推動公司治理3.0-永續發展藍圖對企業經營績效之影響-以台灣上市櫃電子業為例

本研究探討推動公司治理3.0-永續發展藍圖對台灣上市櫃電子公司經營績效之影響，以公司治理3.0發布之重要具體措施作為公司治理代理變數，企業經營績效則區分為每股盈餘（EPS）、資產報酬率（ROA）及股東權益報酬率（ROE），並以2018~2020年國內上市櫃電子公司為對象，扣除在台灣發行存託憑證及資料缺漏之公司後，共2,423筆樣本數進行研究。本文實證結果顯示：(1)獨立董事席次對公司經營績效ROA、ROE呈現負相關，並在ROA呈現顯著。(2)女性董事比例與公司經營績效皆呈現正相關，並在ROA及ROE呈現顯著正相關。(3)公司設置提名委員會對經營績效皆呈現正相關，並在EPS呈現顯著水準。(4)公司取得第三方驗證對經營績效皆呈顯著負向關係。(5)公司編製英文版永續報告書對經營績效皆呈顯著正向關係。(6)自願揭露永續報告書對經營績效皆呈正向關係。(7)強制揭露永續報告書與公司經營績效EPS、ROA及ROE皆呈現顯著負相關。綜上，公司治理3.0多數重要具體措施對企業經營績效呈現正向表現，顯示持續推動公司治理並積極強化仍是有所必要的。

關鍵字

公司治理3.0 ；經營績效；提名委員會； ESG永續報告書；第三方驗證

並列摘要

This study investigates the impact of implementing the Corporate Governance 3.0 - sustainable development roadmap on firm performance in listed and OTC electronics companies in Taiwan, using the important specific measures released in Corporate Governance 3.0 as corporate governance proxy variables, and dividing the firm performance into earnings per share (EPS), return on assets (ROA), and return on equity (ROE). A total of 2,423 samples, ranged from 2018 to 2020 , excluding companies issuing depositary receipts in Taiwan and companies with missing information, are used for the study. The empirical results show that: (1) The number of independent directors has a negative correlation with ROA and ROE, and a significant correlation with ROA. (2) The proportion of female directors is now correlated with the firm performance of the company, and the ROA and ROE are significantly positive. (3) The establishment of the nomination committee of the company is currently correlated with the firm performance and the EPS shows significant level. (4) The company has obtained third-party verification, which has a significant negative correlation with firm performance. (5) The English version of the sustainability report prepared by the company has a significant positive relationship with the firm performance. (6) Voluntary disclosure of sustainability reports has a positive relationship with firm performance. (7) Mandatory disclosure of sustainability reports has a significant negative correlation with the firm performance in terms of EPS, ROA and ROE. In summary, most of the important specific measures of Corporate Governance 3.0 show positive performance on business performance, indicating that it is still necessary to continue to promote and actively strengthen corporate governance.