^/ :D3 )d + al 8/91 2 ' $#/.+ 5 - t#/ #K*?*0 V8C `+ 8> -8 L+ & 39Ko/ 2 A /+?8F J -# 2 +K -: 2 7AL, '/ # +#Z 8^@ 2 -'/ VC cc L :+ 2 -+ n.(1381 -K *) + L # + O +#/ 2 +8C :#/ -?*0 2 +A,? -)+8 B8a 5NO & 2 '. 0 L 5NO +8, '' & (1987) :# - 6.+8 8C 8 #8 V G A & B -)2+ 1. Liquidity

29... 8 # : 2?</ #$ 2, 5NO L & B & - #$ +, I2+ ;.+K ; +, V G A 8' 4 +8&#/ 8 122 8 8 8 (1997) :#/# 8 8 -+8 B8a 1990 ` & j3 2 )<L 5NO.%O -+LA :3V^/ $#/ ; /9 + al -+L8A :3V^/ $#/ ; /5 <.' )+ #$ 2 +# 88 t#/?*0 GH V #* (2001) #', 8@ -)2+ ; :4 2, 5NO L.%O 8 (# V $% # A) :# K& (D3 @ *#Ka ) +. #$ : 8 ' 4 &L GH V #* (2007) # ##?3 ;g V^/ a/ )+ m?3 c 2 5NO?*0.+ 8, 5N8O \L.+ 4pK$ -2002 31 1L & ` 72 & +8 '/ + #* -:D3 2 #?*0 )0* # :4 2 8 8< 98 9a, 9-2 3+_O #1 :# q# -p<=.+ C Gs/ ^/ 88 8/4 (2010) '&4 O#& 8 u8 8 ; 98a, 8 918 50 5N8O.+L%O V2 Q# )+ LDO :8 5NO \L.3 C # 2005 2004-2002 -2000-1998 `. ; V2 Q# 2 /4 /#C -+L /9 '& K/ +# :3V^/ $#/ # /9.# 8 8 8* B18 8 8 :8 8 (2012) :'K LO 2 8 121 8:4.+ C # z# Q# 2 )+ LDO 8 8 +L3 al 6 + C # 2008 ` z# 1 P 2 58-8 5 #% +#/ #

1394 :LA/ -7 )K -B ) -+A, 30 N/L8 2 n8@ & B - I2+ + RL `L 2 +; al.+.+ '/ -(#1L n^ ) d3 8* B1 JN/L?G (2014) :'K #8 :4 2, \L.+ C # 2008 / 2002 ` -K&4 100 8 8 #* 2 ' :#* /4 N/L /u {# 58 E8* 8n 8 2 +8 5 - :;<= /*0 :g/ B+*.3 * B1 8 8 K& D3 (2015) 8;& #8 2011 8/ 2000 2 I # 64 2 702.+L%O < ;@ :8?0 8; 8 J8A 2 + 3aL 6 3 C *8KL$?8nL 8; 8 2 + /9 : -+LA 2. u :4 -+ < ; $ # 2 u 8 t NO : $#/ 85NO 2 # tg KAC -al -+ + L%O.+LA 5NO y#f# t/ +, / # : % 8ƒ# ] :+8 8L% 8 (1388) :'K #O 8.83 8C 8 #8 1385 `8 +&#/ 239 L.+L%O -5N8O `+ :4 2, 5NO \L.+3 ;/ [% 71 t#/ L% 8 8 ; -#$.+ / L%?R/ 2 +@ 20.+ ƒ# ] :+ L% 8 91 # :# q# Gs/ (1391) ^ #O +% :81/ 81 P Q# )+ LDO V # ; $.+ 5N8O -_K.+ 1389 ` :O / 1386 ` +L 2 cg^/ 2 I 1 :8 5NO \L. )+ )<L A$ ; 2 3)2+.+ 91 # :# q# ; G #8 +8 8?G (1394)./0)* #$#% -1390 8/ 1383 2 I 121 ;C + +1;/ B0C L 8 88 8 8 8 : 5NO 2 V@, L.+L%O 1. Jensen

