本文利用Ohlson (1995)及Barth (1998)所提出之評價模型，研究91年度我國資訊電子業上市公司，會計資訊揭露之價值攸關性。根據Ohlson (1995)及Barth (1998)之模型，檢測會計資訊價值攸關性之結果顯示，超額盈餘、帳面價值及稅後淨利對於我國之資訊電子業上市公司之股價及市值有顯著之解釋能力。若以「資訊揭露程度」為Ohlson 及Barth評價模型之「其他攸關變數」進行觀察，則資訊揭露程度具有價值攸關性。若進一步將「資訊揭露程度」分成「財務及營運」、「董事會及股權結構」及「公司網站」三細項後，兩種不同之評價模型皆顯示，「財務及營運」之資訊揭露程度與股價及市值間具有顯著之正向關係。「董事會及股權結構」及「公司網站」之資訊揭露程度則會因實證模型之不同，而有不同之結論，在Ohlson 模型中並未獲得支持，但在Barth模型則獲得支持。

Based on the models established by Ohlson (1995) and Barth (1998), this study examines the value relevance of information disclosure in addition to that of accounting numbers. The sample consists of electron companies listed in 2002. The result indicates that abcdrmal earnings, book value and net income have significant explanatory power about stock price and market value. The ‘information disclosure level’ is also value relevant for both models as ‘other relevant variable’. By dividing the ‘information disclosure level’ into three parts: financial and operating, board and ownership structure, and company websites, we find that ‘financial and operating’ information disclosure level is significantly associated with stock price and market value. The ‘board and ownership structure’ and ‘company websites’ information disclosure level are significant in Barth model, but not in Ohlson model.

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