本研究探討關係人交易、公司治理與銀行利率之關聯性。根據我國財務會計準則公報第六號規定所揭露之相關關係人交易項目，以多元迴歸模型來解釋銀行在進行授信決策時，如何解讀企業財務報表中之關係人交易，以測試利益衝突假說。同時，為探求關係人交易與公司治理之關聯，將考量公司治理因素加入授信決策後，以多元迴歸模型解釋銀行對原關係人交易解讀是否產生改變。樣本取自於上市櫃公司，實證結果顯示關係人交易與銀行授信利率有顯著關係，且利益衝突假說成立。進一步探討後發現，當迴歸模型加入公司治理變數後，實證結果顯示公司治理變數對銀行授信利率有著非常顯著之影響，而關係人交易對銀行授信利率變成不顯著。

This study investigates the relationship between the related party transaction and loan interest rate before/after the consideration of corporate governance mechanism. We also explain the effect of related party transaction on interest rate based on the conflict of interest hypothesis. The sample consists of firms listed in Taiwan Stock Exchange and OTC firms. The result shows that the related party transaction has significant effect on loan interest rate. However, this effect disappears after considering the corporate governance.

中文文獻
中華民國會計研究發展基金會財務會計準則委員會，關係人交易之揭露，財務會
計準則公報第六號，1985。
證券曁期貨市場發展基金會，2005，台灣公司治理，證券曁期貨市場發展基金會。
葉國興、黃天麟，1998，銀行對企業授信規範，台北：財團法人金融人員研訓中心。
葉銀華、蘇裕惠、柯承恩、李德冠，2003，公司治理機制對於關係人交易的影響，
證券市場發展季刊，第15 卷第4 期：69-106。
葉銀華、李存修，2003，公司治理研究報告第 2 冊子計劃一：「健全台灣之公
司治理制度－從台灣出發」，社團法人中華公司治理協會。
葉銀華，2004，透視上市公司：聰明選股，遠離地雷，先覺出版社。
宋國恩，2010，會計資訊披露違規行為問題研究-基於2008和2009年度證監會
行政處罰決定書的實證分析，會計之友，第10期：頁30-31。
吳姮誼，1988，企業應用關係人交易從事盈餘管理之實證研究，私立東吳大學會計學研究所碩士論文。
謝文馨，1998，家族企業管治機制與盈餘管理之關連性研究，私立東吳大學會計
學研究所未出版碩士論文。
林家靜，2004，公司治理、盈餘管理與投資人報酬之關連性研究，國立政治大
學會計學研究所未出版碩士論文。
陳麗娟，2004，董事會組成、股權結構、關係人交易與企業績效關係之研究－以
紡織業及電子業為實證，國立成功大學高階管理碩士在職專班未出版碩士論
文。
黃秀姿，2005，自願設立獨立董事、關係人交易與公司價值關聯性之研究：代
理理論 vs. 訊號發射理論，私立大葉大學會計資訊研究所未出版碩士文。
陳鴻文，2005，公司治理與關係人交易及盈餘管理之關聯性研究，國立台灣大
學會計學研究所未出版碩士論文。

英文文獻
Ajinkya, B., S. Bhojraj and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43: 343-376.
Allen, M. and R. Hodgkinson. 1986. It’s what’s beyond the figures that really counts. Accountancy: 110-111.
Berle, A. A. and G. C. Means. 1932. The modern corporation and private property. New York, Commerce Clearing House, Loose leaf service division of the Corporation Trust Company.
Bushman, R. M. and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32: 181-235.
Botosan, C. A. and M. Plumlee. 2002. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40: 21-40.
Catherine M. D. and D. R. Dalton. 2006. Related party transactions: Too close for shareholders' comfort. Journal of Business Strategy 27: 5-7.
Cheung, Y., P. R. Rau, and A. Stouraitis. 2006. Tunneling, propping and expropriation: Evidence from connected party transactions in Hong Kong. Journal of Financial Economics 82 (2): 343–386.
Chong, S., and G. Dean. 1985. Related party transactions: A preliminary evaluation of SFAS 57 and IAS 24 using four case studies. Abacus: 84-100.
Elizabeth A. G, E. Henry, T. J. Louwers, and B. J. Reed. 2007. Auditing related party transactions: A literature overview and research synthesis. Accounting Horizons 21: 1-26.
Fama, E. F., and M. N. Jensen. 1983. Separation of ownership and control. Journal of Law and Economies 26: 301-325.
Gottschalk, E. C., Jr. 1993. Revolutionary proxies: Read them and reap. The Wall Street Journal. 142-155.
Gordon, E., E. Henry, and D. Palia. 2003. Related party transactions: Associations with corporate governance and firm value. Working paper, Rutgers University.
Gordon, E., E. Henry. 2005. Related party transactions and earnings management. Working paper, Rutgers University.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
Johnson, S., P. Boone, A. Breach, and E. Friedman. 1999. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58: 141-186.
Kahle, K. M., and K. Shastri. 2004. Executive loans. Journal of Financial and
Quantitative Analysis 39 (4): 791-811.
Karamanou, I. and N. Vafeas. 2005. The association between corporate boards,
audit committees, and management earnings forecasts. Journal of Accounting Research 43 (3): 453-486.
Kohlbeck, M. J., and B. W. Mayhew. 2004a. Related party transactions. Working paper, University of Wisconsin.
Kohlbeck, M. J., and B. W. Mayhew. 2004b. Agency costs, contracting, and related party transactions. Working paper, University of Wisconsin.
Liu. G. S. and P. Sun. 2005. The class of shareholdings and its impacts on corporate performance: A case of state shareholding composition in Chinese public corporations. Corporate Governance 13: 46-59.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 2000. Investor protection and corporate governance. Journal of Financial Economics 58: 3-27.
La Porta, R., F. Lopez-de-Silanes, and G. Zamarripa. 2003. Related lending. The
Quarterly Journal of Economics 118 (February): 231–268.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 2006. What works in securities
laws? The Journal of Finance 61 (1): 1–32.
Ronald C. A., S. A. Mansi, and D. M. Reeb. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting & Economics 37: 315-342。
Sengupata, P. 1998. Corporate disclosure quality and the cost of debt. Account Review 73: 459-474.
Tung, Y. A., and J. R. Marsden. 2000. Trading volumes with and without private information: A study using computerized market experiments. Journal of Management Information Systems 17: 31-57.