台灣證券交易所在2002年10月4日公告「上市上櫃公司治理實務守則」，積極推行公司治理制度。台灣金融監督管理委員會為加速推動台灣上市櫃企業公司治理，協助企業健全發展及增進市場信心，於2013年12月發布以5年為期之「強化我國公司治理藍圖」，其中將辦理公司治理評鑑列為重點工作項目之一。台灣證交所在金管會督導下，協同與公司治理有關之民間機構，建置公司治理評鑑系統(附錄1)，希望藉由評鑑讓企業重視公司治理指標內容，並逐步落實、修改公司內部制度，讓整體企業的公司治理水準進一步提升。

本研究針對公司治理評鑑結果與財務績效及公司價值之關聯性進行探討，以迴歸模型進行實證分析。研究對象以台灣上市櫃非金融業公司為對象，研究樣本計2,789筆觀察值，研究期間為2014年及2015年計2年。實證結果發現，公司治理評鑑結果與短期財務績效(ROA)並未有顯著關聯性；而公司治理評鑑結果與公司價值(Tobin’s Q)是呈現顯著正向相關。研究目的期能以實證結果提供企業、投資人做為企業永續經營、選擇投資標的參考以及提供主管機關做為推動公司治理的相關證據。

本論文的主要貢獻有二，一是直接採用我國最新之「公司治理評鑑系統」得到之評鑑結果，應能提供更為直接與精確之研究證據；二是實證結果對於主管機關(如金管會及證交所公司治理中心)評估現行評鑑系統與投資人實務上之決策分析，具有參考價值。實證結果所具有的管理意涵有三，一是企業管理當局應正視公司治理是企業永續經營的基石；二是投資人選擇投資標的應將公司治理列為重要的評估參考；三是主管機關透過企業由上而下全面重視公司治理，才能普遍提升公司治理品質。

本研究結果希望能有助於引起企業重視與落實公司治理，追求卓越的治理績效，也能提供政府主管機關做為推動公司治理的相關證據，以及可提供資本市場投資人做為選擇投資標的參考。

關鍵字：公司治理、財務績效、公司價值

In 2013, Taiwn Stock Exchange Corporation (TWSE) developed Corporate Governance Evaluation System to rank the corporate governance quality of listed firms. This study examines theassociation between corporate governance evaluation and financial performance and firm value. Using 2,789 observations from TWSE during the years 2014 and 2015, I find that the ranking of corporate governance evaluation insignificantly relates to firms’ financial performance. However, I further find that there is significantly positive relationship between the ranking and firm value. The results should be of interests to firm managers, investors, and regulators. I document the usefulness of the evaluation system developed by TWSE. My results also indicate that firm managers should pay attention to corporate governance. In addition, investors could take the evaluation results into consideration for decisions making.

