本研究以2004年至2013年間在台灣證券交易所股票上市公司與櫃台買賣中心上櫃公司的被借殼上市公司為研究對象，利用複迴歸分析，探討借殼上市、公司治理與公司經營績效的關係。 研究發現若以股東權益報酬率與資產報酬率衡量公司績效時，顯示借殼上市對公司經營績效沒有影響，而以股價與TobinQ值衡量公司經營績效時，則顯示借殼上市對公司經營績效有正向影響。 若以股東權益報酬率與資產報酬率衡量公司績效時，資訊揭露品質會干擾減少借殼上市對公司經營績效的影響，而經理人持股比例與董事會獨立性皆干擾增加借殼上市對公司經營績效的影響。然而，若以TobinQ值衡量公司經營績效時，內部董事比例會干擾減少借殼上市對公司經營績效的影響，而外部董事比例、董事會獨立性皆干擾增加借殼上市對公司經營績效的影響。因此，可見公司治理機制會干擾影響借殼上市對公司經營績效的影響，本研究結果可提供公司利害相關人訂定決策的參考。 This paper takes the backdoor listing companies in the Taiwan Stock Exchange and OTC from 2004 to 2013 as reseach objects. Multiple regression model is used to investigate the relationships among backdoor listing, corporate governance and business performance. As the business performances are measured by return of equity(ROE) and return of asset(ROA), backdoor listing does not affect the business performance. As the business performances are measured by stock price and TobinQ value, backdoor listing has a positive influence on the business performance. As the business performance measure by ROE and ROA, information disclosurequality decreases the effects of backdoor listing on the business performance, but managers holdings ratio and independence of director increase the effects of backdoor listing on the business performance. However, if the business performance is measure by TobinQ value, inside director ratio decreases the effects of backdoor listing of business performance, and outside director ratio and independence of director increase the effects of backdoor listing on the business performance. As a results, the corporate governance mechanisms affect the business performance after backdoor listing, and this results can make a reference to corporate stakeholders in making decision.