臺灣博碩士論文加值系統

本研究根據2013至2015年間臺灣證券交易所上市非金融產業公司的資料，檢驗公司董事會中下設之審計委員會的性別多樣性是否影響公司的績效與風險。已有相當多的既有研究探討公司董事會/高階管理階層性別多樣性的利益與成本，然而本研究基於公司董事會中審計委員應具專業性與客觀性並具監督公司財報與風險控管之重要職責，女性在文獻中被提及的多項特徵如相對保守、謹慎以及女性在公司高層組織內所產生的影響在審計委員會的運作中將更顯得重要。審計委員會性別多樣性是以是否具女性審計委員、女性審計委員人數以及女性審計委員比率進行衡量，而公司績效與風險則考量多個在既有研究中大量被採用的指標如資產報酬率以及股票報酬率波動性等。本研究透過相關分析與多元迴歸估計的結果發現，公司審計委員會的性別多樣性與公司經營績效呈現正相關，即審計委員會的女性參與程度愈高，公司審計委員會的性別多樣性程度愈高，公司的風險亦有降低的傾向。因此整體來說，本研究的實證結果的政策意涵是公司在聘用審計委員時應考慮將女性特質納入考慮，除了有助於公司治理機制的建立，對於公司績效與風險亦有正向影響。

Based on the data of 796 listed non-financial firms on the Taiwan Stock Exchange (TWSE) covering the period of 2013~2015, this paper examines the linkage between the degree of company’s audit committee gender diversity and corporate performance and risk. Company’s audit committee is composed of all independent director and its main function is independently and professionally managerial monitoring. Existing literature has mentioned that female director/top management tends to be more conservative, cautious and risk-averse, and existing studies have also shown that a more diversified board has lower probability of collusion between board and management. Therefore, higher gender diversity on audit committee is associated with better functioning in terms of greater corporate performance and lower risk. To measure gender diversity, this paper constructs binary, continued, and ratio measures. Company’s performance and risk indicators include returns on asset, returns on equity, Tobin’s Q, last-five-years volatility on returns on asset and returns on equity and several measures on annual stock returns volatility. Through descriptive statistics, correlation analysis and multiple regression estimation, empirical results generally shows that greater degree of gender diversity on audit committee is associated with better corporate performance and lower risk indicators which supports the view that increasing gender diversity has positive effect on company’s economic consequence.

目 錄
謝 誌 I
摘 要 II
ABSTRACT III
目錄 IV
圖表目錄 V
第壹章 緒論 1
第一節研究背景與動機 1
第二節研究目的 3
第三節研究架構與流程 4
第貳章 文獻探討 6
第一節審計委員的職責、資格條件與功能 6
第二節性別多樣性的利益與成本 9
第參章 研究變數與實證方法 13
第一節研究變數 13
第二節實證模型 21
第三節樣本與資料來源 23
第肆章 實證結果 24
第一節敘述統計量與相關分析 24
第二節迴歸估計結果 29
第伍章 結論與建議 37
第一節研究結論 37
第二節研究限制 39
參考文獻 40
【中文文獻】 40
【英文文獻】 41

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