公司治理評鑑與權益資金成本之關聯性研究

The Association between Corporate Governance Evaluation and Cost of Equity Capital

本文旨在探討公司治理評鑑與權益資金成本之關係，以2013年至2017年之台灣上市公司為研究樣本，實證結果發現實施公司治理評鑑制度確實有助於降低企業的權益資金成本。其次，公司治理評鑑等級對於權益資金成本之影響，於第一屆（2014年）呈現正相關，但不顯著，於第二屆（2015年）呈現負相關，符合預期方向但不顯著，於第三屆（2016年）與第四屆（2017年）時呈現顯著負相關。在敏感度分析，本文利用二階段迴歸分析以控制潛在內生性問題之影響，研究結果依舊支持評鑑等級越好的企業，權益資金成本會較低。

This study aims to examine the relationship between corporate governance evaluation and cost of equity capital. Using 2013-2017 Taiwanese listed companies as the sample, the results show that the implementation of the corporate governance evaluation system can indeed reduce the cost of equity capital. Secondly, as to the effect of corporate governance evaluation ratings on the cost of equity capital, the results show that corporate governance evaluation ratings are positively correlated with the cost of equity capital, but not significantly in 2014. The corporate governance evaluation ratings are negatively correlated with the cost of equity capital, not significantly in 2015, but significantly in 2016 and 2017. In the sensitivity analysis, this study uses two-stage regression analysis to control the effect of potential endogeneity problem. The results still support that companies with better evaluation will have lower cost of equity capital.