過去的文獻顯示企業對於投資人關係的投入，主要目的不若是為了降低營運資金成本並創造企業價值，以符合投資人的期望。隨著國內外重大舞弊案發生，投資人保護的呼聲也愈來愈高，一再都顯示資訊揭露、公司治理等投資人關係活動的重要性。然而國內、外對企業投資人關係與企業價值及績效之關聯性研究卻付之如闕。故在「保護股東權益」及「減少資訊不對稱」的觀念下，本研究探討企業投資人關係與企業價值及績效之關聯性，是否企業對投資人關係投入較多的努力，其企業價值愈大，績效愈佳。本研究利用問卷調查，瞭解券商及一般投資大眾對於資訊揭露、公司治理及程序執行之認知程度，以取得權重。再對上市資訊電子產業年報、議事手冊資料中的揭露進行內容分析，並對公司治理的構面加以評分。最後，以評分結果進行迴歸分析。研究期間涵括民國90年至92年，共510個觀察值。結果顯示投資人關係之資訊揭露程度及公司治理評等良窳與企業價值及績效呈顯著正相關。

The purposes for Investor Relation (IR) are to decrease cost of capital and maximize business value then conform investors’ expectation. Especially after the occurrence of many financial abuse cases, people begin to consider IR more seriously. Such phenomenon show that the importance of IR, especially to business operations. However, many researches merely investigate how businesses perform IR activities rather than understand the real contents of IR. Under the guidance of “retain stockholder equity” and “reduce information asymmetry”, this paper first analyzes the three contents of IR－information transparency, corporate governance and process performing. Then we score business IR maintenance by using data from public information and samples from investors. Finally, an empirical study is performed to test the relationship between business IR scores and business operation performance. The research period is from year 2001 to 2003. Our results support that businesses with better IR have greater value and better performance.

目  錄
第壹章 緒論	1
第一節 研究動機	1
第二節 研究目的	5
第三節 研究流程	7
第四節 論文架構	8
第貳章 文獻探討	9
第一節 投資人關係	9
第二節 公司治理	22
第三節 相關實証研究	34
第參章 研究方法	40
第一節 研究架構	40
第二節 研究假說	42
第三節 變數操作型定義	46
第四節 研究設計	55
第五節 問卷設計	58
第肆章 實證結果與分析	59
第一節 信效度檢驗	59
第二節 內容分析	63
第三節 敘述性統計分析	65
第四節 迴歸分析	66
第五節 資訊揭露程度分析	71
第伍章 結論、建議與研究限制	73
第一節 結論	73
第二節 建議與研究限制	75

參考文獻	76
附錄一 問卷	89

圖目錄
圖1.3.1  研究流程圖	7
圖2.1.1  投資人忠誠度階梯	10
圖2.2.1  世界銀行公司治理架構	24
圖3.1.1  研究架構	40

表目錄
表2.1.1  投資人關係定義	12
表2.1.2  投資人關係相關研究	15
表2.1.3  投資人關係目的	18
表2.2.1  資訊揭露相關研究	28
表2.2.2  資訊揭露內容	31
表3.3.1  投資人想取得的資訊	47
表3.3.2  公司治理衡量指標	48
表3.3.3  變數衡量彙總表	54
表4.1.1  投資人關係評分要素之內部一致性	59
表4.1.2  投資人關係資訊層面轉軸後的成分矩陣	60
表4.1.3  公司治理資訊層面成分矩陣	61
表4.1.4  程序執行資訊層面成分矩陣	62
表4.2.1  投資人關係資訊揭露與程序執行揭露程度（510個觀察值）	63
表4.3.1  樣本變數之敘述統計量	65
表4.4.1  SPEARMAN相關係數	66
表4.4.5  以ROE為經營績效之迴歸分析	70
表4.5.1  高低投資人關係資訊揭露程度企業（模式一）	71
表4.5.2  高低投資人關係資訊揭露程度企業（模式二）	72

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