公司治理指標績效之研究

本研究欲探討上市公司致力建全公司治理體制的作為，使企業運作穩建前提下，是否會帶動公司績效，故以整合性公司治理指標自建公司治理組合，藉以探討公司治理評等指標與公司股票績效之關聯性。實證結果發現董監事持股質押比例對股票績效具顯著負向關係；CEO雙元性、董監事持股比例、本國公司法人持股比例及四大會計師等四項指標，對於股票績效不具解釋能力；此外，整合性公司治理指標對於股票績效具顯著正相關性；另執行2018年至2020年度績效評比，其股票年度平均報酬率均優於加權股價指數報酬率，與臺灣證券交易所公司治理100指數組合報酬率相比則是無顯著差異。

關鍵字

公司治理；公司治理評等指標；股票報酬率

並列摘要

This study intends to explore whether listed companies' efforts to build a corporate governance system will drive the corporate performance. Therefore, refer to corporate governance indicators to establish a corporate governance combination, in order to explore the relationship between the corporate governance rating indicators and the company's stock’s rate of return. The experiment proves that there is a significant negative relationship between the Percentage of directors and supervisors 's stock by mortgage and the stock’s rate of return. The four variables, including the CEO duality and the Percentage of directors and supervisors 's stock hold and the Percentage of the company legal person's stock hold and the Top four accounting firms, are no explanatory power for the stock’s rate of return. In addition, The integration of corporate governance indicator have a significant positive correlation with the stock’s rate of return. after the self-built corporate governance indicators combination by this research and the Taiwan Stock Exchange Corporate Governance 100 Index constituent stocks and the Taiwan Capitalization Weighted Stock Index are compared with the stock’s rate of return from 2018 to 2020,found that is the self-built corporate governance indicator combination by this research’s annual average return rate of stocks has exceeded the Taiwan Capitalization Weighted Stock Index’s, which is have no significant difference to the Taiwan Stock Exchange Corporate Governance 100 Index constituent stock’s.