本研究以臺灣38家紡織成衣上市公司為樣本，探討2014年至2024年間公司治理與美國總體經濟指標對紡織成衣企業營收之影響。研究方法採縱橫資料（Panel Data）分析，運用普通最小平方法（Ordinary Least Squares，OLS）、固定效果模型（Fixed Effects Model，FE）與隨機效果模型（Random Effects Model，RE）進行估計，並經Hausman檢定選定固定效果模型為主要模型，再以動態固定效果模型及二階段最小平方法（Two-Stage Least Squares，2SLS）進行穩健性檢驗。
研究結果顯示，營收落後一期變數對紡織成衣企業營收呈現顯著正向影響，顯示臺灣紡織成衣產業營收具有高度持續性與路徑依賴特徵，且企業當期營收深受前期營運基礎的影響。美國經濟指標變數中，研究期間美國失業率對紡織成衣企業營收呈現顯著正向影響，此發現一方面可能為經濟低迷時期引發之「替代效應」進而帶動市場對平價機能服飾之需求，另一方面，這也可能顯示，在疫情期間，紡織成衣業者透過垂直整合能力進行生產轉型（口罩、防護衣），在市場需求結構劇烈波動時，展現出高度的生產彈性與風險緩衝能力。此外，新臺幣兌美元匯率對紡織成衣企業營收呈現顯著負向影響，顯示新臺幣貶值未必有利於企業營收成長，可能受到原料進口成本上升及報價轉嫁困難所致。在公司治理變數方面，董事長兼任總經理及董監持股比例過高，可能對紡織成衣企業營收產生負向影響，意味著權力過度集中往往會削弱決策彈性與取得外部資源的能力。
綜上所述，臺灣紡織成衣上市公司營收表現，係內部公司治理與外部總體經濟環境共同作用之結果。企業若能不斷優化其治理結構、提升研發能力並發展高附加價值產品，將有助於提升競爭力與未來營收成長動能。

This study examines the impacts of corporate governance mechanisms and U.S. macroeconomic indicators on the revenues of 38 listed textile and garment companies in Taiwan from 2014 to 2024. Utilizing panel data analysis, the study employs Ordinary Least Squares (OLS), the Fixed Effects Model (FE), and the Random Effects Model (RE) for estimation. Based on the Hausman test, the Fixed Effects Model was selected as the primary empirical model. Furthermore, the Dynamic Fixed Effects Model and Two-Stage Least Squares (2SLS) are applied to conduct robustness checks, thereby enhancing the validity and credibility of the empirical findings.
The empirical results reveal that the one-period lagged revenue variable exhibits a highly significant positive impact on the revenue of textile and garment enterprises, demonstrating that the revenue of Taiwan's textile and garment industry possesses high persistence and distinctive path-dependent characteristics, with current performance deeply rooted in prior operational foundations. Among the U.S. macroeconomic indicators, the U.S. unemployment rate presents a significant positive impact on the revenue of textile and garment firms during the research period. On one hand, this finding potentially reflects the "substitution effect" triggered during economic contractions, which subsequently stimulates market demand for affordable and value-for-money functional sportswear. On the other hand, it may indicate that during the pandemic, textile and garment manufacturers utilized their vertical integration capabilities to execute production pivots (toward medical masks and protective suits), demonstrating substantial manufacturing flexibility and risk-buffering capacity amid severe fluctuations in the market demand structure. In addition, the TWD/USD exchange rate shows a significant negative correlation with the revenue of textile and garment enterprises, suggesting that a depreciation of the New Taiwan Dollar does not necessarily benefit revenue growth, which is likely driven by rising import costs for raw materials and difficulties in passing these costs onto customers through pricing. Regarding corporate governance variables, CEO duality and an excessively high ratio of board ownership concentration may impose a negative impact on the revenue of textile and garment enterprises, implying that over-centralization of power tends to diminish decision-making flexibility and the capacity to acquire external resources.
In conclusion, the revenue performance of Taiwan's listed textile and garment companies is the joint outcome of internal corporate governance and the external macroeconomic environment. To fortify competitiveness and sustain future revenue growth momentum, it is recommended that enterprises continuously optimize their governance structures, enhance R&D capabilities, and accelerate the transition toward high-value-added products.

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