資訊長異動與內部控制缺失對企業市場價值之影響與加乘效果

The Impact and Multiplier Effect of CIO Turnover Decision-Making and Deficiency in Internal Control on Enterprise Market Value

資訊科技（Information Technology, IT）已成為現代企業取得競爭優勢的重要來源。資訊長（Chief Information Officer, CIO）負責調節資訊科技與企業策略，並推動相關資訊系統之導入，以提升組織績效與企業價值。鑑於其關鍵角色與影響力，本研究探討資訊科技相關內部控制重大缺失（IT-related Internal Control Material Weaknesses, ITMWs）在資訊長更迭與企業市場價值關係中的調節效果。
實證結果顯示，資訊長更迭與企業市場價值之間存在顯著正向關係，而ITMWs則對企業市場價值產生統計上顯著的負向影響。然而，若企業未能透過有效的資訊長更迭機制妥善改善ITMWs，將對企業未來市場價值產生累積性之負面影響。特別是在當前高度依賴資訊科技的環境下，本研究揭示過往較少被關注之複合性負面效果。
本研究結果不僅在理論上深化對資訊科技治理、資訊長更迭以及內部控制缺失之理解，亦對企業實務在資訊治理與高階管理決策上提供具體啟示。

IT has become a major source of competitive advantage for modern enterprises. The Chief Information Officer (CIO) is responsible for aligning IT with corporate goals and implementing IT applications to improve organizational performance and corporate value. Given its importance, this study investigates the moderating effect of IT-related internal control material weaknesses (ITMWs) on the relationship between CIO turnover and enterprise market value.
The results obtained indicate a significant positive relationship between CIO turnover and enterprise market value, while ITMWs have a statistically significant negative impact on enterprise market value. However, if ITMWs are not successfully resolved through effective CIO turnover, they can have a compounding negative effect on the enterprise's future market value. Particularly with the heavy reliance on IT in today’s world, this study's findings reveal often-overlooked compounding effects. The results also provide theoretical insights into and practical implications for IT governance, CIO turnover, and internal control in enterprises.