資訊揭露最透明和最不透明的公司一覽

台積電等十檔，奪得上市櫃資訊揭露評鑑最高等級「A+級」。圖為台積電董事長張忠謀。

（本報系資料庫）上市櫃公司第八屆資訊揭露評鑑結果出爐。台積電（2330）、太醫（4126）等十檔上市櫃，奪得評鑑最高等級「A+級」前十名；宏盛（2534）、恆義（4205）等19家上市櫃，列為最差等級的「C-」。

證交所及櫃買中心委託證基會評鑑的上市櫃公司資訊揭露，共分「五級制」，評鑑等級最佳及最差依序為「A+」、「A」、「B」、「C」、「C-」等五級。最新的第八屆資訊揭露評鑑結果已經出爐。



第八屆受評的上市公司有705家、上櫃公司485家。除上述「A+」及「C-」等級家數外，評鑑列為「A」級有416家「其中上市241 家、上櫃175家。「B」級561家，其中上市324家、上櫃237家；「C」級151家，其中上市96家、上櫃55家。「中間等級」的「B」級家數最多，顯示上市櫃公司資訊揭露還有「進步空間」。



證基會表示，受評上市櫃公司中，資訊揭露等級為「A+」的有43 家，其中上市公司34家、上櫃公司九家；「A+」前十名將接受表揚的上市公司則有台積電、中華電、京城銀、統一證、元富證、晶技、台灣大、創意、遠傳等九家，及太醫一家上櫃公司。



資訊揭露評鑑最低等級「C-」級的上市櫃公司計有19家，其中上市公司十家、上櫃公司九家。分別為上市公司的本盟、勤美、春雨、新利虹、宏盛、櫻花建、大榮、萬企、第一店、匯僑；上櫃公司的旭軟、恆義、福大、美嘉電、福裕、台聯櫃、安碁、晶磊、志旭等。



證基會表示，亞泥、統一、南亞、中華電、聯電、富邦金、元大金、中信金、遠百等119檔，都屬於自願性揭露資訊較透明的上市櫃公司。紅電醫、基泰、位速、中光電、艾華等五檔上市櫃公司，則是被評鑑列為資訊揭露「進步公司」。

Wall Street 2

I've finally watched Wall Street 2. It is better than I thought, although the love story was clearly distracting to the movie plot. Thankfully it was only a small part of the movie. It is hard to top what was set in Wall Street, so I wasn't expecting watching this one. I was thoroughly pleasant to find the movie this good.
My favorite part is the reenactment of what happened to Bear Stearns when it was desperate in finding a buyer. Of course in reality, JP Morgan's $2 offer was accepted, even though it was raised later on to $10 to appease the angry shareholders who were threatening to launch a lawsuit. I do find it important that JP Morgan raised the offer from $2 to $10. So if there was no competing offer or shareholder uproar, they would've gotten away with $2? Whatever happened to fairvalue? They said it was fair value but they were willing to pay either $2 or $10?
But I digress, I think Oliver Stone should've included this little tidbit into the movie. Overall the movie was entertaining. My only beef with the movie is that Jake Moore is a prop. trader, but he spends all of his time pitching investment banking deals, during trading hours. In fact, through out the entire movie, he didn't accomplish a single trade! he even got his broker friend to trade on his personal account for him. what's going on man?
On the internet, someone mentioned that in the movie, all the big shots were staring at Level II quotes. These are basically the order quotes before they were completed. that's tiny small mistake in the movie because in these days where flash trading is all over the place, looking at Level II quotes really dont get you much information anymore. but this is an honest mistake and is easily forgiven. still gets a small laugh tho.

Index of Economic Freedom - Taiwan

Interesting indeed.
business freedom, government spending rating, trade freedom are among the highest in the world. however, as expected, labor freedom, freedom from corruption, and financial freedom are low.

A demon of our own design

Richard Bookstaber has a little different background from most other arthors whose books i've read. He came from an academic background but joined wallstreet as a risk manager. The book is full of his anecdotal accounts from work, as well as theories from the academia.

The first half he details the events leading to various market crashes and scandals (eg. Salomon and LTCM), intermittently with his personal experience during the events. He moves on the stories as salomon was incorporated into travelers and later citigroup.
The latter half of the book focuses more on why the market has become so complex, and it is essentially this complexity and tight coupling of the market that leads to the overall increase in risk of the mareket, which causes each next crash to be bigger than the ones before. There are several interesting thing I have found to be very interesting. first, he believes that contrary to popular belief, regulating or raising the transparency of hedge funds will not help the future of the market since hedge funds are esstentially made of every single possible investment strategies known to men. as transparency of their position increases, so do their attempts to hide/take advantage of it. he believes to decrease the complexity of the market is the key. Another thing he has noted is that despite his background in quantitative trading, he believes accounting can contribute much more than it is now, as the current accounting method is based on tangible assets for corporations of the last century instead of intangible assets which are what make modern companies valuable. instead of valuations, he hopes companies can release data such as training expense per employee, customer retentation rate for investors to use. an easier more correct valuation method can certainly keep the market more steady.

Overall, this was quite an amazing read.

小摩報告唱衰 勝華翻臉揚言提告

There is a Chinese Wall there in for a good reason - to curb or at least minimize insider trading. 勝華如此的大動作是把市場參與者都當作是傻瓜.


小摩報告唱衰 勝華翻臉揚言提告
自由 更新日期:"2010/10/21 04:11"

〔記者陳梅英／台北報導〕摩根大通昨日上午出具一份報告，表示因為蘋果第二代iPad明年將問世，第四季之後第一代iPad出貨恐在第四季通路開始清庫存後放緩，摩根大通甚至建議客戶此時正是了結勝華時機點。

該報告引發勝華不滿，勝華晚間罕見地於證交所上傳重大訊息，直接點名摩根大通這份報告的假設沒有提出明確依據，並指出，若影響股價、損害股東權益，將對該名分析師採取法律行動。

摩根大通與勝華關係一向友好，今年初勝華赴海外發行海外存託憑證還是委託摩根大通辦理，由於勝華正準備掌握時機，再次發行海外存託憑證，原本摩根大通仍是主辦券商，勝華昨日則公告，將停止與摩根大通集團海外存託憑證合作事宜。摩根大通一份報告引發市場議論紛紛外，並與公司交惡，倒是少見。

摩根大通報告中指出，勝華最近三個月來股價表現優於同業，股價已經漲多，但第一代iPad出貨高峰已過，由於第二代iPad即將於明年第二季推出，為避免堆積過多庫存，第四季iPad出貨將明顯放緩，這將使得勝華第四季營收動能下滑。

摩根大通預估，勝華第四季營收將落在181億元，低於第三季的195億元，與目前一般預估勝華第四季因新產能開出，營收將持續比第三季成長二成看法差異頗大。

目標價下修至39元

此外，報告也指出，因為友達、奇美電等大廠加入，在垂直整合能力具備優勢下，將威脅勝華市佔率，並預估在各廠積極擴增產能下，觸控面板產能包括10吋與3吋將於明年第二季起供過於求，價格戰轉趨激烈，摩根大通給予勝華「劣於大盤」投資評等，將勝華目標價下修為39元。

據了解，撰寫這份報告的摩根大通分析師為新人Narci Chang，摩根大通原來的面板分析師林良俊則在數月前跳槽高盛。