企業進行減資的動機有所不同，但卻對投資人有一定的影響，股數變少、股價拉抬、大小股東代理問題等。台灣公司治理評鑑系統係能協助投資人及企業瞭解公司治理實施成效，係能做為公司治理的一項指標。但是否能藉由公司治理評鑑成績來評估減資公司的價值？公司治理評鑑成績是否值得作為投資人買賣減資公司股票的重要依據？希望能透過本研究找到答案並加以探討。 本研究以台灣上巿櫃公司在2018年辦理減資公司為樣本，用多元迴歸分析進行企業減資前後一年及二年平均之公司治理評鑑成績的改善是否也能同時提升經營績效並受到外資的青睞，最後再加以研究三類減資型態的績效差異。 實證結果為企業減資前後之公司治理評鑑與稅後淨利成長率及外資持股呈現顯著正相關，但與EPS、ROA、ROE、Tobin’s Q、營業毛利率及營收成長率則無顯著的結果。彌補虧損減資較現金減資與庫藏股減資的企業之稅後淨利成長率及ROE有較高的顯著正相關。可見公司治理評鑑的提升對公司整體的成長還是有幫助，而且外資投資機構也較偏好公司治理較佳的減資企業。減資政策只是一個中性決策，對公司的基本面影響並不大，唯有良好的公司治理，才是公司永續經營的根本。;Enterprises have different motivations for reducing capital, but they have certain impacts on investors, such as the decrease in the number of shares, the increase in stock prices, and the agency problems of majority and minority shareholders. The Corporate Governance Evaluation System can help investors and companies understand the effectiveness of corporate governance implementation, and it can be used as an indicator of corporate governance. But is it possible to evaluate the value of capital reduction companies through Corporate Governance Evaluation System results? Is the performance of the Corporate Governance Evaluation System worthy of being an important basis for investors to buy and sell the shares of companies that have reduced capital? Hope to find the answer and discuss it through this study. The empirical results indicate that corporate governance evaluation before and after capital reduction has a significant positive correlation with after-tax net profit growth rate and foreign investment, but there is no significant result with EPS, ROA, ROE, Tobin′s Q, operating gross profit margin and revenue growth rate. Capital reduction to write off accumulated losses has a higher significant positive correlation with the after-tax net profit growth rate and ROE compared to cash refund capital reduction and capital reduction by stock repurchases. It can be seen that the improvement of corporate governance evaluation is still helpful to the overall growth of the company, and foreign investment institutions also prefer capital reduction companies with better corporate governance. The capital reduction policy is just a neutral decision and has little impact on the company′s fundamentals. Only good corporate governance is the foundation of the company′s sustainable operation.
