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.

1.洪榮華、陳香如、王玉珍，「公司內部治理機制與公司績效之關 係－股權結構與董事會特性的觀點」，輔仁管理評論，第十二卷，第三期，第23-28頁，2005年。
2. 董黎明，「企業債務融資與企業績效研究述評」，商業時代，第28期，2008年。
3. 王郁婷、洪志洋，「負債融資行為與績效關聯性之研究--以台灣科技公司為例」，國立交通大學，碩士論文，民國97年。
3. 王詠惠、陳曉蓉，「機構投資人持股對股價反映未來盈餘資訊程度之影響─以台灣集團公司與非集團公司為例」，會計與公司治理，第三卷 第二期，69-100 頁，2006 年12 月。
4. 陳隆麒，當代財務管理，二版，華泰書局，台北市，民國93年。
5. 徐銘謙，「公司治理、家族企業、集團企業與財務危機之探討」，國立中央大學，碩士論文，民國98年。
6. 網站資料:中華公司治理協會~經營者與股東之權益平衡。2004年11月25日，取自:http://www.cga.org.tw/index.php?content=qna&sub=answer&catid=14&id=49
6. Qi Daqing, Woody Wu, Hua Zhang, “Shareholding Structure and corporate performance of Partially privatized firms : Evidence from listed Chinese Companies”, Faculty of Business Administration, Department of Finance, The Chinese University of Hong Kong, pp.587-610, 2000.
7. Michael Firth, Peter M.Y. Fung, Oliver M.Rui, “Simultaneous Relationships among Ownership, Corporate Governance, and Financial Performance”, Faculty of Business and Information Systems, The Hong Kong Polytechnic University, pp.1-16, 2002.
8. Hu Yifan, Xianming Zhou, “The performance effect of managerial ownership: Evidence from China”, Journal of Banking & Finance(2008), pp.2099-2108, 2006.
9. Kato Takao, Cheryl Long, “Executive Compensation, Firm Performance, and Corporate Governance in China Evidence from Firms Listed in the Shanghai and Shenzhen Stock Exchanges”, IZA Discussion Paper No.1767, pp.1-15, 2005.
10. Hu Helen Wei, On Kit Tam, Monica Guo-Sze Tan, “Internal Governance Mechanisms and Firm Performance in China”, University of Melbourne, pp.1-15, 2008.
11. Li Kai, “Ownership, Institutions, and Capital Structure_Evidence from China”, Journal of Comparative Economics forthcoming, pp.1-8, 2005.
12. Berkman Henk, Rebel Cole, Jiang Fu, “Improving corporate governance where the State is the controlling block holder : Evidence from China”, MPRA (Munich Personal RePEc Archive), Paper No.8088, pp.1-6, 2007.
13. Bai Chong-En, Qiao Liu, Joe Lu, Frank M.Song, “Corporate governance and market valuation in China”, Journal of COMPARATIVE ECONOMICS, 32(2004), pp.599-608, 2003.
14. Dharwadkar Ravi, Maria Goranova, Pamela Brandes, Raihan Khan, “Institutional Ownership and Monitoring Effectiveness : It’s Not Just How Much but What Else You Own”, Organization Science, Vol.19, No.,2008.
15. Holmstrom, B., “Moral hazard and observability.”, Bell J. Econom, 14 ,pp.74–91, 1979.
16. Pound J., “Proxy Contests and Efficiency of Shareholder Oversight”, Journal of Financial Econmics, 20, pp.237-265, 1988.
17. E. Philip Davis, “Institutional investors, corporate governance and the performance of the corporate sector”, ECONOMIC SYSTEMS, 26, pp.203-229.
18. Jensen, M.C., & Meckling,W.H., “Theory of the firm: Managerial behavior, agency costs, and ownership structure.”, Journal of Financial Economics, 3(4), pp.305-360, 1976.
19. Jensen, Michael C., “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, 76, pp.323-329, 1986.
20. Ananchotikul Sudarat, “Does Foreign Investment Really Improve Corporate Governance? Evidence from Thailand”, U.C. Berkeley, 2006.
21. Wei Zuobao, Oscar Varela, “State equity ownership and firm market performance: evidence from China’s newly privatized firms”, Global Finance Journal, 14, pp.65-82, 2002.
22. Le Trien Vinh, Trevor Buck, “State ownership and listed firm performance: a universally negative governance relationship?”, Springer Science+Business Media, LLC. 2009.
23. Kaserer Christoph, Benjamin Moldenhauer, “Insider ownership and corporate performance: evidence from Germany”, 2007.
24. Yuan Rongli, Jason Zezhong Xiao, Nikolas Milonas and Joe Hong Zou, “The Role of Financial Institutions in the Corporate Governance of Listed Chinese Companies”,British Journal of Management, Vol.20,pp.562-580, 2009.
25. Florackis Chrisostomos, Alexandros Kostakis, Aydin Ozkan, “Managerial ownership and performance”,Journal of Business Research 62,pp.1350~1357, 2009.
26. Khan Arifur Rahman, Balasingham Balachandran, Paul Mather, “Managerial Share Ownership and Firm Performance: Evidence from Australia”, 2007.
27. CHEN JIAN, “Ownership Structure as Corporate Governance Mechnism: Evidence from Chinese Listed Companies”, 2001.
28. Chung, K.H. and Pruitt, S.W.,”A Simple Approximation of Tobin’s q”, Financial Management,(23),pp.70-74, 1994.
29. Hair, J. F., Anderson, R. E., Tatham, R. L. and Black, W. C., Multivariate Data Analysis, 5th ed., Englewood Cliffs, NJ: Prentice Hall, 1998.
30. Lins, K.V.,”Equity Ownership and Firm Value in Emerging Markets”, Journal of Financial and Quantitative Analysis,(38),pp.159-184, 2003.