本研究主要探討股權結構與公司績效之關連性是否因為資訊揭露評鑑制度的實施與評鑑結果而有所不同。過去文獻皆有探討股權結構對公司績效的影響，而未加入近年來所實施的資訊揭露評鑑制度當作參考變數，所以本研究將資訊揭露評鑑制度加入模型以分析公司股權結構對公司績效的影響。本研究將評鑑結果主要分為資訊透明度與是否為自願性揭露者進行分析，實證結果指出，單獨檢視大股東持股比率、外資法人持股比率與董監事持股比率皆與公司績效呈正向關係，但資訊揭露評鑑制度實施後、評鑑為較透明者，其大股東持股比率與公司績效之關連性由正向關係轉為負向關係，董監事持股比率與公司績效之正向關係相較於實施前與實施後評鑑為較不透明者較不強烈。資訊揭露評鑑制度實施後、評鑑為自願性揭露者，其董監事持股比率與公司績效之正向關係相較於實施前與實施後未評鑑為自願性揭露者較不強烈。

This study is to examine relation between ownership structure and corporate performance, and relation if change by information disclosure and evaluation system implementation and evaluate result. Prior literature had examined effect of ownership structure on corporate performance, but not to examine information disclosure and evaluation system as an influencing factor. This study analysis relation between ownership structure and corporate performance when information disclosure and evaluation system implementation. This study analysis evaluate result and to divide information transparency and voluntary disclosure. Empirical result indicate that only examine effect of the shareholding ratios by major shareholders, board members and foreign investors on corporate performance is positive, but after the implementation of the system, the relation between shareholding ratios by major shareholders and corporate performance change to negative in more transparent companies, the positive relation between shareholding ratios by board members and corporate performance is weaker. After the implementation of the system, the positive relation between shareholding ratios by board members and corporate performance in voluntary disclosure companies is weaker than before the implementation of the system or not voluntary disclosure companies.