1997年亞洲爆發金融風暴後，良好的公司治理是否能降低風險已成為企業及投資人關注的重點之一。本研究將過去衡量公司治理之文獻進行彙整，建立一套衡量公司治理總體制度之評分模型，並探討台灣上市櫃公司之公司治理與系統風險間的關係。研究結果發現，良好的公司治理對於降低系統風險有顯著的效果，在五個不同的公司治理構面中，針對「股東權益及平等對待股東」、「董事會結構與運作」以及「企業社會責任」進行改善，可有效降低系統風險。而家族控股及共治型態的企業會增強公司治理與系統風險的負向關係，公股主導和專業經理人控制型態的企業則可以替代公司治理降低系統風險的效果。進一步發現金融危機時期，良好公司治理可使企業風險下降，且良好公司治理的企業系統風險顯著低於公司治理較弱之企業。企業及投資人可根據不同控制類型的企業和公司治理構面之研究結果，作為公司經營及制定投資策略參考依據之一。

After the Asian Financial Crisis in 1997, whether good corporate governance is able to reduce risks has become one of the focuses of firms and investors. This study establishes a scoring system for measuring the overall system of corporate governance by collecting several literatures, and discusses the impact of corporate governance of Taiwan listed firms on systematic risk. The results of the study found that good corporate governance has a significant effect on reducing systematic risk. In five different corporate governance dimensions, improving on "protecting the right and fair treatment of shareholders", "board structure and operation" and "corporate social responsibility" can effectively reduce systematic risk. The family holding and co-governance type of enterprises will enhance the negative relationship between corporate governance and systematic risk, while the public enterprises and professional manager-controlled enterprises can replace the effect of corporate governance to reduce systematic risk. We also found that during the financial crisis good corporate governance can reduce the risk, and the systematic risk of firms with good corporate governance is significantly lower than the firms with weak corporate governance. Enterprises and investors can operate firm and establish investment strategies based on the findings.

論文審定書 ....................................................................................................................... i
中文摘要 .......................................................................................................................... ii
英文摘要 ......................................................................................................................... iii
第一章 緒論 .................................................................................................................... 1
第一節 研究背景及動機 ............................................................................................. 1
第二節 研究目的 ......................................................................................................... 3
第三節 主要發現 ......................................................................................................... 4
第四節 研究流程 ......................................................................................................... 4
第二章 文獻回顧 ............................................................................................................ 6
第一節 公司治理之相關研究 ..................................................................................... 6
第二節 公司治理與風險之相關研究 ....................................................................... 11
第三節 不同控制型態下公司治理效能之相關研究 ............................................... 12
第三章 研究方法 .......................................................................................................... 15
第一節 研究架構 ....................................................................................................... 15
第二節 資料來源與樣本選取 ................................................................................... 16
第三節 變數定義與衡量 ........................................................................................... 18
第四節 實證模型 ....................................................................................................... 27
第四章 實證分析 .......................................................................................................... 30
第一節 敘述性統計 ................................................................................................... 30
第二節 多元迴歸分析 ............................................................................................... 30
第五章 結論與建議 ...................................................................................................... 36
第一節 結論 ............................................................................................................... 36
第二節 建議 ............................................................................................................... 37
參考文獻 ........................................................................................................................ 38

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