31 8<... 8 8;C +8 8 L # + +1;/ B0C L # +. ; 23* 5.3 8O 8n 8 Q8 8 5N8O M+8 8 L v#o% KAC : )+ +/, 2 F -5NO #$ ; < -* B1 :.1. #$ ; < -L # :.2.. #$ ; < -+ :.3 23* 7.4 2.8 +8z8O y#8 2 dlak -<@#/ j M+ 5NO y#8f# + y#c 2 zo dno # )<L 2 +zo j 8.(1389-2K) + #$ VgLA RL 'L :' - :.2O jd.# )<L ZL j 2 -?*0 ) 4pK$ 5NO 8% 8ooZ/?08a 2 )+K* #3 n 5Z 2 #?*0 4pK$ #$# &?#@ c 2 /+K* 2 #?*0 ) 43 -$%. )+ Ba 2 2O+/ B 1 P Q# : 2 8K/ 8F, 5N8O 4 ; $ 1390 ` :O / 1382 ` 2 ;& # I 4 3#K 2 5NO. :1/ 1 P Q# )+ LDO : )+ ) C #K 7ZL 2 t x#k )<L.+ ` ) +< :O 1L & ` -Ag C 5 ^&.1.+ L+?K* C#/ & ` R/ 1390 & 1382 `.2.+ QL 2 # ) ZL #n & ] &?*0.3.+ )+ LDO :1/ 1 P Q# 1381 & ` :O /.4 88 -&8 3 -D3 ) &?AH J $.5 L8 8 L% &?*0 2 x+ ( & +.?<L :4

1394 :LA/ -7 )K -B ) -+A, 32 8= 8 B2u.838 122 5NO 4 #K -u ; Q 8a/ z.8 8^ 2007 Z8A Excel 8B 5NO RL )+ 4 $% $#/ :4 \L )K -5NO F :# 24 V^/. )+ Ba 7 ZA Eviews 16 ZA Minitab B 2 < =&;':%9 23* 8(.4.1 L8A -VgL8A 8RL )83 8 8 -F :# 24 #n 5NO RL.# / RL +# 9Ag/ &L (> 8(.4.1.1 #8 -* B1 RL 5NO M+ L L 8 8.8 )+8 8L3 n LA RL :#* + L (:4 B18 8KC 8) 8 28 j2 8<, :4 Vo^/ 2 ˆ VC+, B18 :,8@ P#8g, +8 28 j2 Q +. F 8 8^ 8 8L j2 2 )<L8.# ^ :4 L j2 j2 p8c 2 8/5 ^ pc 2 /9 ^ - : (2012) :'K #/#.(2003 -}& A3) + +#% a olc I 1 )<L8 8 8 83)2+8 :#3 `+ 2 #% 5NO -(2012) :'K B08C.+8 +8#% )<L8 4 `+ 2 5NO.+) 8-8* B18 8 :2 +/* : )+ V'/.+ L # B C! (@A j2 8/ +848 :+ 1 )2 ˆ VC+, * B1 8 82 j 2 )<L8 8 :#8/ B1 KC -:#3 `+ Q.# <, :4 K s = (D 1 / P 0 ) + g (1) `+ 1. Gordon

33... ` `8 :8O 8 #8 -D 1 x#$# * B1 ˆ -K s - -:#83 `+8 ) + ˆ -g () +L) * B1 j2 -P 0 x# %O -# 9Ag/ A) # ˆ 5O c 2 (# G : 2 `#.(2005 -`O ') # ^ -nl # B1 :,@ P#g, )2 :4 7F (1 q#8 `#K 2 - /5 #$# * B1 2 ++$ * B1 2 +8@?#8@ L d f 3.# +#% ++$ B1 L j 2?#@ (K e ) ++$ * B1 ^ q# `# -+ B1 j KC :(603-602 :1975 -Bd :#L) # +#% Ke= [D1 / P0(1-f)] + g (2) `+ ( % (D 8 +8 8 +8+O # L # u#k; -L # ^ :4 +8a 8:4 r8$ 2 3+8K 8 8 8& #8 8%O * B1 :,@ 8% 8 9 )#$ 2 ˆ + nl :4 -.+ D3 B18 -L # -al.# * B1 +* + 8^ -+ #$ B1 L B 6 a4 2 &. *.(1387 -:>O Z1$) # )<L 2 * B1 # KC 2 Kr =[D0(1+g) / P0] + g ( 3) `+ ` ` +L # -D 0 L # -K r -.# %O ' (E )<L8 #8 +8 :#*?& 2 +; + ˆ - ^ 8 /& #$@ :9 2 zo + ˆ 2?* ˆ 3 C :(2010 -? Bd) # ^ 2 c Kd =kd (1-T) (4) `+.?& ˆ -T )1 ˆ -k d x+ 1 ˆ -K d -

