本篇研究針對於公司治理因素在銀行自由化事件中對投資限制之影響做分析。藉由九個新興國家市場上市公司的會計以及股權結構資料，我發現銀行市場規範逐漸開放過程之中，公司治理因素的差異會使的上市公司在投資限制的改變上有所不同。數據顯示，公司治理較好的公司在經歷銀行業自由化之後，在投資限制上會有正向的改變，相較之下公司治理較差的公司其投資限制反而會增加。這一個不同方向的反應有可能是歸因於金融市場自由化同時也會提升市場透明度。在資訊透明增加之下，對公司治理較差的公司而言便形同將自身缺點暴露於大眾的眼前，儘管銀行自由化可以帶來資金管道的增加卻也沒辦法獲得益處。此篇文章藉由探討公司治理因素在自由化期間帶來的影響，詮釋了公司治理因素在投資限制改變上所扮演的角色.

This study investigates the relationship of corporate governance and investment constraint during banking liberalization. Based on listed firms’ data from 9 emerging market, I find that during the liberalization period of the banking sectors, firms with different corporate governance structure will tend to exhibit different levels of change in investment constraint. According the result of this study, firm with better governance structure will confine less to their investment constraint and firms with worse governance will face more investment constraint after the banking liberalization. Rising of transparency in market come with financial liberalization, and better governance firms will benefit in this situation. This study interprets the role of corporate governance factor in analyzing investment constraint in emerging markets.

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