股票投資人對臺灣上市上櫃企業公司治理之認知研究

The Study on Stock Investor’s Perception of Corporate Governance in the Taiwanese Listed Companies

近年來國內資本市場歷經地雷企業的風暴，在政府立法規範上市、上櫃企業公司治理相關措施後，本研究透過問卷方式調查股市投資人對上市、上櫃企業公司治理的看法，過去較少這方面的研究，本研究補充過去文獻之不足。本研究總計發放164 份問卷，有效回收147 份。研究結果顯示：（1）投資人對於上市、上櫃企業公司治理普遍呈現負面看法。（2）董事會功能、資訊透明度與主要股東的可信任度與投資人對整體公司治理的看法呈現顯著的正向關係，且以董事會功能影響程度最大，其次是資訊透明度，最後則是主要股東的可信任度。（3）不同背景的投資人對公司治理的看法並未呈現太多的顯著差異。

After the domestic capital market recent experiences of the storm of mine companies, the government has legislated on corporate governance to regulate the listed companies. This study would like to know what the stock investors’ opinions about the corporate governance in the listed companies by means of questionnaire. It is a research approach that is rarely seen in previous studies. This study surveyed 164 stock investors with 147 validate questionnaires. The results are as follows:（1）Most of the investors show negative opinions toward the mechanism of corporate governance in the listed companies. （2）The boards’ function, followed by information transparency, and major shareholders’ trustworthiness show significant positive relation to the opinions about the mechanism of corporate governance.（3）Not much significant difference exists between the investors with different backgrounds.