臺灣博碩士論文加值系統

本文根據2011~2014年間臺灣證券交易所786家上市公司的資料，檢驗公司董事會的多樣性(Board Diversity)與公司風險的關聯性，其中關於董事會多樣性，本文除考慮既有研究所提及的董事性別之多樣性外，更包括董事成員的年資、學歷、忙碌性(兼任其他職的職位數)、財務/會計/法務專長之比例、獨立性，建構一個考量更多元的董事會多樣性指標。公司風險指標則採用公司會計績效指標的波動性以及股票市場表現的波動性等九個指標作為代理變數。
董事的主要功能在於提供管理咨詢與監督並提供其外部資源，當一家公司的董事會成員的多樣性程度愈高，董事會效能的發揮程度也應有較高的傾向，提高管理決策品質進而改善公司績效或降低公司風險。然而董事會的多樣性也有可能在董事成員的背景、專業與其他屬性有所不同而使決議達成不易甚或降低決策品質進而有損績效或提高公司風險。本文的統計方法包括敘述統計分析、相關分析與多重迴歸分析。主要實證結果發現，公司董事會的多樣性程度愈高，公司的風險是顯著較高的，反應在較大的股票市場波動性上。

Based on data of 786 listed nonfinancial firms on Taiwan Stock Exchange (TWSE) covering the period of 2011~2014, this thesis examines the linkage between the degree of board diversity and corporate risk indicators. To construct a more comprehensive board diversity index, in addition to board member gender diversity, other dimensions such as board member tenure, level of education, board busyness (multiple job-holdings), proportion of board member with professionals on finance/law/accounting and board independence are incorporated. Existing literature has indicated that main functions of board are managerial advising, managerial monitoring (Fama, 1980) and providing external resource. While a board room with greater degree of diversity tends to have divergent background, accumulated reputation, management knowledge and experience as well as tangible/intangible resources to promote advising and monitoring which in turn improve performance/reduce risk, diversified board may suffer from less consensus, conflict of interests and communication difficulties which in turns deteriorates the performance and fosters higher risk. Based on multiple regression estimation, empirical result generally shows that greater degree of board member diversity is associated with higher corporate risk in terms of higher volatility of firm’s stock returns and market risk. The evidence supports the view that cost of board diversity is greater than its benefit.

目 錄
中文摘要...............................................I
ABSTRACT..............................................II
目錄..................................................III
圖表目錄...............................................IV
第壹章 緒論.............................................1
第一節 研究背景與動機....................................1
第二節 研究目的..........................................7
第三節 研究架構與流程....................................8
第貳章 文獻回顧.........................................9
第一節 董事會重要性與其功能...............................9
第二節 董事會多樣性理論回顧….............................11
第三節 公司風險…........................................16
第參章 樣本、變數與實證模型..............................19
第一節 變數衡量.........................................19
第二節 樣本選取與樣本期間……..............................34
第三節 實證模型.........................................35
第肆章 實證結果分析.....................................37
第一節 敘述統計量與相關係數矩陣...........................37
第二節 迴歸分析結果......................................44
第伍章 結論與建議........................................53
第一節 研究結論.........................................53
第二節 研究限制及建議....................................55
參考文獻................................................57

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