自從國內外許多曾被認為治理良好的公司陸續發生了掏空案件，讓本文開始懷疑單純的公司治理是否能對財務績效起到良好的作用，以及公司的外部環境是否和公司治理間產生關聯進而影響財務績效。因此本文以台灣上市櫃公司為樣本，並以股權結構、激勵效果、董事會組成等三大構面代表公司治理總分數，研究公司治理對財務績效的影響，發現公司治理對財務績效確實起到正向的作用。接著進一步研究市場集中程度對財務績效的影響，發現市場集中度與財務績效也是正向影響。最後，本文並進一步探討公司治理與市場集中度之交互作用與財務績效之影響，發現市場集中度越低時，公司治理對財務績效之正向影響更加顯著，反之亦然。

Since many companies that have been considered well-managed have been hollowed out, this paper begins to wonder whether only with corporate governance can play a good role in financial performance and whether the company's external environment is related to corporate governance then further affects financial performance. This paper takes Taiwan listed company as sample. We use corporate governance which is composed of ownership structure, incentive effect, and composition of the board of directors, to examine the impact of corporate governance on financial performance and find that corporate governance does have a positive effect on financial performance. Then we further examine the impact of market concentration on financial performance, we found that there is also a positive effect. Finally, this paper further discusses the association among corporate governance, market concentration and financial performance. It is found that when the market is competition, the positive impact of corporate governance on financial performance is more significant and vice versa.

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