本研究以2011年至2015年台灣上市公司為樣本，以事件研究法探討上市公司推出新產品宣告之股價異常報酬影響。利用多元迴歸分析來探討董事會資本廣度與深度對新產品宣告之股價異常報酬是否有正向及負向的影響，以及納入CEO power作為調節變數是否影響之間關聯性，以檢視此變數對董事會資本廣度及董事會資本深度、新產品宣告異常報酬所帶來的影響效果。
本研究探討董事會資本廣度、深度與CEO權力與企業創新績效三者之間關係進行實證研究，並以CEO權力作為調節變數。本研究之實證檢驗，結果發現，董事會資本廣度越廣對企業創新績效有正向影響，意即董事成員背景異質性越高，較易獲取外部資源，用以提供企業公司治理所須。反之，同質性越高，產業鑲嵌度越深，董事成員決策偏好將因相似的思維體系，而導致抑制企業創新的表現。本研究進一步發現，董事會資本之功能，將受到強大CEO權力的調節，而分別對董事會資本廣度對創新績效的正向影響產生削弱;對董事會資本深度對創新績效負向影響產生強化，故與本研究預期干擾假設相符。

Based on the stocked-listed companies in Taiwan from 2011 to 2015 as the sample set, this study explores the relationship between board capital and announcing firms’ performance of new product using the event study method. In addition, we utilize multiple regression analysis to assess the following questions: (1) does board capital breadth have a positive effect on new product announcements performance (2) does board capital depth have a negative effect on new product announcements performance (3) does CEO power have a moderating effect on the relationship between board capital(breadth and depth) and new product announcements performance

The study finds that (1) board capital breadth has a positive impact on new product announcements performance (2) board capital depth has a negative impact on new product announcements performance
(3) CEO power has a moderating effect on the relationship between board capital (breadth and depth) and new product announcements performance. Our findings provide a number of useful implications for research and practice.

目 錄
摘要 i
ABSRTACT ii
目錄 iii
圖目錄 iv
表目錄 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3
第三節 研究流程3
第二章 文獻探討4
第一節 創新績效4
第二節 董事會資本5
第三節 董事會資本與創新績效7
第四節 CEO權力和偏好之調節效果10
第三章 研究方法14
第一節 研究架構14
第二節 樣本來源14
第三節 變數定義與衡量15
第四節 實證模型建立25
第四章 實證結果26
第一節 樣本資料敘述性統計分析26
第二節 迴歸統計分析28
第五章 結論與建議30
第一節 研究結論30
第二節 研究貢獻與管理意涵31
第三節 研究限制32
參考文獻34

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