根據過去國外文獻可以發現，在股東權利較低的公司其女性董事比例與公司績效之間具有正向的關係。本文則以投資決策的角度切入，透過OLS(一般最小平方法)、TSLS(兩階段最小平方法)以及GMM(一般動差估計法)三種迴歸模型，探討我國上市櫃公司之女性董監事比例對投資決策與公司績效的關聯性。實證結果顯示，我國上市櫃公司之董事會女性組成比例對於公司績效的影響，在我國並未存在有正向的提升效果。但在公司治理程度較不佳之公司，其女性董監事比例越高會相較於公司治理程度佳之公司具有顯著較佳之公司績效表現，亦即是女性董監事所執掌之監督角色進一步發揮作用，使得公司績效越佳。而在本研究中，並無法證實女性董監事對於投資決策之影響具有正向結果，女性董監事比例在有形的資產支出或是無形的研發支出上皆不具有正向提升公司績效之效果。

According to previous literature, it was found that company with lower shareholder rights, the female directors’ fraction has a positive effect on corporate performance. This paper added investment decisions, and to examine the relationship among the female directors’ fraction, investment decisions and corporate performance. Empirical results indicate that female directors don’t have impact on corporate performance. However, via female directors’ supervision, it can develop a positive impact on corporate performance in companies with weaker governance. Besides, we do not have supportive evidence claiming female directors’ fraction has a positive impact on investment decisions in our study. We find female directors’ fraction toward tangible or intangible assets has no positive effects on improving corporate performance.

目　錄
謝詞 I
中文論文提要 II
英文論文提要 III
目　錄 IV
表　次 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與貢獻 3
第三節 研究架構 3

第二章 文獻回顧 5
第一節 性別與行為差異 5
第二節 董事會成員性別平衡程度對公司治理 6
以及公司績效之影響 6
第三節 投資決策對公司績效之影響 7

第三章 研究方法 9
第一節 假說之建立 9
第二節 樣本選取與資料來源 10
第三節 變數定義和迴歸模式 10

第四章 實證結果 23
第一節 t檢定 23
第二節 變數之敘述統計結果 24
第三節 相關係數 25
第四節 董事會女性董監事比例與公司績效之實證結果 28
第五節 董事會女性董監事比例對公司投資與公司績效之實證結果 34
第六節 董事會女性董監事比例對資本支出、研發支出 39
與公司績效之實證結果 39
第七節 穩健度檢定 44

第五章 結論 45
第一節 結論 45
第二節 研究建議 46

參考文獻 47

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