本研究之目的在於探討公司治理對績效與多角化程度間之關連。以往關於公司治理議題的研究多著重於探討公司治理與企業績效間的關係，且主要為測試公司治理對績效之直接效果。本研究擬以權變觀點分別探討公司治理與資本結構、競爭策略及環境的組合是如何影響企業績效及多角化程度。
　　本研究以資訊電子產業為研究樣本，蒐集2000年至2002年之次級資料進行研究。研究結果除證實公司治理對績效及多角化程度具有顯著影響外，在交互作用之測試上，公司治理與競爭策略及環境的搭配，也對績效與多角化程度具有顯著之交互作用效果，可知在不同情境下，公司治理對績效及多角化程度的影響亦有所不同。本研究依實證結果發展之管理意涵有四：董事會規模小有助於解決代理問題。當公司具有高成長機會時，董事會規模的設計應採取小規模，以提升績效。在公司治理制度的設計上，應致力於提高全體董監事持股比率。公司治理變數必須在加入調和項後，才對績效或多角化程度具有顯著關係，支持本研究之權變觀點，且此一權變觀點，提供在日漸重要之公司治理議題上，更完善之公司制度設計及企業多角化策略之省思。

　　This study aims to analyze the impact of board characteristics on firm performance and the degree of diversification. Though previous studies have confirmed the direct effects of corporate governance on firm performance, the indirect role of board characteristics is worth further exploration by the contingency approach. Our study added capital structure, competitive strategy and environment munificence as moderators for the linkage between corporate governance and firm performance and the degree of diversification.
　　Based on the data of 368 electronic firms in Taiwan during 2000~02, this study uses three-step moderated hierarchical regression to test separately the hypothesized relationships with firm performance and diversification. The results not only support the direct effects of corporate board on performance and diversification, but also find the moderating roles played by strategy choices and environment. The empirical evidences suggest that the effects of corporate governance on performance or some other strategic behavior should be examined with a contingency view.

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B. 中文部份
1.羅飛，柳木華〝獨立董事制度與公司財務監督〞，中南財經政法大學，管理會計，第五十九
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2.呂長江，王克敏〝上市公司資本結構、股利分配及管理股權比例相互作用機制研究〞，吉林
大學商學院，管理會計，第五十九期，（2003），pp.24-34.
3.詹家昌，徐民欣〝檢定股利與負債的預測模式—抵換理論與融資順位理論〞，管理評論，第
二十二卷第一期，（2003），pp.25-52.
4.黃旭輝，陳隆麒，謝劍平〝公司成長機會對經理人持股與董事會組成影響之研究〞，中山管
理評論，第九卷第一期，（2001），pp.37-59.
5.林宜勉、陳瑞斌〝公司特性與股權結構對負債政策之影響〞，亞太管理評論，第五卷第二
期，（2000），pp.199-219.
6.王克陸，陼宗堯〝論負債之代理成本與內部資本結構〞，交大管理評論，第十七卷第二期，
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7.王元章〝股權結構、槓桿作用與現金增資—台灣股市實證研究〞，亞太經濟管理評論，第一
卷第二期，（1998），pp.45-108.
8.葉銀華、邱顯比〝資本結構、股權結構與公司價值關連性之實證研究：代理成本理論〞，台
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