The Improvement of The Negative Association between Investment Opportunity and Firm Performance : From The Perspective of Corporate Governance

[[abstract]]摘要 在過去關於公司治理與公司經營績效之關係的研究裡，多是直接以公司治理與公司經營績效的關係為出發點，探討實行公司治理對公司經營績效的改善。然而，大部分的研究結果均顯示出解釋力不高。而在本研究中，主要將考慮一個重要的前提，即公司投資與經營績效之間因為存在代理問題，因此其將呈現反向關係。在投資機會的衡量上採取因素分析，藉以萃取衡量投資機會資訊，而在衡量公司經營績效時亦採用因素分析萃取自各種經營績效的資訊；公司治理機制上則考慮高階管理層面與公司營運層面上的影響力。最後更進一步以迴歸分析驗證公司治理變數是否能緩和此一反向關係。而在本研究研究裡結果部分支持了這個論點，即考慮公司治理下，公司經營績效與成長性之間的反向關係將會減弱，甚至於反轉為正向關係。[[abstract]]Abstract Prior research on the relationship between corporate governance and firm performance is premised on the notion that in theory there is direct association between corporate governance and firm performance However extensive research often has produced weak results In this paper we allow for an important prerequisite mainly a negative association between firm growth and performance The study measures investment opportunities and return of equity for firm performance by using factor analysis to extract accurate information Corporate governance allows for the influence of senior management and firm operation Further this study examines whether corporate governance variables moderate this negative association Our results support this argument Allowing for the corporate governance the negative relationship between firm performance and growth becomes weaker; even the relationship would become positiv