本研究以台灣上市櫃公司為研究對象，探討公司治理中資訊揭露如何影響公司市場表現，並進一步分析獨立董事制度與企業市場績效的關聯性，本文以 Tobin’s Q 衡量市場績效，採用 OLS 多元迴歸模型進行分析，並納入控制變數以提高解釋力。而本研究實證結果發現，自願揭露董事薪酬資訊的企業其市場績效顯著優於為揭露者，反映資訊透明度有助於降低代理問題，以提升企業價值。其次獨立董事薪酬與市場績效呈顯著正向關係，支持適當之薪酬誘因可強化董事履職動機與監督效果。然而，具會計背景之獨立董事比例則與市場績效呈顯著負向關係，與假說預期相左，可能反映公司治理效果仍受限於內部結構與控制特性。

This study examines listed companies in Taiwan to explore how information disclosure within corporate governance affects firm market performance. Specifically, it investigates the relationship between the independent director system and market performance, using Tobin’s Q as a proxy for market valuation. The analysis is conducted using an OLS multiple regression model with control variables to enhance explanatory power. The empirical results indicate that firms voluntarily disclosing director compensation information exhibit significantly better market performance compared to those that do not, suggesting that greater transparency helps mitigate agency problems and enhances firm value. Furthermore, independent director compensation is found to be positively associated with market performance, supporting the notion that appropriate incentive mechanisms can strengthen directors’ motivation and monitoring effectiveness. However, the proportion of independent directors with accounting backgrounds shows a significant negative relationship with market performance, contrary to the initial hypothesis. This may reflect the limitations of corporate governance effectiveness due to internal structural and control characteristics.

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