本文旨在探討公司治理與資本結構決策之關係，並著重於多角化在其中扮演的角色。雖然先前文獻對於管理階層的侵占問題是否會導致槓桿變得更高或更低存在分歧，但最近的研究顯示，公司治理與資本結構的關係受到多角化影響而可能存在差異。本文藉由檢驗多角化對臺灣企業治理好壞與融資決策關係的影響，來擴展先前的研究，並提供有助於評估企業未來戰略的見解，幫助臺灣企業在獨特經濟環境中擬定決策。在使用臺灣上市櫃公司樣本進行從2017年至2022年的分析之後，實證結果顯示同時考慮治理好壞與多角化之後，公司因多角化形成的高槓桿會隨著治理變好而下降，並且對於採用擴充部門為多角化策略的公司，以及因多角化損失較大價值的公司來說，治理改善對槓桿的效果更強烈。

This article aims to explore the relationship between corporate governance and capital structure decisions, with a particular focus on the role of diversification. While prior literature has been divided on whether managerial entrenchment leads to higher or lower leverage, recent studies suggest that the relationship between corporate governance and capital structure may vary with diversification. This study will expand on previous research by examining the impact of diversification on the relationship between corporate governance and financing decisions in Taiwan. It provides insights that can help evaluate the future strategies of firms and assist Taiwanese firms in formulating their decisions in a unique economic environment. After analyzing samples of Taiwan-listed firms from 2017 to 2022, empirical results show that, when taking into account both governance quality and diversification, the high leverage resulting from diversification tends to decrease as governance improves. Furthermore, the effect of governance improvement is even more pronounced for companies that adopt an expansionary division as their diversification strategy and for those experiencing greater value discounts related to diversification.

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