本研究主要是探討財務表現會增強公司治理對公司績效的影響，並一併探討公司治理是否也會增強財務表現對公司治理的影響。在本文中，公司治理變數採用董監事持股與董監事質押此二變數，財報變數為負債比率、資產周轉率及淨利率此三變數。並獲致以下重要發現：其一、董監事持股確實能夠增強資產周轉率與淨利率對公司績效的影響，而董監事質押則會削弱資產周轉率對公司績效的影響。其二、負債比率反而不會增強董監事質押對公司績效負面影響，亦為兩者並存其負面影響反而會削弱，因為加劇可能無法讓公司在資本市場上存活。其三、資產周轉率會增強董監事持股對公司績效的影響，此亦說明資產管理能力與公司治理的正向循環的作用。 This study is to explore whether financial performance would enhance corporate governance on firm performance as well as whether corporate governance would enhance financial performance on firm performance. In this study, we select director holding ratio and director pledge ratio as corporate governance variables as well as the debt ratio, asset turnover ratio, and net profit ratio as financial performance variables, and then derive the following findings. First, director holding ratio would enhance asset turnover ratio and net profit ratio on firm performance, but director pledge ratio would weaken asset turnover ratio on firm performance. Second, debt ratio, on the contrary, would not weaken directors pledge ratio on firm performance; otherwise, the firms might not be able to survive in the capital market. Third, asset turnover ratio and net profit ratio would enhance director holding ratio on firm performance, indicating that asset management ability and corporate governance would have positive cycle effect.