本研究以台灣被動元件產業為對象，探討資本結構、公司治理評鑑與當期調整除息權後的股價報酬率之關係。研究期間為第一屆公司治理評鑑2014年起至2022年共八屆。本文考慮負債比率與股價報酬率的非線性關係，並以縱橫多元迴歸模型進行統計分析。結果顯示被動元件產業股價報酬率與負債比率呈現倒U型之凹函數關係，最適負債比率為37.03%，與公司治理評鑑為負相關。另以市值台幣五十億區分大小公司組，結果顯示在大公司組，股價報酬率與負債比率呈現倒U型之凹函數關係，最適負債比為39.82%，與公司治理評鑑無顯著相關 ; 在小公司組，股價報酬率與負債比率無關，與公司治理評鑑為負相關。另以公司治理評鑑級距50%分前後組，在前50%組，股價報酬率與負債比率為倒U型之凹函數關係，最適負債比為38.85%，股價報酬率與公司治理評鑑無關；在後50%組，股價報酬率與負債比率無關，與公司治理評鑑為負相關。;This study takes Taiwan′s passive component industry as an object, and explores the relationship between capital structure, corporate governance evaluation and the current stock price return after adjusting the ex-dividend rights. The research period is eight sessions from the first corporate governance evaluation from 2014 to 2022. This paper considers the non-linear relationship between the debt ratio and the stock price return rate, and conducts statistical analysis with the panel multiple regression model. The results show that the return on share price and the debt ratio of the passive component industry present an inverted U-shaped concave function relationship, and the optimal debt ratio is 37.03%, which is negatively correlated with corporate governance evaluation. In addition, the market value of NT$5 billion was used to distinguish large and small company groups. The results showed that in the large company group, the stock price return rate and debt ratio showed an inverted U-shaped concave function relationship, and the optimal debt ratio was 39.82%, which had no significant correlation with corporate governance evaluation; In the small company group, the return on stock price has nothing to do with the debt ratio, and is negatively correlated with corporate governance evaluation. In addition, the 50% corporate governance evaluation grade is divided into front and rear groups. In the top 50% group, the relationship between stock price return rate and debt ratio is an inverted U-shaped concave function. The optimal debt ratio is 38.85%. The stock price return rate and corporate governance evaluation In the latter 50% group, stock price return has nothing to do with debt ratio, and is negatively correlated with corporate governance evaluation.
