元大台灣卓越50證券投資信託基金(0050)及元大寶來台灣高股息基金(0056) 是近幾年來國人普遍投資及討論的兩檔ETF。本篇研究選擇以現今2023年6月為止 之0050及0056的成分股來當作案例探討，主要也是想看，因為這兩檔ETF所選定 的公司大多都是國內股票市值較大的企業，看這些大企業是否有作好目前我國「公司治理」相關規範的遵守。本研究以2012至2022年期間0050及0056所選定之 成分股扣除重複之選定公司(以2023年5月截止之成分股公司83間)為樣本，總樣本數913筆進行研究。以資產報酬率(ROA)、股東權益報酬率(ROE)、營業利潤率(ROS)、本益比(P/E Ratio)、托賓Q值(TOBIN’S Q)為應變數，以「公司治理」3.0-永續發展藍圖的五大主軸為自變數(獨立董事席次、董事會成員性別多元性、有第三方驗證、有英文版永續報告書、有揭露永續報告書以及強制揭露永續報告書)是否有正向影響。本文實證研究顯示:
1. 獨立董事席次對公司財務經營績效ROE、ROS、TOBIN’S Q呈現正向顯著關係，在P/E Ratio呈現負向顯著。
2. 女性董事比例與公司財務經營績效皆呈現負相關。
3. 取得第三方驗證皆呈現負相關尤其是對ROS呈顯著負相關
4. 編製英文版永續報告書對財務經營績效ROS呈顯著正向關係，對其他應變數為負相關。
5. 揭露永續報告書除對ROE為正相關外，其餘皆為負相關。
6. 強制揭露永續報告書對ROS呈正向顯著關係。
綜上，雖然「公司治理」3.0多數重要具體措施對企業財務經營績效多呈現負向表現，但仍應持續推動，讓公司相關資訊更加透明化，以提升投資人的信心。

關鍵字:公司治理;企業財務經營績效；ESG 永續報告書;第三方驗證

The Yuanta Taiwan Top 50 ETF (0050) and Yuanta BaoTaiwan High Dividend ETF
(0056) have been popular investment options and subjects of discussion among
Taiwanese investors in recent years. This study aims to explore the compliance of the
constituent companies in the 0050 and 0056 ETFs, which mainly consist of large
domestic companies, with the current corporate governance standards in Taiwan. The
study uses the constituents of the 0050 and 0056 ETFs as of June 2023 as the sample,
with a total of 913 observations obtained after excluding duplicate companies (83
companies in total) from the period of 2012 to 2022. The study examines the impact of
the five major dimensions of corporate governance 3.0 - the blueprint for sustainable
development - as independent variables on various dependent variables, including return
on assets (ROA), return on equity (ROE), return on sales (ROS), price-to-earnings ratio
(P/E Ratio), and Tobin's Q ratio (TOBIN'S Q). These dimensions include the presence
of independent directors, gender diversity on the board, third-party verification, the
availability of an English version of the sustainability report, the disclosure of the
sustainability report, and mandatory disclosure of the sustainability report..
The empirical findings of this study are as follows:
1.The presence of independent directors shows a positive and significant relationship
with financial performance indicators such as ROE, ROS, and TOBIN'S Q, but a
negative and significant relationship with P/E Ratio.
2.The proportion of female directors is negatively correlated with financial performance
indicators.
3.The presence of third-party verification is negatively correlated, particularly with
ROS.
4.The availability of an English version of the sustainability report shows a significant
positive relationship with ROS but a negative relationship with other variables.
5.The disclosure of the sustainability report, except for ROE, is negatively correlated
with the variables.
6.Mandatory disclosure of the sustainability report exhibits a positive and significant
relationship with ROS.
In summary, although many important measures of corporate governance 3.0 show a
negative impact on financial performance, it is crucial to continue promoting these
measures to enhance transparency and investor confidence in companies.

Keyword: Corporate Governance, Firm Financial Performance, ESG report, Third-party
verification

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構與流程 4
第二章 文獻探討 7
第一節 「公司治理」的定義 7
第二節 「公司治理」對企業財務績效的影響 10
第三章 研究假說與研究方法 15
第一節 假說建立 15
第二節 資料選取範圍及資料來源 18
第三節 研究變數定義 19
第四節 回歸模型建立 25
第四章 實證分析與結果 27
第一節 敘述性統計分析 27
第二節 相關性分析 31
第三節 數據分析結果 33
第五章 結論與建議 41
第一節 研究結論 41
第二節 研究限制與建議 42
參考文獻 45
中文部分 45
英文部分 46
網站部分 50

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