臺灣政府機關近年來開始積極重視且計畫性地改善我國公司治理(corporate governance)環境，因我國企業大多以中小企業且以家族企業為主，部分公司董事及監察人由家族成員擔任之情形，形成股權集中於公司創立人員之情形亦相當普遍，又因上、市櫃公司其資金來源包含大、小股東，因此政府機關透過設立相關法令，希望能夠降低公司發生異常或不法事件的機率並減少代理問題的發生，本文章探討政府多年來藉由修訂法令，積極推動國內上市櫃公司設置獨立董事與審計委員會之制度，其實施成效結果如何。
本文利用臺灣獨一無二的準自然實驗環境(quasi-natural experiment)並將階段性的修訂強制設立獨立董事與審計委員會法令的門檻視為外部衝擊(exogenous shock)，使我們可以用來檢驗其政策效果並探討因果關係(causality)。採用台灣上市櫃公司資料，短期以事件研究法(event study)，結果發現只有在獨立董事門檻一百億時，遭受強制規範的公司呈現正向顯著的異常報酬，長期以追蹤資料(panel data)進行雙重差分法(difference in difference)，迴歸結果得出以下兩點結論，一，強制性設立獨立董事與審計委員會法令與改善公司治理與財務績效之因果關係；二，透過降低門檻的階段性的法令修正可以有效達到政策上的效果。

In recent years, Taiwan government agencies have begun to focus on improving our corporate governance environment aggressively. Since most of Taiwanese companies are small and medium enterprises and most of them are family-owned enterprises. The directors and supervisors are commonly held by family members becoming an ownership-concentrated phenomenon. Because the fund sources include majority and minority shareholders, the government want to reduce the probabilities of unusual or illegal events and the decrease the agency problems through the amendment of relevant laws and regulations. This article contributes the result of the government's efforts to promote the amendment of independent directors and audit committees on Taiwanese listed and OTC companies through amendments to the law over the years.
This article exploits the quasi-natural experiment in Taiwan and the threshold amendments step by step for mandatory establishment of independent directors and audit committee so that we can examine its policy effects and causality. The sample includes publicly listed and OTC non-financial companies. The empirical findings of event studies show that only under 10 billion threshold, the companies have positive and abnormal returns in short term. Also, we exploit difference in differencemethod based on panel data to observe the long term period. The regression results lead to two conclusions(1) the causality between mandatory establishment of independent directors and audit committee amendments and improving corporate governance and financial performance(2) the policy effect can be effectively achieved by reducing the threshold step by step.

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