公司治理品質的變數—對營建股股票價值之影響 中文摘要 2008年面臨突如其來的金融海嘯危機是束手無策的任其自然或化危機為轉機，就端視企業公司治理與風險共處的態度。營建業因與每次金融危機息息相關，且其會計作業又與其他行業有別，如收入之認列方式即分全部完工法與完工比例法，因認列方式之不同故營收常起伏不定，造成投資者判斷上的誤差，故在公司治理上就彰顯其重要性。 因此本論文主要研究公司股權結構、董事會組成等變數，來檢視公司治理與企業績效之間的關係。企業經營績效的衡量以國內最常用的會計指標外，增加財務指標近似Tobin's Q值。實證結果發現，董監事組織結構層面中，董監事之規模與企業經營績效有關（董事會的規模與企業績效呈負相關，監察人的規模與企業績效呈正相關），董事涉入執行業務之程度（董事長是否兼任總經理），組成則包含外部董事、外部監察人、機構投資人、家族企業之席次比率與企業績效皆未發現有顯著之關係；董監事股權結構中，董監事持股之比率與會計指標（ROA）呈負相關，所有的公司治理變數與財務指標（近似Tobin's Q值）未發現有顯著之關係。 關鍵字：公司治理、營建業、經營績效、獨立董事 The Variances in Corporate Governance Quality— Impacts on the Stock Value of the Companies in Construction industry Abstract What can a company do when it confronted a thundering financial collapse which emerged from the secondary house loan market in America in 2008? How to manage such kinds of systematic risks is very important to a company. Because of the cost of capital, companies in construction industry are much more relevant to every financial crisis than those in other industries. Moreover, companies in construction industry use some different accounting methods with those in other industries. And this may mislead the financial report users. Due to the non-resist systematic risks and the deficiencies of accounting methods, the importance of the corporate governance will become more obvious. This essay works on the issue about the linkage between the corporate governance and the performance of an enterprise. And in this essay, the researcher used the Tobin's Q value to measure the operating performance of a company. The results of this research showed that there is a high relevance between the size of the board of directors and the operation performance of an enterprise. However, the involving degree of a member of board of directors, the system of independent director, the system of independent supervisory board, the percentage of interest owned by a family are not found remarkable relevance. The percent of stock shares owned by members of board of directors or supervisory board leads a negative relevance to the accounting performance index (ROA). Key words：Corporate Governance、Construction Industry Operating Performance、Independent Director
