由87年度爆發的數起地雷股事件(如國產汽車、東隆五金)中，可以發現產生問題的公司皆是在董事長主導公司的營運之下，最後發生掏空公司資產的情形，顯示目前公司法及證期會設計的監管機制，並未能發揮預期的監督功能。

監管機制設計的主要目的，係在防範經營者追逐私利而非公司最大利益的情形發生，故要使監管機制有效運作，必須增加資訊的揭露予股東或其他利害關係人，以解決資訊不對稱的問題。而年報中的自願性揭露就是解決強制性揭露下監督者資訊不足的方式之一。故本研究欲從監管的角度切入，由公司所有權結構及董事會特性，探討影響公司自願性揭露水準的因素，以幫助年報使用者藉由公司監理特性或自願性揭露水準，判斷公司監理機制的運作是否良善，並提供主管機關，於未來修定公司監理層面及年報揭露的相關規定時，得以參考的資訊。

本研究由公司所有權結構及董事會之特性著手，探討可能影響公司年報自願性揭露的七個因素：1.是否為家族企業，2.是否有監管機制存在，3.董事會成員持股比例，4.董事會成員持股質押成數，5.董事會規模，6.最大家族占董事席次比例，7.獨立法人占董席次比例。其中，家族企業的判斷採用Cubbin & Leech (1983)表決機率模型算得之臨界持股比例，家族持股超過該臨界比例者始視為家族企業。監管機制則以獨立法人的持股及董事會中是否有獨立法人或以外的第二勢力存在來衡量。

本研究首先設計一揭露索引表做為揭露水準的衡量表，並將樣本公司年報內容比對索引表內的揭露項目，採取加權的方式進行評分。索引表內的項目共分五大類：背景資訊、歷史結果彙總、非財務性統計資訊、預測性資訊及管理人員討論與分析。研究對象則為民國87年之上市公司，並排除金融保險業及公民事業民營化的公司。

實證結果顯示：

1、獨立法人持股比例與董事會中獨立法人第二勢力的存在，與揭露總分間呈顯著正相關，表示公司在有監管機制之下，其揭露水準確實較無監管機制者為佳。此外，家族占董事席次比例與揭露總分間呈顯著負相關。而前三大會計師事務所較非前三大會計師事務所更能發揮專業的影響力，故能增加公司年報中的自願性揭露。至於其他變數對於自願性揭露水準的影響則不如預期。

2、家族企業的揭露水準並未如預期較非家族企業為差，此可能與台灣家族企業普遍存在，形成家族企業間的競爭局面有關。而經實證得知，當家族企業的持股至一高水準時，由於與公司間利益密切結合，更有積極經營的企圖心，故將增加年報中的自願性揭露，以爭取投資人的認同。

3、年報揭露水準於產業間亦存在著差異。於資料搜集的過程中發現，屬於相同產業的公司，揭露內容多有相似的模式。而實證研究亦發現，塑膠業、電子業的揭露水準較其它產業為高，營建、百貨業的揭露水準則較其它產業為低。

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