本研究以我國上市公司為研究對象，聚焦於研究公司治理各主要變數對公司經營價值所帶來之影響，以經營績效來衡量經營價值；選取2008到2014此7年之樣本資料，分析四個主要公司治理變數--機構投資人持股、經理人持股、經理人薪酬與資訊透明度對四種主要公司績效—總資產報酬率、權益報酬率、每股盈餘與Tobin’s Q之影響，以了解是否良好的公司治理內涵會為公司帶來較高之經營績效，以供經營管理者參考。實證結果顯示機構投資人持股比率越高會帶來較高之總資產報酬率與權益報酬率，而經理人持股比率越高，對權益報酬率有正向影響，經理人薪酬越高，對每股盈餘有正向影響，而資訊透明度越高反而會造成較低的托賓Q比率，帶來較差的績效表現。

This study takes the listed companies in Taiwan as the researching object, focuses on the influence of the main variables of the corporate governance on the performance of the listed companies, and selects the sample data from 2008 to 2014. This research analyses the relationship between four major corporate governance variables – the institutional investors’ shareholding, managers’ shareholding, manager’s salary and information transparency and four main performance measure indicators of operating value – return on assets, return on equity, earnings per share, and Tobin’s Q, hopes to understand whether the good corporate governance will bring a higher operating value to the company. Hope the result will be a good reference for business managers. The empirical results show that the higher the shareholding ratio of the institutional investors, the higher the four main performance measure indicators. The higher the manager’s shareholding will have a positive impact on the return on equity, the higher the salary of the manager will have a positive impact on earnings per share, while the higher the transparency of the information will result in a lower Tobin’s Q ratio, resulting a poor performance.

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