本論文研究台灣半導體業公司治理評鑑排名變化，是不是會受到這些變數公司價值、負債比率、股本、現金股利率、ROE、淨值週轉率(次)、每股盈餘、營業毛利、是否缺過資料、Rank浮動等指標及參數的影響。台灣公司治理指數100說明，前20%的公司為好公司，我想透過這些參數來驗證在這些公司及後80%的公司治理評鑑的公司當中，發生公司治理的排名變化時，到底是不是能伴隨著一些指標的變化。本文並透過傾向性評分匹配方法，得出實證結果。本文發現，台灣的半導體業公司治理評鑑排名發生變化時，與負債比率會呈負相關，而與淨值週轉率(次)呈正相關。本文可作為公司評估公司治理評鑑與公司績效指標的關聯性。

This paper studies whether the changes in the ranking of corporate governance evaluations in Taiwan's semiconductor industry will be affected by these variables: company value, debt ratio, equity, cash dividend rate, ROE, net worth turnover (times), earnings per share, operating gross profit, whether it is missing or not, and data rank variation. The Taiwan Corporate Governance Index 100 shows that the top 20% of the companies are good companies. I want to use these parameters to verify whether the ranking changes of corporate governance among these companies and the bottom 80% of the poorly-governed companies can be accompanied by some indicators. The propensity score matching is applied in this article. I find that when Taiwan's semiconductor industry corporate governance evaluation ranking changes, there is a negative correlation with the debt ratio, and a positive correlation with the net worth turnover rate (times) This finding provides evidence on the correlation between corporate governance evaluation and companies’ financial indicators.

摘要 2
ABSTRACT 3
一、 緒論 5
1.1 研究動機與背景 5
1.2 研究目的 6
1.3 論文架構 7
二、 文獻探討與提出假說 7
2.1公司治理基本論述 7
2.2公司治理與財務績效 8
2.3公司治理與公司價值 8
2.4提出假說 9
三、 研究資料與實驗過程 9
3.1研究資料 9
3.2研究變數 10
3.3研究方法 13
四、 結論與建議 24
參考文獻 25

林怡諄，(2017)，傾向分數配對–淺談馬哈蘭距離之應用，臺北醫學大學 生物統計研究中心，eNews，第 17 期
吳幸姬與李顯儀，(2006)，產業月營收變化與股價報酬的關聯性之研究，管理科學研究，第3卷，第2期，61 - 74。
金成隆、張耿尉，(1998)，月營收與報酬關聯性之研究，管理評論，第17卷，第3期，61-83
洪世炳、陳美華，(2005)，公司治理、股權結構與公司績效關係之實證研究，企業管理學報，第65期，129-153
葉銀華，邱顯比，何憲章，(1997)，利益輸送代理問題和股權結構之理論與實證研究，中國財務學刊，第4卷，第4期，47-73
葉銀華、蘇裕惠、柯承恩與李德冠，(2004)，公司治理機制對於關係人交易的影響，證券市場發展季刊，第15卷，第4期，69-106
Agrawal, A. and Knoeber, C.R. 1996. Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. The Journal of Financial and Quantitative Analysis, 31, 377-397.
Azeez, A. 2015. Corporate governance and firm performance: Evidence from Sri Lanka. Journal of Finance, 3(1), 180-189.
Brown, L. D., and Caylor, M. L., 2006. Corporate Governance and Firm Valuation, Journal of Accounting and Public Policy, 25(4), 409-434.
Bhojraj, S., and Sengupta, P., 2003. Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors, Journal of Business, 76(3), 455-475.
Black, B. S., Jang, H., and Kim, W.,2006. Does Corporate Governance Predict Firms’ Market Values? Evidence from Korea, Journal of Law, Economics and Organization, 22(2), 366-413.
Cohen J. 1988. Statistical Power Analysis for the Behavioral Sciences. 2nd ed .
Cadbury, S.A. 1999. Sir, What Are the Trends in Corporate Governance? How Will They Impact Your Company? Long Range Planning, 32, 12-19.
George J Benston, American,1985.The Validity of Profits-Structure Studies with Particular Reference to the FTC's Line of Business Data. Economic Review, 75(1), 37-67
Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, 3(4), 305-360,.
Kim DH, Pieper CF, Ahmed A et al.,2016. Use and interpretation of propensity scores in aging research: A guide for clinical researchers. Journal of the American Geriatrics Society, 64, 2065–2073.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny.2000. Investor Protection and Corporate Governance. Journal of Financial Economics, 58, 3-27
Morck, R., Shleifer, A., and Vishny, R. W.,1988. Management Ownership and Market Valuation: An Empirical Analysis, Journal of Financial Economics, 20, 293-315.
Paul M. Healy and Krishna G,2001, PalepuInformation asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature.
Journal of Accounting & Economics 31, 405–440.
Patel, M., 2017. Corporate Governance and Financial Performance of the Firms: Evidence from Pakistan's Food & Personal Care (FPC) and Cement Sectors, Working Paper.
Tim Loughran, 1997, Book-to-Market across Firm Size, Exchange, and Seasonality: Is There an Effect?. Journal of Financial and Quantitative Analysis, 32(3), 249-268
Tsoutsoura, M. 2004. Corporate Social Responsibility and Financial Performance. University of California Berkle, California, USA.
Vo, D., and Phan, T., 2013. Corporate governance and firm performance: empirical evidence from Vietnam, Journal of Economic Development, 218, 62-78