本研究主要探討，現金增資公司之公司治理特性是否會對公司績效有影響，而現金增資公司與對照樣本公司在公司治理特性的差異又為何。結果發現，現金增資公司與對照樣本公司在短期績效沒有顯著的差異，在公司未來績效則有顯著的差異。對現金增資公司來說，設立監察人或審計委員會制度、較高的董監事薪資以及較高的機構投資人持股比例對短期績效會有顯著正向的影響；公司未來績效方面，現金增資公司之公司治理變數包含獨立董事、監察人或審計委員會、董監事薪酬與機構投資人持股比例顯著正向影響股價淨值比；獨立董事與機構投資人持股比例則會顯著正向影響對照樣本公司之未來公司績效。在公司治理特性上，現金增資公司之具監察人制度或設立審計委員會制度與董監薪酬愈高，都會較對照樣本公司表現良好。
This study discusses how the corporate governance influence the SEOs’ and CSs’ firm performances and what's the difference between them. The results show that there are no significant difference on short-term performance, but there exists significant difference on long-term performance between SEOs’ and CSs’ firm. For SEOs firm, firms with supervisors or audit committee system, larger board compensation and higher institutional ownership ratio have better short-term performance, including return on equity (ROE) and return on asset (ROA). For future performance, corporate governance variables of SEOs, including independent director, supervisor or the audit committee, board compensation and institutional ownership ratio, affect price-book ratio (PBR) positively and significantly. On the other hand, corporate governance variables of CSs, including independent directors and institutional ownership ratio will positively affect price-book ratio significantly. And the results address that SEOs’ firm has both better supervisors or audit committee system and board compensation variables than CSs.
