本研究主要分析關係人交易、營運績效與企業價值之關聯性，並且加入公司治理作為調節變數，探討公司治理是否調節關係人交易、營運績效與企業價值之關係。先前關係人交易、營運績效與企業價值之研究，並無一致之結果，因此本研究將關係人交易對營運績效與企業價值之影響分為利益衝突觀點與效率交易觀點分別探討之。
    本研究以台灣公開發行上市上櫃公司為研究樣本，樣本期間為2001年至2013年，並以固定效果迴歸進行分析。研究結果發現關係人銷售、關係人進貨、關係人融資與營運績效及企業價值呈現顯著正向影響，支持效率交易觀點，關係人保證、關係人借款與營運績效及企業價值呈現顯著負向影響，支持利益衝突觀點。最後，公司治理制度可以有效調節關係人進貨交易、營運績效與企業價值間之關係，保護股東權益並提升企業營運績效與企業價值。

This study analyzes the relationship between related party transaction,  operating performance and firm value, and joins the corporate governance as a moderator, in order to empirically examine the moderating effect of corporate governance on the relationship between related party transaction,   operating performance and firm value. There is no consistency result about the relationship between related party transaction, operating performance and firm value in previous studies. This study will classify related party transaction to the conflict of interest view and the efficient transaction view separately.
    In this study, the sample includes stock firms listed in Taiwan Stock Exchange and OTC from 2001 to 2013, and uses fixed effects regression. The results indicate that the relationship between related party sales, related party purchases, related party lending, operating performance and firm value has a significant positive correlation to support the efficient transaction view. The relationship between related party guarantees, related party borrowings, operating performance and firm value has a significant negative correlation to support the conflict of interest view. Finally, the results confirm an effectively moderating effect of corporate governance on the relationship between related party purchase transaction, operating performance and firm value, to protect shareholders' interests and improve business performance.

第壹章	緒論	1
第一節	研究背景與動機	1
第二節	研究目的	3
第三節	研究流程	4
第貳章	文獻探討與假說	6
第一節	關係人交易	6
一、	關係人交易	6
二、	關係人交易衡量	7
三、	關係人銷貨與關係人進貨	11
四、	關係人借貸與關係人保證	12
五、	關係人交易與企業價值	13
第二節	公司治理	14
一、	公司治理定義	14
二、	代理理論	15
三、	公司治理機制	16
四、	公司治理評等	18
五、	公司治理、關係人交易與企業價值	21
第參章	研究方法	23
第一節	研究架構圖	23
第二節	研究假說	23
第三節	資料來源與樣本選取	27
第四節	實證模型	27
一、	異常關係人交易模型	27
二、	關係人交易、公司治理與營運績效、企業價值之迴歸模型	28
三、	變數定義	31
第肆章	實證分析	35
第一節	敘述性分析	35
第二節	實證結果與分析	39
一、	關係人交易與營運績效	39
二、	關係人交易與企業價值	45
三、	關係人交易與營運績效之關係:公司治理的調節效果	51
四、	關係人交易與企業價值之關係:公司治理的調節效果	56
第伍章	結論與建議	62
第一節	研究結論	62
第二節	研究貢獻	64
第三節	研究限制與建議	64
參考文獻	65
表 2 1：關係人交易類型	10
表 4 1：敘述統計	37
表 4 2：相關係數	38
表 4 3：關係人交易與營運績效-原始金額	42
表 4 4：關係人交易與營運績效-異常關係人交易	43
表 4 5：關係人交易與營運績效-產業調整	44
表 4 6：關係人交易與企業價值-原始金額	48
表 4 7：關係人交易與企業價值-異常關係人交易	49
表 4 8：關係人交易與企業價值-產業調整	50
表 4 9：關係人交易與營運績效之關係:公司治理的調節效果-原始金額	53
表 4 10：關係人交易與營運績效之關係:公司治理的調節效果-異常關係人	54
表 4 11：關係人交易與營運績效之關係:公司治理的調節效果-產業調整	55
表 4 12：關係人交易與企業價值之關係:公司治理的調節效果-原始金額	58
表 4 13：關係人交易與企業價值之關係:公司治理的調節效果-異常關係人	59
表 4 14：關係人交易與企業價值之關係:公司治理的調節效果-產業調整	60
表 4 15 關係人交易實證結果彙整表	61
表 4 16 公司治理調節效果實證結果彙整表	61

圖 1 1：研究流程圖	5
圖 2 1：公司治理機制	16
圖 2 2：公司治理制度評量構面	19
圖 2 3：公司治理制度評量流程	20
圖 3 1：研究架構圖	23

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