本研究旨在探討台灣上市公司在公司治理評鑑級距排名的變動與上市公司股權結構變化之間的關聯性，並著重於外資持股比率的變動。本文透過多元線性迴歸模型，使用 TEJ 台灣經濟新報及台灣證券交易所公司治理評鑑中心之公開資料，來分析公司治理評鑑排名的變化是否會影響該公司的股權結構。研究結果發現，公司治理評鑑排名的下降與外國機構投資者持股比率的年減幅度呈現正向關聯，顯示相比於公司治理質量的提升，外資對公司治理水準的退步更為敏感。此外，本研究亦發現，外國機構投資者持股比率的年增率與股東權益報酬率的年增率呈現正向關係，但與董監事持股比率的年增率呈負向關係，說明外國投資者傾向於投資治理結構相對良好、資訊透明度高，且股權相對分散的公司。這些結果不僅為上市公司之改進治理結構與機構法人之投資決策提供了實證支持，也為機構投資者和政策制訂者提供了參考的方向，希冀透過研究結果增進公司治理的實踐並強化資本市場的吸引力。

This study aims to investigate correlation between changes in corporate governance evaluation grades and variations in equity structure among TWSE-listed companies, focusing specifically on variations in foreign institutional investors’ shareholding ratios. Utilizing public data from the Taiwan Economic Journal (TEJ) and the Taiwan Stock Exchange Corporate Governance Evaluation Center, this study employs a multiple linear regression model to analyze whether changes in corporate governance rating grades affect equity structure of these companies. The findings reveal that a decline in corporate governance grades is positively correlated with an annual reduction in shareholding ratios of foreign institutional investors, suggesting that they are more sensitive to deteriorations in governance quality than to improvements. Moreover, the study also finds a positive relationship between changes in shareholding ratios of foreign institutional investors and return on equity (ROE), but a negative relationship with the shareholding ratios of directors and supervisors, indicating that foreign investors tend to invest in companies with well-structured governance, high transparency, and less concentrated ownership. These results not only provide empirical support for the relationship between governance structures and institutional investors’ decisions but also serve as a reference for investors and policymakers. By implementing these findings, we could strengthen the practice of corporate governance and optimize the attractiveness of the capital market.

1. 前言 …………………………………………………………………1
2. 文獻回顧 ………………………………………………………4
3. 研究方法 ………………………………………………………8
4. 實證結果 ……………………………………………………17
5. 結論 ………………………………………………………………24
6. 附錄 ………………………………………………………………26
參考文獻 ……………………………………………………………30

中文文獻
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2. 林冠廷 (2022)，「公司治理與法人持股之關聯性」，碩士論文，高雄：國立中山大學金融創新產業碩士專班。
3. 徐宇聲 (2015)，「外資持股比例與公司治理之關聯性」，碩士論文，桃園：國立中央大學財務金融學研究所。
4. 張裕任 (2008)，「安全性, 資訊不對稱, 公司治理與外資持股偏好之關連性」，博士論文，台北：國立臺灣大學會計學研究所。

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