金管會於 2013 年提出「強化公司治理藍圖」改善我國公司治理的現況，其中一項具體政策為電子投票，主管機關針對實收資本額達不同水準之公司開始分階段強制實施電子投票制度。本研究以臺灣上市（櫃）公司2010 年至2019 年為樣本，探討股東會採行電子投票與公司價值之間的關聯，公司價值以Tobin's Q 衡量，使用最小平方法（Ordinary Least Squares, OLS）進行分析。實證結果顯示，自願實施電子投票與公司價值呈顯著正相關，由主管機關強制實施電子投票與公司價值呈顯著負相關；此外，額外分析中以股東會電子出席及現場出席股數為切入點，分析何種出席方式對於公司價值之影響程度較高，其結果顯示，臺灣的股東以現場出席股東會的方式為主。本研究實證結果可供主管機關規劃執行相關電子投票政策之參考。

Aiming to improve Taiwan's corporate governance, Financial Supervisory Commission (FSC) issued "Corporate Governance Roadmap" in 2013. One of the goals is to promote electronic voting (E-voting) system. FSC began to force the public companies which meet certain criteria to adopt E-voting system since 2012. This study uses 2010-2019 TWSE Listed and TPEx-Listed companies data collected from Corporate Governance Center of Taiwan Stock Exchange and Taiwan Economic Journal (TEJ) to test whether adopting E-voting is associated with firm value. Different from other research using corporate governance index to define the corporate governance performance, this study uses whether using E-voting or not as our independent variable and Tobin's Q as market performance measure. The empirical results find that companies volunteer to adopt E-voting system is significantly positive associated with firm value. In contrast, mandatory E-voting system shows significant and negative association with firm value. Finally, the results also indicates that shareholders in Taiwan mainly attended the shareholders meeting in person. In conclusion, the result of this research can provide FSC some suggestions to implement relevant policies about E-voting.

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網頁資料
股東 e 票通–https://www.stockvote.com.tw/evote/index.html
臺灣證券交易所公司治理中心–https://cgc.twse.com.tw/
臺灣集中保管結算所–電子投票之相關法令規章–https://www.tdcc.com.tw/stockvote/main04.htm