公司財務績效往往是股東和債權人關注的議題，企業能藉由內部公司治理機制，來能降低代理問題，確保管理者行為，使公司不至於爆發舞弊事件。公司財務績效衡量可分為公司傳統會計績效指標ROA及公司未來指標Tobin’s Q。本研究主要探討股權結構、負債比例、關係人交易三方面對公司財務績效之影響，以提供公司在治理方面的參考。樣本選取從2004年到2010年共七年的台灣上市公司。實證結果顯示內部人及大股東持股比例愈高會使公司財務績效愈好；法人機構持股比例愈高會使公司財務績效ROA更好但Tobin’s Q則否；董監事質押比例對公司財務績效方面都是負向的影響；負債比例方面對公司財務績效也都是呈現負向的影響；關係人交易中資金融通與背書保證比例對公司財務績效ROA變差但Tobin’s Q則會更好；關係人進貨金額比例都會使公司財務績效變差但不顯著的影響；關係人銷貨金額比例對公司財務績效ROA呈現負相關但不顯著，對公司財務績效Tobin’s Q則會變差。
The company’s financial performance is the issues of concern to shareholders and creditors, by internal corporate governance mechanisms to reduce agency prob-lems, and ensure that managers act, the company from becoming the outbreak of the fraud. The measures of company’s financial performance can be divided into ROA of the company’s traditional accounting performance indicators and the Tobin’s Q of future indicators. This study focused on the ownership structure, debt ratio, related party transactions tripartite face of the company’s financial performance, to provide the reference of the company in terms of governance. This study selected Taiwan’s listed company from 2004-2010 total seven years to be samples. The empirical results are summarized as follows: insider ownership, large black-holders have positive impact on performance. Institutional ownership higher the stake, make ROA is better but Tobin’s Q is not on performance. Ratio of mortgaged / debt have negative impact on performance. The security make Tobin’s Q is better but ROA is not on performance .For related purchase have negative impact but not significant on performance. Related party sale of ROA is negative but not significant and Tobin’s Q is worse on performance.