1394 :LA/ -7 )K -B ) -+A, 34 F/(> 8(.4.1.2 8 8.8 88?8*0 8-5NO VgLA RL 8LK?8n 2 L3 (1997) :#/# t#/ 1O [% Q?83 c 2 )<L # [% -:#/# `+.# 3)2+ -# '$ :+8g V8& 8.# )+ ZL ' 4 +/ BC L 8 :#8* 8^/ 8_L A, : 2 $#/ -: #D # + [%?*0 j3 1/ )#K L d3 #K +8^ &?#@ L?*0 :' -+ '/ :4?s8 &; j3?*0 [% ZL D&. )#K 3)2+ - L1.(1388 -:'K #O) +3 '/ I+ )<L8 #8 (1388) :8'K #8O t#/ :#/# I+ V+;/ O - 8 +8A, +L8 c8 :#8 & n 2 2 zo [%.3C Z8/ \8L 2 8@0% -/*0 O ([% 71 V ) 5Z 5 #C V8^/ E8^ 858O?8*0-858Z?*0 -& ] + ) 4-91 V 5Z 6 2 @, 2L y#ka 9Ag/ 2 2L.++3 ;/ + B+ 2L I#^ )+ V'/ $.+4 134 ; VC 2L. )+ > &g #O A( 8(.4.1.3 -+8GH 5N8O &s8a V8^/ 8a/ #8^ 8 RL `L #n :++ ;/ 2 { :#L $#/ B2u &L RL E8* 8 +88 8 8/5?*0 /} : I2+.1 #88 8 8 58 al :D3 /*0 :g/ B+* 5.# ^ u j ; 9Ld& I2+.(2003 -) &8 s8/ - gl8 8 B c8 2 J )2+ +, :& B.2 98Ag/ 2 8 + A -B Qg /91 2 '. &u - )#K B8 -(2002) V8 8a/ `+.(1385 -V@}) +4 + 8 8 8 )+ :#* D3Gs/ RL 2 ' :#* &

35... (2001) :8'K?13 + a/ 5NO & B ;. )+ c+o/ -(2002) 0O :#/# 23* G'.4.2. )+ )<L 2 #3 `+ 2 5NO B# B -` F :# 24 COC i,t = β 0 + β 1 LVD i,t + β 2 SIZE i,t + β 3 LEV i,t + ε ( 1) `+ ::4. ; 2?* :COC. 2?* :LVD. I2+ 2?* :SIZE.& B 2?* :LEV.)+KC +g 2?* :ε.+ : 5NO RL 23* (.5 <@#/ 4 1 `+$! "# $ %& :1 / 0!1( -.,!+, ( ) *(! "# '( 0/6348 0/035 3/2760 0/5898 0/7291 * B1 1/5741 0/085 8/5726 2/2811 2/4161 L # 1/1392 1/1601 12/9327 3/4072 3/6662 + 0/0756 0/1343 0/5 0/3283 0/3326 1/2825 9/1554 17/8088 12/506 12/6396 I2+ 0/1917 0/0755 0/9410 0/6522 0/6492 & B #8 8 8 8 :4 I+: d -1 `+$?*0 c +8@ 33 g/ ^& :1/ 1 P Q# -d d8 :8.+8 ra (2L 134 +,) )K V 2

