本研究之動機起於麥肯錫顧問公司的調查報告，報告中提到，若企業有良好的公司治理制度，投資者願意支付多一些以持有該公司股票。本研究從公司治理和產業前景兩個角度切入，並參考國內外文獻選出四個代表性的公司治理變數以及從國內券商和金融商情機構所公開之產業研究報告中，建立產業景氣循環相對位置之虛擬變數，目的是量化質性的報告，期望能理出一條脈絡。 根據本研究實証結果可知，就公司治理變數方面，僅有代表資訊揭露品質的指標即”是否有發行海外存託憑證”，此變數與股價溢酬關係為正向且顯著。因此，當我們還在對財務報表的會計師查核簽證感到質疑之時，或是証期會尚未將上市櫃資訊評鑑工作步入正軌之時，本研究所採用之海外存託憑證變數，似乎是現階段可供參考且實用的代表指標；至於所選用之其他公司治理變數，不論董監持股、管理者持股或是否設有獨立董監，都對股價溢酬的影響顯得關係不大，也呼應了行政院對証交法關於獨立董監的設立，採日本以鼓勵自願的做法而非強迫。 就產業前景而言，預測本來就是一件很不容易的工作，更何況是瞬息萬變的高科技產業，由本研究得出的結論恰好與反市場心理法則不謀而合，或許是分析師錯把許多數據指標誤認為是領先指標，並依此對未來前景做預測；但也有可能是現今的投資者都非常的精明，善用反市場心理法則來投資操作，姑且不論問題是出在分析師或是聰明的投資者，但根據本研究，至少發現對兩兆產業而言，若是將產業研究報告建議當作投資的唯一圭臬，似乎並不是明智之舉。 / The motivation of the thesis origin from the reports of McKinsey consulting company. According to the reports that institutional investors would willing to pay premium to hold the stock if the company build up well corporate governance institutions. The thesis decide to incise from corporate governance and industry foresight, and then find four representative variables of corporate governance and constitute dummy variables of industry recycle position. The aim is trying to understand which variable would affect premium through earnings-transmitting effect. Based on the empirical results, with view of corporate governance, the quality of information transparency (whether issue deposit receipt or not) is positive and significant to premium. Consequently it seems to be a practical index when we get confused to the reality of financial reports, moreover, the other variables about corporate governance are nonsignificant including the holding of director and supervisor、the managerial holding or whether constitute the independent director and supervisor. The conclusions about whether constitute independent director and supervisor consist with the act of government which considers that modifying direction of the security law is free to choose instead of forcing every company to do so. With the view of industry foresight, it’s not a piece of cake to predict how it’s going in the future. According to the results that psychological rule of anti-market seems to be a usable method. Keywords：Corporate Governance、industry foresight、industry analysis