近幾年金融科技的興起，使我國各地主管機關及金融機構也開始致力於金融科技 發展。對於企業而言，金融科技不僅可擴大金融服務之效率及範圍，也可幫助其降低 融資限制，改善資本配置，進而提升永續經營能力及公司價值。本研究探討台灣直轄 市金融科技發展差異與當地企業之公司價值之關聯性，並以回歸模型進行實證研究。 研究對象為台灣上市櫃非金融業及金融業公司，研究期間為 2018 年至 2020 年，樣本 觀察值分別為 3,725 筆及 122 筆。實證結果發現:非金融業公司樣本中，台灣直轄市 金融科技發展與公司價值呈顯著正向關聯，顯示各直轄市促進當地金融科技發展時， 有助於提升當地公司價值。在金融業公司樣本中，台灣直轄市金融科技發展與公司價 值則呈顯著負向關聯，顯示金融科技發展使資訊更加透明，增強金融市場的競爭，進而對金融業者之公司價值有負面影響。

With the rise of fintech in recent years, fintech can not only expand the efficiency and scope of financial services, but also help companies reduce financing constraints, improve capital allocation, and enhance firm value. This study examines the association between Taiwan municipality fintech development and firm value. This study uses Taiwanese listed non-financial and financial companies as samples, and the sample observations are 3,725 and 122 from 2018 to 2020, respectively. The empirical results show that Taiwan municipality fintech development has positively associated with non-financial firm value significantly, and Taiwan municipality fintech development has a significant negative association with financial firm value. In conclusion, when Taiwan municipalities promote local fintech development, it can help local non-financial enterprises sharing more transparent information with financial institutes and makes them easier to obtain working capital, and enhance the firm value. For financial companies, the development of fintech makes more competition in the financial market, which has a negative impact on the firm value of financial companies.

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