摘要
鋼鐵產業是現代國家重要的基本工業之一，素有「工業之母」之稱，是發展經濟建設的關鍵產業，產業關聯度僅次於化工原料產業，為社會與經濟發展的重要支柱，常被視為國力的象徵。 近年國際原料價格不斷上漲，運輸成本亦因國際原油售價居高不下而提高，導致鋼鐵生產成本居高不下。台灣自從加入WTO後又面臨國際嚴峻的競爭，尤其是新興國家以其規模經濟及廉價勞力的優勢，更壓縮我國鋼鐵產業於國際生存之空間。 如今，世界各國正努力推動公司治理，以防杜公司發生弊端與危機，進而希冀提升公司績效。台灣亦不例外，證券主管機關於2002年初要求初次申請上市（櫃）之公司，需聘任兩席獨立董事與一席獨立監察人，並頒佈「上市上櫃公司治理實務守則」等相關規定，以強化公司治理之政策及法規、提升公司績效。 現階段我國鋼鐵產業面臨如此艱難的經營困境，故需要良好的公司治理機制來因應，以提升公司經營績效、提升競爭力，才得以在如此艱困的環境下生存。 本研究為探討台灣上市（櫃）鋼鐵公司，公司內部治理機制中之董監事持股比率、管理者持股比率、大股東持股比率、董監事質押比率，及外部治理機制中之信託基金持股比率、政府機構持股比率、本國公司法人持股比率、外資持股比率及金融機構持股比率，可能對財務績效指標之資產報酬率（ROA）的影響，以作為我國鋼鐵產業經營之參考。 研究結果顯示，我國鋼鐵產業之內部治理機制中之董監持股比率、管理者持股比率、大股東持股比率及董監質押比率與公司經營績效並無顯著的關係，公司經營時或可著重於其他因素來提升績效。外部治理機制中之本國信託基金持股比率及外資持股比率與公司績效呈顯著正相關，本國金融機構持股比率與公司績效呈顯著負相關。
並列摘要
Steel industryis oneoftheimportant basic industries inmodern states, known as “the mother of industry”. Steel industry isa key to developing the economy, and the degree of the correlation with other industries is merely next to thechemicalmaterialsindustry. It isan essential pillarwhich holds thesocial and economic development, often considered a badge of a national strength. In recent international markets, the prices of the raw materials are constantly rising, and the transportation cost ascends due to the high price of the crude oil price, leading to the high cost of steel manufacture. Taiwan has been facing tough international competition since the participation in WTO, especially when emerging countries, with the strengths of its scale of economy and cheap labor, compress the environment of our steel industry. In order to prevent defects andcrisis, countries world-wide are making effortstopromotecorporate management, hopingto enhancethe performance and Taiwan is no exception.The Financial Supervisory Commission Executive Yuan requestedinearly 2002 that initial application for IPO companiesappointtwoindependent directorsandone independentsupervisorandpromulgatedofthe"Code ofPracticefortheGovernanceof Public Traded Company”and other related regulationsin order to strengthencorporate managingpolicies or regulationsandimprove the efficiency. Thesteel industry in Taiwan isfaced withsuchadifficultcondition, andthereforerequire excellentgovernance mechanismtoenhance the company'sbusiness performanceand strengthen its competitiveness, expecting tosurvivethe hardship. This study is toexplore how, in theOTC steelcompanies in Taiwan, the internal governance mechanisms regarding the shareholding ratios of the directors, supervisors, executives, largershareholders, the pledge ratio of directors and supervisors, as well as the external governance mechanisms, the shareholdingratio of the trustfunds, the government organizations,domesticcorporates, and foreign financialinstitutions, influence the ROA (return on assets) of the financialperformanceindicators, as a reference to the operation of the steelindustryin Taiwan. The results show nosignificant relationship between the corporate business performance and the shareholding ratios of the directors and supervisors, the executives, largershareholders, the pledge ration of the directors and supervisors. Company may focus on other factorsto improve the performance. The ratios of the trust fund shareholding and the foreign shareholding of the external governancemechanisms significantlycorrelate positively the business performance, while the domesticcorporatesshareholdingratio revealssignificantlynegative correlation with the business performance.