公司治理議題在歷經國內外企業的經營危機後,逐漸被學術界重視。本研究主要從公司治理角度來探討資本支出對公司績效的影響。本研究選取2011年至2015年的臺灣上市公司作為樣本實證對象。本文採用迴歸模型分析,探討資本支出對公司營運績效之影響,另加入公司治理指標做為衡量公司營運績效的變數。 實證結果發現臺灣上市公司資本支出比率對於公司績效僅在資產報酬率及股東權益報酬率有顯著效果。再者,本研究討論不同公司治理機制對於公司績效的影響,實證結果發現資本支出比率較高的公司會導致公司績效較差,而且經理人持股比率較低、法人持股比率較低的公司,經理人容易產生過度投資的情形。最後,本研究發現董事會規模越大、經理人持股比率、法人持股比率越多的公司,這些公司會因為監督機制較為完備或代理問題較低,故制訂出的資本支出計畫能使公司績效更為提升。
After the economic crisis, the issue of corporate governance in domestic and foreign enterprises has gradually drawn the attention of academia. This study mainly discusses the impact of capital expenditure on corporate performance from the perspective of corporate governance. In this study, public companies in Taiwan from 2011 to 2015 were selected as sample objects of empirical research. Regression model analysis was applied to explore the impact of capital expenditure on the companies’ operating performance, with the adoption of the Corporate Governance Index as the measure of the companies’ operating performance. Empirical results show that the capital expenditure ratios of public companies in Taiwan have a significant impact on the performance of the companies only in terms of return on assets (ROA) and return on equity (ROE). Moreover, this study discusses the impact of various corporate governance mechanisms on corporate performance. Empirical results show that the higher the capital expenditure ratio of companies, the poorer their performance. Managers of companies with lower manager and legal person shareholding ratios tend to overinvest. Finally, this study found that for companies, the larger the board and the higher the manager and legal person shareholding ratios, the more capital expenditure plans can enhance their performance because either the supervisory mechanism is more complete or instances of the agency dilemma are fewer.