本研究探討中國上市企業之公司治理與公司績效的關聯性，其中，公司治理變數包括負債比例、國家持股比重、內部人持股比重，及國內/外國機構投資人持股比重，而公司績效指標則為股東權益報酬率(ROE) 、資產報酬率(ROA) 、每股盈餘(EPS) 、總資產週轉率、Tobin’s Q等。 研究結果顯示，負債與公司績效有顯著的非線性關聯，但方向並不明確；國家持股與績效有極大的正關聯性；國內機構投資人持股比重與績效有顯著關聯性，而外國機構投資人方面則與績效關聯不明顯；內部人持股比重與績效呈非線性關係。 This research examines the relationship between corporate governance mechanisms and firm performance for Chinese listed companies. We focus on four corporate governance mechanisms: Debt Ratio, State Ownership, Managerial Ownership、Domestic/Foreign Institution Ownership. The five proxies to measure the firm performance including ROE, ROA, EPS, Total Asset Turnover ratio and Tobin’s Q. The empirical results show that there is a significant none-linear-relationship between debt ratio and firm performance as well as between insider and firm performance. In addition, the relationship between state ownership and firm performance is positive, and that between domestic institutions and firm performance is significant. Finally, there is no significant relationship between foreign institutions ownership and firm performance.
