公司治理與股票超額報酬之關聯性──以上市公司為例

The Correlation-Between-Corporate Governance And Abnormal Rate of Return of Stocks

自從美國（Enron Corporation）恩隆弊端發生以來，如何加強公司治理，以維護投資大眾的權益，一直是世界各國金融監理主管機關努力的目標。而台灣的主管機關金融監督管理委員會，自2013年12月發佈強化公司治理藍圖以來，希望透過對整體市場公司治理之比較結果，促使企業更重視公司治理，引導我國上市櫃公司良性競爭，強化公司治理水平，並於2015年實施第一屆公司治理評鑑，公佈評優良的上市櫃公司，以做為投資人的參考；而企業社會責任的履行，也是近年外資及專業投資機構的評估項目。本研究以台灣證券交易所（TWSE）掛牌之上市公司為研究對象，分析公司治理評鑑優良的公司，其投資酬率是否優於大盤的表現，以做為投資人的投資參考。本研究發現，公司治理評鑑優良的公司，在投資報酬上並無顯著的優勢。

Since the Enron scandal uncovered in 2001, how to strengthen corporate governance in order to protect the rights and interests of the investors has always been the goal of the financial supervision authorities around the world. The financial supervisory commission R.O.C.(Taiwan) which is in charge of the financial market regulations in Taiwan, issued the blueprint for strengthening corporate governance in 2013. The aim of it is through the comparison results of corporate governance in the overall market, enterprises will pay more attention to corporate governance, ensure the financial situations and strengthen corporate governance of listed OTC companies. In 2015, the first corporate governance evaluation was implemented, and the listed companies with excellent scores were announced publicly. This research studies the listed companies listed on the Taiwan Stock Exchange (TWSE), and analyzes whether companies with good corporate governance discipline have better investment returns. This research finds that companies with good corporate governance evaluation have no significant advantages in investment return.