公司治理評鑑與財務績效及公司價值之關聯性探討：以台灣上市櫃企業公司治理評鑑為例

The Relation between Corporate Governance Evaluation and Financial Performance and Firm Value: Evidence from Corporate Governance Evaluation of Taiwan Listed Firms

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2,758 筆觀察值，研究期間為2014 年及2015 年。實證結果發現，公司治理評鑑結果與短期財務績效並未有顯著關聯性；而公司治理評鑑結果與公司價值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。

This study examines the relation between corporate governance evaluation and financial performance and firm value. Using 2,758 observations from TWSE during the years from 2014 to 2015, we find that the ranking of corporate governance evaluation insignificantly relates to firms’ financial performance. However, we 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. We document the effectiveness of the evaluation system developed by TWSE. Our results also suggest that firm managers should pay attention to corporate governance quality. In addition, investors could take the evaluation results into consideration for decisions making.