公司治理評鑑、企業績效與外資持股關聯研究

Abstract

本研究利用2015年公布的2014年度第一屆公司治理評鑑結果，以台灣上市公司為樣本，探究公司治理與公司財務績效及外資持股關係；並比較公司治理評鑑與資訊揭露評鑑對於反映公司財務績效及外資持股的差異。實證研究結果顯示：公司治理評鑑結果與資產報酬率(ROA)呈現正向關係但並未顯著，與股東權益報酬率(ROE)及每股盈餘(EPS)呈現負向顯著關係，與托賓Q(Tobin's Q)則呈現正向顯著的關係。在外資持股方面，公司治理評鑑越佳的公司外資持股比例也會比較高。

In this research, by using the result of Corporate Governance Evaluation in 2014 held by Taiwan Stock Exchange Corporation (TWSE), and the sample company all the companies in the Taiwan Stock Exchange Corporation, we try to discuss the relation among the corporate governance, firm performance and foreign ownership. Furthermore, we compare the difference between Corporate Governance Evaluation and Information Disclosure and Transparency Ranking .The result shows that the result of the Corporate Governance Evaluation is not significantly positively associated with return on assets (ROA). The result of Corporate Governance Evaluation is significantly negatively associated with return on equity (ROE) and earning per share (EPS). The result of the Corporate Governance Evaluation is significantly positively associated with Tobin’s Q. the foreign ownership is higher when the result of Corporate Governance Evaluation is better.