本文探討台灣IC產業之公司治理對廠商技術效率及企業成長間之關係。文中以隨機邊界生產函數(stochastic frontier production function)衡量廠商之技術效率，並以Tobin’s Q衡量企業之成長性。本研究之實證結果如下：(1)非獨立董事人數、董事長兼任總經理及董監質押比率與廠商技術效率呈現正向關係。(2)其他機構法人持股比率及經理人持股比率與廠商技術效率呈現負向關係。(3)政府機構持股比率、信託基金法人持股比率、董監事持股比率及獨立董事人數與長期成長性呈現正向關係。(4)金融機構持股比率、監察人規模及董事長兼任總經理與Tobin’s Q呈現負向關係。(5)獨立董事席位占總董事席位比率與技術效率呈現負向關係，但與Tobin’s Q呈現正向關係。(6)公司治理總指標對於技術效率有負面之影響。(7)公司治理結構對台灣IC產業之成長性(Tobin’s Q)沒有太大的影響，但公司治理結構相對不利於台灣IC產業之技術效率。 The purpose of this paper is to analyze the impact of corporate governance on technical efficiency and enterprise growth. We use stochastic frontier production function to derive technical efficiency and use Tobin’s Q to measure the growth of enterprises. Seven empirical results are observed as below: (1) Inside directors, CEO duality, and hypothecated rate have the positive relationship with technical efficiency. (2) The percentage of stock owned by other institutions and managers have the negative relationship with technical efficiency. (3) The percentage of stock owned by government, mutual fund, and directors and supervisors, and independent directors have the positive relationship with enterprise growth. (4) The percentage of stock owned by financial institutions, supervisor size, and CEO duality have the negative relationship with Tobin’s Q. (5) Independent directors over total directors have a negative relationship with technical efficiency, but have a positive relationship with Tobin’s Q. (6) The total index of corporate governance has a negative impact on technical efficiency. (7) Corporate governance structure has no effect on the growth of the Taiwanese IC industry, but it is unfavorable to the technical efficiency of the Taiwanese IC industry.