Key words: Corporate Governance, Financial Performance, Firm Value

1.王元章，內部人持股、風險、股利、負債、投資與公司價值，證券市場發展，第13卷第3期，29-69，2001。
2.王健安，公司治理的模式與評估，台灣金融財務季刊，第3輯第3期，164，2002。
3.王健聰、闕河士，台灣與大陸企業資本結構決定因素比較之研究，輔仁管理評論，第12卷第1期，93-120，2005。
4.余惠芳、王永昌，財務預警與公司治理－台灣傳統產業之實證研究，應用經濟論叢，第90期，209-241，2011。
5.吳幸姬、李顯儀，產業月營收與股價報酬的關聯性之研究，管理科學研究，第3卷第2期，61-76，2006。
6.李禮仲、鄧哲偉，公司治理對家族企業的效益，國家政策論壇，92期，春季號，191-195，2003。
7.林宛瑩、許崇源，台灣集團企業之控股型態及公司治理衡量指標之研究與建議，交大管理學報，第28卷第1期，269-312，2008。
8.林宜勉、陳勝凱，公司所有權結構對承銷價制定與市場評價之影響，證券市場發展季刊，第21卷第1期，1-50，2009。
9.金成隆、張耿尉，月營收與報酬關聯性之研究，管理評論，第17卷第3期，61-83，1998。
10.洪榮華、陳香如、王玉珍，公司內部治理機制與公司績效之關係－股權結構與董事會特性的觀點，輔仁管理評論，第12卷第3期，23-40，2005。
11.洪榮華、陳香如、林慧珍，公司治理機制對創新、多角化策略及公司績效之影響─研發密集產業之實證，中山管理評論，第15卷第1期，37-60，2007。
12.洪榮耀、陳正佑，上市上櫃公司治理實務守則與公司績效關連性之探究，商業現代化學刊，第6卷第4期，43-62，2012。
13.高蘭芬、盧正壽、黃冠智、陳安琳，公司治理、公司績效與投資策略，中山管理評論，第20卷第3期，851-880，2012。
14.陳一如，從公司治理的角度探討分析師與公司經理人所扮演的角色，證券市場發展季刊，第18卷第4期，33-60，2006。
15.陳美華、洪世炳，公司治理、股權結構與公司績效關係之實證研究，企業管理學報，第65期，129-153，2005。
16.陳振遠、李文智、陳魁元、王朝仕，應用Ohlson會計評價模型探究公司治理之價值攸關性－以台灣上市公司電子業為例，台大管理論叢，第15卷第2期，123-142，2005。
17.黃明祥，臺灣銀行業公司治理機制與風險調整之管理效率，證券市場發展季刊，第16卷第4期，175-208，2004。
18.溫育芳，國內上市公司最適資本結構之實證研究，企銀季刊，第28卷第2期，51-69，2005。
19.葉銀華、李存修、柯承恩，公司治理與評等系統，初版，商智文化，臺北，2002。
20.葉銀華、邱顯比，資本結構、股權結構與公司價值關聯性之實證研究：代理成本理論，台大管理叢論，第7卷第2期，57-90，1996。
21.蔡柳卿，相對績效評估與高階主管薪酬：論產業競爭程度之影響，管理評論，第25卷第1期，69-94，2006。
22.Agrawal, Anup and Charles R. Knoeber, Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders, Journal of Financial and Quantitative Analysis, Vol. 31, No. 3, 377-397, 1996.
23.Benston, G. J., The Market for Public Accounting Services: Demand, Supply and Regulation, Journal of Accounting and Public Policy, 4(1), 33-79, 1985.
24.Berle, A. A., Jr., and G. C. Means, The Modern Corporation and Private Property, New York, NY: Macmillan, 1932.
25.Bettis, R. A., Performance Differences in Related and Unrelated Diversified Firms, Journal of Accounting and Corporate Governance Strategic Management, 2(October), 379-394, 1981.
26.Bhojraj, S., Sengupta, P., Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors, Journal of Business, 76(3), 455-475, 2003.
27.Black, B. S., A. G. De Carvalho, and J. O. Sampaio, The Evolution of Corporate Governance in Brazil, Emerging Markets Review, Vol. 20, 176-195, 2014.
28.Black, B. S., Jang, H., Kim, W., Does Corporate Governance Predict Firms’ Market Values? Evidence from Korea, Journal of Law, Economics and Organization, 22(2), 366-413, 2006.
29.Blose, L. E. and Shieh, J. C. P., Tobin’s Q-Ratio and Market Reaction to Capital Investment Announce, Financial Review, Vol. 32, No. 2, 449-476, 1997.
30.Bosworth, D. and M. Rogers, Market Value, R&D and Intellectual Property: An Empirical Analysis of Large Australia Firms, The Economic Record, Vol. 77(239), 323-337, 2001.
31.Brown, L. D. and M. L. Caylor, Corporate Governance and Firm Valuation, Journal of Accounting and Public Policy, Vol. 25, 409-430, 2006.
32.Byrd, John W. and Kent A. Hickman, Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids, Journal of Financial Economics, 32(2), 195-221, 1992.
33.Chen, A., L. Kao, and H. W. Tang, How Corporate Governance Mitigates the Abuse of Accounting Discretion: The Perspective of Firm Performance, Journal of Management, 24 (4), 419-434, 2007.
34.Chen, Y. R. and C. Y. Ho, The Impact of Family Control and Board Characteristics on Corporate Policies, Journal of Management, 26 (1), 1-16, 2009.
35.Choi, J. J., Park, S. W. and Yoo, S. S., The Value of Outside Directors: Evidence from Corporate Governance Reform In Korea, Journal of Financial and Quantitative Analysis, 42(4), 941-962, 2007. doi: 10.1017/S0022109000003458
36.Chung, J. H., Wright, P. and Charoenwong, C., Investment Opportunities and Market Reaction to Capital Expenditure Decisions, Journal of Banking and Finance, Vol. 22, No. 2, 41-60,1998.
37.Chung, K. H. and Pruitt, S.W., A Simple Approximation of Tobin’s Q, Financial Management, Vol. 23(3), 70-74, 1994.
38.DeAngelo, H., DeAngelo, L., and Stulz, R., Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory, Journal of Financial Economics, Vol. 81, No. 2, 227-254, 2006.
39.DeAngelo, Linda Elizabeth, Auditor Independence, Low Balling, and Disclosure Regulation, Journal of Accounting and Economics, 3(2), 113-127, 1981.
40.Duchin, R., Matsusaka, J. G.and Ozbas, O., When Are Outside Directors Effective? Journal of Financial Economics, 96(2), 195-214, 2010. doi:10.1016/j.jfineco.2009.12.004
41.Durney, A. and E. Kim, To Steal or Not to Steal Firm Attributes Legal Environment and Valuation, Journal of Finance, Vol. 60, 1461-1493, 2005.
42.Falkenstein, E. G., Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings, Journal of Finance, 51(1), 111-135, 1996.
