本研究檢驗「上市上櫃治理實務守則」和相關法規的制定是否表示在加強公司治理下能夠對公司績效有相關影響，以2000年至2003年上市櫃公司為研究對象，期間的設定是涵蓋「上市上櫃治理實務守則」實行前後。首先觀察樣本公司是否在強化董事會的機制下，即以董事長是否兼任總經理、獨立董監席次之比例以及獨立董監是否與財務專家作為公司治理特性之衡量變數，探討與營運績效存在之關聯性；接著由於公司治理機制對於有較大的資訊不對稱之成長機會較多公司較為重要，故以成長機會作為公司特徴連結，探討在成長機會較多的公司，其公司治理制度之落實是否對績效有所影響。
結果指出獨立董監事和獨立董監若為財務專家是有助於提升公司績效，也就是說獨立董監事的特性確實能夠強化公司治理的機制；並且發現成長機會較高的公司，其董事會中董事長與總經理各司其職或獨立董監愈多，則也會進而減少代理問題，增強董事會獨立性，故上述政策的制定確實能作為有效監督企業之公司治 理機制，以增進其營運績效。

We investigate whether corporate governance characteristics, following the announcement of the Corporate Governance Best-Practice Principles and related laws for companies listed in Taiwan Stock Exchange and GreTai Securities Market, are associated with firm performance. Our sample period covers both the pre-CGBPP period (2000 and 2001)and post-CGBPP period (2002 and 2003).First, we examine whether firms with independent corporate boards, CEO duality, the independence and financial expertise are associated with firm performance. Then owing to the incidence of information asymmetry is higher for growth firms, so we see firm’s growth opportunities as an organization environmental factor to examine the relationship among corporate governance, growth opportunities and firm performance.
Our findings show the ratio of the independent directors and independent supervisors and if they are financial expertise are associated with increasing performance. We also find that higher growth firms with CEO isn’t the chairperson of his firm’s board of directors or with higher proportion of independent directors on the board successfully result in more effective monitoring and thus are more likely to have better firm performance. Our findings generally support the requirements of the Principles as an effective governance control to increase firm’s performance.

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