本研究主要分析關係人交易、營運績效與企業價值之關聯性，並且加入公司治理作為調節變數，探討公司治理是否調節關係人交易、營運績效與企業價值之關係。先前關係人交易、營運績效與企業價值之研究，並無一致之結果，因此本研究將關係人交易對營運績效與企業價值之影響分為利益衝突觀點與效率交易觀點分別探討之。 本研究以台灣公開發行上市上櫃公司為研究樣本，樣本期間為2001年至2013年，並以固定效果迴歸進行分析。研究結果發現關係人銷售、關係人進貨、關係人融資與營運績效及企業價值呈現顯著正向影響，支持效率交易觀點，關係人保證、關係人借款與營運績效及企業價值呈現顯著負向影響，支持利益衝突觀點。最後，公司治理制度可以有效調節關係人進貨交易、營運績效與企業價值間之關係，保護股東權益並提升企業營運績效與企業價值。 This study analyzes the relationship between related party transaction, operating performance and firm value, and joins the corporate governance as a moderator, in order to empirically examine the moderating effect of corporate governance on the relationship between related party transaction, operating performance and firm value. There is no consistency result about the relationship between related party transaction, operating performance and firm value in previous studies. This study will classify related party transaction to the conflict of interest view and the efficient transaction view separately. In this study, the sample includes stock firms listed in Taiwan Stock Exchange and OTC from 2001 to 2013, and uses fixed effects regression. The results indicate that the relationship between related party sales, related party purchases, related party lending, operating performance and firm value has a significant positive correlation to support the efficient transaction view. The relationship between related party guarantees, related party borrowings, operating performance and firm value has a significant negative correlation to support the conflict of interest view. Finally, the results confirm an effectively moderating effect of corporate governance on the relationship between related party purchase transaction, operating performance and firm value, to protect shareholders'' interests and improve business performance.