43.Fan, Joseph P. H. and T. J. Wong, Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia, Journal of Accounting Research, 43(1), 35-72, 2005.
44.Farber, David B., Restoring Trust after Fraud: Does Corporate Governance Matter? , Accounting Review, 80(2), 539-561, 2005.
45.Francis, Jere R. and Jagan Krishnan, Accounting Accruals and Auditor Reporting Conservatism, Contemporary Accounting Research, 16(1), 135-165, 1999.
46.Gompers, P. A., Metrick, A., Institutional Investors and Equity Prices, Quarterly Journal of Economics, 116(1), 229-259, 2001.
47.Gordon, M. J., Optimal Investment and Financing Policy, Journal of Finance, Vol. 18, No. 2, 264-272, 1963.
48.Grant, R. M., Multinationality and Performance among British Manufacturing Companies, Journal of International Business Studies, 18(September), 79-89, 1987.
49.Hall, B. H., Investment and Research and Development at the Firm Level: Does the Sourceof Financing Matter?, NBER Working Paper, No. 4096, 1992.
50.Healy, P. M. and K. G. Palepu, Information Asymmetry, Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature, Journal of Accounting and Economics, 31, 405-440, 2001.
51.Hudson, C., J. Jahera, and W. Lloyd, Further Evidence on the Relationship between Ownership and Performance, The Financial Review, 27, 227-239, 1992.
52.Jensen, M. C. and W. H. Meckling, Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, 3(October), 305-360, 1976.
53.Jensen, M. C. and R. S. Ruback, The Market for Corporate Control: The Scientific Evidence, Journal of Financial Economics, 11(April), 5-50, 1983.
54.Kester, W. C., Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations, Finance Management, 15(Spring), 5-16, 1986.
55.Khurana, Inder K. and K. K. Raman, Litigation Risk and the Financial Reporting Credibility of Big 4 versus Non-Big 4 Audits: Evidence from Anglo-American Countries, Accounting Review, 79(2), 473-495, 2004.
56.Klapper, L. F. and I. Love, Corporate Governance, Investor Protection and Performance in Emerging Markets, Journal of Corporate Finance, 10(November), 703-728, 2004.
57.Lindenberg, E. B. and Ross, S. A., Tobin's Q Ratio and Industrial Organization, Journal of Business, Vol. 54, No. 1, 1-32, 1981.
58.Marquardt, D.W., You Should Standardize the Predictor Variables in Your Regression Models, Discussion of “A Critique of Some Ridge Regression Methods” by G. Smith and F. Campbell, Journal of the American Statistical Association, 75, 87-91, 1980.
59.McConnell, J. J. and Servaes, H., Additional Evidence on Equity Ownership and Corporate Value, Journal of Financial Economics, Vol. 27, No. 2, 595-612, 1990.
60.McConnell, J. J.and Muscarella, C. J., Corporate Capital Expenditure Decisions and The Market Value of The Firm, Journal of Financial Economics, 14(3), 399-422, 1985. doi: 10.1016/0304-405X(85)90006-
61.Mckinsey & Company, Investor Opinion Survey, June 2000.
62.Mikkelson, W. H., Partch, M. M., Shah, K., Ownership and Operating Performance of Companies that Go Public, Journal of Financial Economics, 44(3), 281-307, 1997.
63.Morck, R., Shleifer, A. and Vishny, R. W., Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics, 20, 293-315, 1988. doi: 10.1016/0304-405X(88)90048-7
64.Ncube, M., Corporate Governance, Firm Valuation and Performance, Working paper, 2006.
65.Omar Al Farooque, Tony van Zijl, Keitha Dunstan, and AKM Waresul Karim, Ownership Structure and Corporate Performance: Evidence from Bangladesh, Asia-Pacific Journal of Accounting & Economics, 14:2, 127-149, 2007.
66.Oswald, S. L. and Jahera Jr., The Influence of Ownership on Performance: An Empirical Study, Strategic Management Journal, 12, 218-228, 1991.
67.Prowse, S., Corporate Governance: Emerging Issues and Lessons From East Asia, Responding to the Global Financial Crisis, World Bank, 1998.
68.Renders, A., A. Gaeremynck, and P. Sercu, Corporate-Governance Ratings and Company Performance: Across-European Study, Corporate Governance: An International Review, Vol. 18(2), 87-106, 2010.
69.Switzer, L. N., Corporate Governance, Sarbanes-Oxley, and Small-Cap Firm Performance, The Quarterly Review of Economics and Finance, Vol.47, 651-666, 2007.
70.Vance, S., Inside or Outside Directors: Is There Really a Difference, Across The Board, 15-17, 1995.
71.Yermack, D., Higher Market Valuation of Companies with a Small Board of Directors, Journal of Financial Economics, 40, 185-211, 1996.
72.Zantout, Z., External Capital Market Control, Corporate Restructuring, and Firm Performance during the 1980s, Journal of Business Finance & Accounting, 21, 37-65, 1994.