有鑑於機構投資人於台灣資本市場交易比重逐年提高，大股東身分機構投資人對企業已有舉足輕重影響力，仿效「聯合國責任投資原則」（Principles for Responsible Investment, PRI）概念，證交所公司治理中心自2016年發布「台灣盡職治理守則」為機構投資人建立遵循之方向，透過落實股東行動主義與被投資公司互動，使企業由內而外提升公司治理品質，朝永續經營目標前進，增進投資雙方長期價值。
本研究探討盡職治理守則與企業財務績效之關聯，實證結果發現，大股東身分機構投資人有簽署盡職治理守則與企業次期財務績效(ROA)呈顯著正相關，顯示大股東簽署盡職治理發揮影響力，對企業的財務績效之提升具正向關連性。盡職治理守則與公司治理評鑑實施目標皆為使企業主動深耕公司治理文化，有鑑於此，本文欲藉由交乘項探討兩政策間之關係，迴歸結果呈負顯著，表示公司治理評鑑所獲評比較佳之企業，當大股東身分機構投資人簽署盡職治理守則後，對於財務績效(ROA)之改善程度相較於公司治理表現較差之企業低，故公司治理評鑑與盡職治理守則互為替代關係，機構投資者依循盡職治理加強互動與 監督，對被投資公司財務績效(ROA)改善已有限，由此實證結果可推論企業本身公司治理品質好壞相當重要。
本研究實證結果的管理意涵有二，一是可作為主管機關檢視台灣盡職治理制度以及責任投資之成果；二是一般投資人可將標的公司之大股東有簽署盡職治理納入投資決策參考；最後是可供機構投資人作為積極參與被投資公司決策之誘因。

Nowadays, the inflow of funds from institutional investors is increasing in Taiwan's capital market. Institutional investors who are major shareholders have a significant influence on enterprises. Hence, the Taiwan Stock Exchange (TWSE) has established the “Taiwan Stewardship Principles (TSP)” since 2016 which emulates the UN’s concept of "Principles for Responsible Investment (PRI).” The purpose is to establish a clear direction and guideline for institutional investors to follow. Through the implementation of shareholder activism, enterprises can improve the corporate governance from the inside and enhance the long-term value of businesses towards sustainable development.
This study investigates the relationship between majority shareholders who are signatories to the TSP and the financial performance (ROA) of the subsequent period. The empirical results show that institutional investors who are major shareholders and adhere to the TSP have a significant positive relationship with financial performance (ROA) in the subsequent period.
Moreover, this study finds that there is a substitution relationship between Corporate Governance Ranking Mechanisms (CG) and TSP. For Businesses with higher rankings in CG, the correlation between the institutional investors who are signatories to the TSP and the effect of enhancing the financial performance of the subsequent period is lower, and the opposite is true for those with a lower ranking in the CG. This result shows that the quality of corporate governance is extremely important.

林俊傑、劉梧柏、黃華瑋 (2017)。公司治理評鑑與財務績效及公司價值之關聯性探討: 以台灣上市櫃企業公司治理評鑑為例。商略學報，10卷1期，23-46。
許美滿、林雅瑾、黃劭彥 (2019)。公司治理與權益資金成本−公司治理評鑑級距的影響。企業管理學報，44卷4期，1-25。
劉福運、吳宗翰、林岳喬 (2018)。公司治理與盈餘品質：公司治理評鑑級距的影響。台灣管理學刊，18卷2期，29-47。
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