公司治理評鑑結果與未來企業經營績效之關聯性研究

Abstract

本研究旨在探討證基會公司治理評鑑結果與其之後年度之財務績效及公司價值之關聯性，期能釐清公司治理評鑑結果能否作為預測企業未來營運表現之參考。本研究以2016年至2019年之公司治理評鑑受評公司為對象，並以公司治理評鑑結果及財務績效或公司價值應變數之資料年度差距分為四大模型，實證迴歸分析後發現公司治理評鑑結果與未來之公司價值，在任何模型中均呈正向關係，而公司治理評鑑結果與未來之財務績效亦多呈正相關，故公司治理評鑑結果可作為預測未來財務績效及公司價值之參考。

This study examines the relationship between Corporate Governance Scores and financial performance as well as firm value of following years. The objective of this study is to clarify whether Corporate Governance Scores could be taken as a reference to predict future financial performance. We use companies rated by Corporate Governance Evaluation from 2016 to 2019 as samples and construct four models based on the differences between the year of Corporate Governance Scores and the year of financial performance as well as firm value, and find that there is a significantly positive relationship between Corporate Governance Scores and future firm value in every model. Also, Corporate Governance Scores and future financial performance are positively related in most cases. Therefore, Corporate Governance Scores can be taken as a reference to predict future financial performance and firm value.