美国Enron案发生后,为维护资本市场安定与保护投资大众,各国均致力提倡公司治理,如强化董监结构、股权结构与提升透明度等。然而,在主管机关与公司管理当局均认为企业公司治理机制已有显著的强化后,台湾企业诸如博达、讯碟等公司仍然持续爆发弊案。因此,治理政策是否确实落实执行于各企业,值得深入探讨。因此,本研究拟以财务危机公司的公司治理机制及其影响为探讨重点。首先了解公司爆发财务危机前的公司治理运作情形,进而讨论在发生财务危机后,采用各项公司治理机制是否对提升公司财务状况有所帮助,提供主管机关及投资人决策之分析。实证结果显示,董监事持股,控制股东担任董事监察人、专业经理人担任董事席位数、董事会规模这三项皆可做为投资人投资公司的参考,及财务危机公司是否能转危为安的判断依据。 After the Enron case in the United States, all countries are devoted to promoting corporate governance in order to safeguard the stability and protection of capital markets and invest in the public. For example, it is necessary to strengthen the structure of directors and supervisors, shareholding structure and increase transparency. However, after the competent authorities and the management of the enterprises all considered that the corporate governance mechanism of the enterprises had been significantly strengthened, the companies in Taiwan such as Bardon and Information Discs continued to emit some malpractices. Therefore, it is worth discussing whether the governance policies are actually implemented in various enterprises. Therefore, this study intends to focus on the financial crisis corporate governance mechanism and its impact. First of all, we should understand the operation of corporate governance prior to the outbreak of the financial crisis and then discuss whether the adoption of various corporate governance mechanisms can help to improve the financial position of the company after the financial crisis and provide an analysis of the decisions made by the competent authorities and investors. The empirical results show that the three directors holding shares, controlling shareholders as director supervisors and professional managers as the number of directors and the size of the board of directors can all be used as references for investors to invest in the company, and whether the financial crisis can turn the corner into danger .