臺灣博碩士論文加值系統

本研究以2003年至2016年之台灣上櫃公司為樣本，探討上櫃公司在公司治理投入程度的多寡，是否影響財務績效之變化。本研究設定幾個評分項目建構出公司治理分數，用以區分公司治理投入程度不同的公司群組。觀察投入公司治理後，財務績效是否有顯著的差異。實證結果顯示，公司治理投入程度的多寡，財務績效確實受到影響。公司治理投入程度越高之公司表現較佳。

既然投入公司治理後，能提升企業的財務績效，本文使用股東權益報酬率(ROE)、總資產報酬率(ROA)及銷貨成長率來測試財務績效。研究結果顯示，公司治理投入程度越高的公司，財務績效表現較好。

最後，除了財務績效外，本文也研究公司治理投入程度，是否影響股票成交量表現、累積異常報酬、外國法人持股的比率。實證結果亦顯示公司治理投入程度越高的公司在上述這些測試指標表現皆較佳。

關鍵字：公司治理、上櫃公司(OTC)、財務績效

This paper uses all firms listed on the Taiwan Over-The-Counter (OTC) from 2003 to 2016 as the research sample. To explore the OTC company in corporate gov-ernance the extent of investment, whether the impact of changes in financial perfor-mance. In this study, setting several scoring project to construct a corporate govern-ance score, to distinguish between different levels of corporate governance into com-pany groups. To see whether there is a significant difference in financial performance after investing in corporate governance. The empirical results show that the degree of corporate governance investment, financial performance is indeed affected. The higher degree of corporate governance investment in the company's financial performance is better.

Since the corporate governance, to enhance the financial performance of enter-prises, this paper uses the return on equity (ROE), total return on assets (ROA) and sales growth rate to test financial performance. The results show that the higher the degree of corporate governance investment, the financial performance is better.

Finally, in addition to financial performance, this paper also studies the degree of corporate governance investment, whether the impact of stock turnover performance, cumulative abnormal returns and foreign corporate ownership ratio. The empirical re-sults also show that the higher the degree of corporate governance investment in these test indicators are better performance.

Keywords: Corporate Governance, Over-The-Counter (OTC), financial performance

摘要 i
Abstract ii
目錄 iii
圖表目錄 iv
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究流程 3
第二章 文獻回顧與假說建立 5
第一節 企業社會責任 5
第二節 報酬率與企業社會責任 6
第三節 股票持有與企業社會責任 6
第四節 財務績效與企業社會責任 7
第三章 研究設計與方法 8
第一節 資料來源與樣本選取 8
第二節 變數定義與說明 10
第三節 實證模型 12
第四章 實證結果 14
第一節 敘述統計與相關係數分析 14
第二節 迴歸實證結果分析 24
第五章 結論 28
第一節 研究結論 28
第二節 研究限制及後續研究建議 29
參考文獻 30

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