公司治理與關鍵查核事項揭露程度對經營績效之影響－以電子業為例

The Effect of Corporate Governance and Key Audit Matters on Firm Performance in the Electronics Industry of Taiwan

李葳(Wei Lee)；卓佳慶(Chia-Ching Cho)；洪育忠(Yu-Jhong Hong)；鎮明常(Ming-Chang Zhen)

公司治理 ； 經營績效 ； 關鍵查核事項 ； Corporate governance ； Firm performance ； Key audit matter

會計與公司治理

17卷2期（2022 / 12 / 01）

23 - 50

英文

本研究主要分析台灣電子業上市櫃公司的公司治理與經營績效之間的關聯性，以過去公司治理的相關文獻為理論基礎，特別考量我國在2016年開始導入新式查核報告後，關鍵查核事項（key auditor matter, KAM）在公司治理與經營績效的關係中是否具有中介效果。透過路徑分析對各變數間的關係進行檢測，結果發現：董事會規模與ROE之間呈顯著正相關；獨立董事席次比例與Tobin's Q之間呈顯著正相關；董事長兼任總經理與Tobin's Q之間呈顯著負相關；董事質押比率與EPS之間呈顯著負相關；董事持股比率與ROE及EPS之間呈顯著負相關；法人持股比率與各項經營績效之間皆呈顯著正相關；KAM與各項經營績效變數之間皆呈顯著負相關；在中介效果方面，KAM會對董事質押比率、董事持股比率及法人持股比率與各經營績效之間的關係產生中介效果。

This paper investigates the relationship between Corporate Governance and firm performance in the electronics industry of Taiwan, especially whether KAM (key auditor matter) is a mediator for the relationship or not. This study uses path analysis to analyze the relationship among our variables. The empirical results find that board size has a positive significant impact on ROE; proportion of Independent Board has a positive significant impact on Tobin's Q; CEO duality has a negative significant impact on Tobin's Q; Share Pledging has a negative significant influence on EPS; Board Shareholding has a negative significant influence on ROE and EPS; Investor's Shareholding has a positive significant influence on all firm performance variables. Moreover, KAM has a negative significant influence on all firm performance variables. The relationship between Share Pledging by Directors and all firm performance variables is mediated through KAM. The relationship between Board shareholding and all firm performance variables is mediated through KAM. The relationship between Investor's Shareholding and all firm performance variables is mediated through KAM.

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