本文嘗試納入代理成本之中介效果，以 LISREL 方法分析公司治理對企業績效的影響。本文先驗證「公司治理對績效」與「公司治理對代理成本」的直接影響關係，結果顯示公司治理與企業績效呈正相關，而公司治理則與代理成本呈負相關，與預期相符。在納入代理成本為中介變數後，公司治理能有效控制代理成本進而提升績效，顯示代理成本對於「公司治理影響績效」具有部份中介的效果。亦即，公司治理能有效降低代理成本，進而對績效有所提升，顯示降低代理問題是公司治理提升績效之重要途徑。本文在以下三方面對於「公司治理影響績效」文獻具有貢獻：(1)點出代理成本在其中扮演關鍵的中介角色; (2) 支持治理機制同時存在興利與除弊的功能; (3) 在相關議題上提供未來可能的研究方向。

This is the first study on the mediating effect of agency costs on the association between corporate governance and firm performance. In the LISREL setting, we first examine the direct effect of governance on firm performance and agency costs. The results indicate a positive (negative) correlation between govemance and firrn perforrnance (agency costs). We further inc1ude agency costs as a mediating variable; the results show that govemance is negatively correlated with agency costs at a conservative level, whereas the impact of govemance on firrn perforrnance remains significantly positive. This evidence indicates that agency costs play a partial interrnediary role in the relationship between govemance and firrn perforrnance. Specifically, decreasing agency costs is an important way for govemance to improve firrn perforrnance. This paper contributes to the literature on the association between govemance and firrn perforrnance by: (1) identi ing the mediating effect of agency costs, (2) highlighting both the beneficial and maladministration-mitigating roles of govemance, and (3) initiating a new research aspect for related topics.

公司治理、代理成本、公司績效、中介效果

Corporate govemance, Agency costs, Corporate perforrnance, Mediating effect