本研究以台灣上市與上櫃公司為樣本,探討董事會特性、經理人特質與股權結構三項構面對於公司經營績效影響。實證結果發現: (1) 董事會構面的外部董事人數、董事規模對於公司價值績效有負相關;而董事持股比率、董事薪酬對於公司價值績效有正向相關。(2)經理人構面的經理人持股與公司績效有正向關係。(3)股權結構構面的法人持股、大股東持股以及盈餘股份偏離比皆與公司績效有顯著的正向關係。進一步整合董事會、經理人與股權結構三構面的個別組成變數成為董事會、經理人與股權結構三項綜合指數後,發現各綜合指數對於公司績效的影響高於單一的公司治理變數,表示執行全面公司治理制度最能提升公司績效。同時本文發現大致而言,非家族企業的公司治理對於公司績效的影響程度高於家族企業。
Using the listed firms in The Taiwan Stock Exchange and Taipei Exchange, this study examines the effects of structures of board, characteristics of managers and ownership structure on firm performance. The empirical results suggest that (1) in board characteristics, the numbers of independent director and sizes of board are negatively related to corporate performance; director ownership and compensation are positively related to firm performance. (2) in characteristics of managers, the managerial ownership and firm performance is positively related. (3) in the ownership structure, increases in institutional and blockholders’ ownership, and ratio of cash flow to voting right can raise firm performance. Further, this study consolidates the variables in board, management, and ownership structures into three composite corporate governance indexes, respectively. The empirical results suggest that the effects of three composite corporate governance indexes on firm performances dominate the individual variables in each structure, implying comprehensive corporate governance served a best way to promote firm performance. This study also documents that the influence of corporate governance for non-family firms on firm performance is greater than that of family firms.