1394 :LA/ -7 )K -B ) -+A, 36 )+8 s8/ + V^ 2-2 K 2 5 :4 )+: & B. 1 B -~$ :# 24 2 % K$ LA RL :# ` :# 24 #n `8 H 0 F -+ 0/05 2 /9 ) 4 `KL, 3. )+ )<L Eviews7 8 8 0/05 2 /9 & ) I 4 `KL,.# LA RL % K$ :# #8 8 -* B1 LA RL :# ` 2, + 4 2 :#8A$ V+/ 2 )<L 2` ) 4 `KL, + L -Q8 8 8 5 0/890 0/265-0/846 r// -Minitab16 B.# LDO LA RL % K$ :# ` F -+8 0/05 2 /9 :# 24 I 4 ; _6 -g</ +, :# 24 Q 8O 8 2 V8@, \8L.+L8A O 5NO I 5NO RL. )+ > 2 `+$ #6 & -#& :# 24 2 )<L 5NO RL 3 ) 4 5)64 78 96#( :2 ;/ 0/0000 0/0000 0/0000 0/0000 0/0000 0/0000 78 : -16/0142-7/4707-22/7705-21/4453-22/8178-22/7328! "# * B1 L # + I2+ & B 5NO I &L LA -VgLA RL -# n,0 #K z8# :8 2 `#8 8RL z8 d ; :+.+LA O?8R/ 8 #8 88-8aL. )# G LZ ` RL.#K 7= :#3 :+ 4 #$ E* `+ RL 2 )<L L+ L% :#8 24 8G?8G j 8g</ 8) j 8 2 7ZL -6 :# 24 -z. 1. Jarque-Bera 2. Johnson

37... 2 )+8 4 8 \L.+ $ -o/?g G?G j 2 7ZL K. )+ > 3 `+$ :# 24!= >(?@#( 78 8 -%, 96#( :3 C D8! >( )AB 3 78!= o/?g 5/011039 0/1710 3/841110 0/0002 :# 24 ) 4 ; 1?G G 32/538330 0/0000 70/579157 0/0000 :# 24 ) 4 ; 2?G G 59/836927 0/0000 7/462827 0/0000 :# 24 ) 4 ; 3 8) :#83 `+ 2 )<L 3 / 1 F :# 24 2 V@, \L -4 `+$ +8g -#88 8n,0 #K.+ : 3 `+$ )+ j2 j /.8 :#83 `+8 8 :# ; d -) 4 q# ; F I 4 d :#A/ - I 4 2 )<L %?0K$ dlak#% 2 V@, \L dl8ak `+ % $ 3 al :#/ `+ dlak#% % #.+ 9 2 VgLA L L+ 9 ; +8g -#88 n,0 4 `+$ RL rf 2 V@, \L $#/ d VgLA RL q# (0/95 :K ) t I 4 ; (+ L # -* B1 ) 8@ 8F -VgL8A 8RL :#8 8; 8 $#/ -.+ #$ ;.#K LDO 5NO

1394 :LA/ -7 )K -B ) -+A, 38!& ;; 7 B!F 8 ;$#B!=!= 78 8 -%, 96#( :4 3 G!= 78 96#( G6I 2 G!= 78 96#( 1 G!= 78 96#( #C( ;B G6!B G6I ; 'JB G6!B G6I #H! "# t I 4 (; ) r>f t I 4 (; ) r>f t I 4 (; ) r>f ^F#/ RL -0/641685 (0/5212) -0/774563 (0/4388) 8/976727 (0/0000) -1/977294 (0/0483) 0/109701 0/00000 2/041656-0/2568-0/0187 1/4356-0/6182 0/119191 12/56014-0/04011 (0/9680) 22/99086 (0/0000) -11/1815 (0/0000) -15/7142 (0/0000) 0/632633 0/00000 1/829061-0/02347 0/8570-2/9007-7/3166 0/636727 155/5169 0/627537 (0/5305) 6/359952 (0/0000) -5/332713 (0/0000) -4/748978 (0/0000) 0/062177 0/00000 1/959284 0/2677 0/1678-0/9588-1/6285 0/065062 22/54717 I2+ & B G +g R 2 R 2 adj F I 4 ; :#A/ I 4 -L8 #8 8 8 8* B1 & B &L RL 8; 8 8 -+8 8 &8 B &L RL -; < * B1 I2+ &L RL -_K.# )+ 8 8 I2+8 8 - #$ ; L #.#K )+ ; + =K( J9.6 Gs8/ 8^/ /5 + : 5NO L 2 ql v8% 3N (1382-2K) : Q# 2 4 B+* # olc #/ t 81$ L+8 89K8o/? +8C / - )2+ & B + - > ;F?>$ 2 :;<= /5 34 @ /*0-5N8O 88L c.+ #$ Dd#C + 2 :4 /F # :D83 M 2 +$ # -)+ t#/?*0

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