本篇研究欲探討公司治理與企業績效間之關係，以2013~2019 美國的601 間上市
公司進行檢驗。本研究提供了一個較為全面關於董事會的公司治理架構，與以往大部
分文獻對於美國只針對單一公司治理變數進行探討不同，並加入了過去較少研究的公
司治理變數: 董事會薪酬，以增進本研究之完整性。另外，本研究使用市場價值衡量
之公司績效，Tobin’s q，與會計價值衡量之ROE 與ROA 進行比較。研究結果顯示，
董事會規模、董事會獨立性以及董事會薪酬對企業績效有負面影響 ; CEO 雙重職位、
董事會性別多樣性則會為企業績效帶來正面影響，另外，僅有董事會獨立性及董事會
性別多樣性在三個模型之下都呈現顯著。

This study aims to investigate the relationship between corporate governance and firm
performance, studying with 601 publicly traded companies in the United States from 2013 to
2019. Unlike most of the previous literatures in the U.S. that focus on a single corporate
governance aspect, this study provides a more comprehensive framework of corporate
governance and add a corporate governance variable which has been less studied in the past:
board compensation to increase the completeness of this thesis. In addition, this study uses
Tobin's q, a market value measurement of firm performance to compare with ROE and ROA
measured by accounting value. The result shows that board size, board independence, and
board compensation have a negative impact on firm performance; CEO duality, gender
diversity have a positive impact on firm performance, while only board independence and
gender diversity are significant in all three models.

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