本研究以台灣股票市場之上市、上櫃非金融業公司為研究對象，探討外資與公司治理之關係。本文分別從盈餘管理與董事會結構兩個面向來做探討。以Kothari et al. (2005) 模型估算裁決性應計項目衡量盈餘管理，並以董事長是否兼任總經理之CEO雙重性與公司是否有成立審計委員會為董事會結構指標，研究發現外資可有效抑制盈餘管理行為，減少董事長兼任總經理之CEO雙重性問題，並可促進公司成立審計委員會。此實證結果顯示外資在公司治理中扮演了監督的角色。另外此結果也顯示外資並沒有資訊不對稱的問題存在。

This paper investigates whether foreign investment improves corporate governance. In the sample of non-financial firms listed on the Taiwan Stock Exchange (TSE), the relationship between foreign share ownership and corporate governance is examined in the aspects of earnings management and board structure. There are 1,308 non-financial firms in the sample in 2010 and the sample period is from 2003 to 2010. The results show that foreign share ownership is significantly negatively associated with the magnitude of discretionary accruals and income-increasing discretionary accruals. It also provides evidence that foreign investment reduces CEO duality and increases the establishment of audit committees. The evidence supports that foreign investors play an effective role in corporate governance.

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