我國資本市場向來以散戶為主要投資人，法人機構之投資比重明顯比其他國家低，因此外部機制成效不彰，故公司治理對於改善現狀尤其重要，而董監事會又是公司治理的內部核心，因此本文旨在探討上市櫃公司之董監事結構與公司經營績效之間的關係，並考量各種不同的公司型態之下，是否會改善兩者間的關係，以了解政府推動的政策能否真正改善目前公司治理不佳而產生之弊端。 本文所有資料取自台灣經濟新報社(TEJ)資料庫並輔助以公開資訊觀測站的資料，並依九十一年制定的「上市上櫃公司治理實務守則」及證券交易法第十四條之二，公開發行公司應設立獨立董事之法源等客觀的公開資訊，將獨立董監事視為外部董監事，作為董監事組成變數的依據，以更精確的判斷董監事組成對公司經營績效的關聯性。整體而言，董監事的結構確實會影響公司的經營績效。而在各種不同的公司型態之下，董監事結構對公司經營績效的影響，大多與整體樣本的方向一致。對公司經營績效有顯著正面影響的是董監事持股比率及董監事組成變數，前者代表的意義是因為可以減少代理成本；後者則是公司若有一群沒有利害關係的專業人士，隨時對公司營運提供建言，對公司績效的提升是有幫助的，而且其監督亦較具客觀性。至於，對公司經營績效較偏向負面影響的是董監事規模及董事長兼任總經理，但影響並不如前二者顯著。因此董監事人數越多，越不容易整合各方的意見；而董事長兼任總經理，則可能會有球員兼裁判之嫌。 Corporate governance is important. Because individuals are the major type of investor in Taiwan, external corporate governance mechanism is incomplete. Besides, the board of directors is the core of corporate governance. Therefore, this study aims to examine the relationship between the characteristics of the board of director and firm performance, and to find out whether currency policies are really effective on solving the agency problems. My data comes from TEJ database and the market observation post system. Because the laws amended corporate require companies to sigh up independent directors, this study use the recently disclosed independent director information in TEJ database as the indicator for outsider directors. As a whole, the characteristics of the board of directors do affect a firm’s performance. The effects of board structure on a firm’s performance are similar between companies listed on different exchanges. The shareholding of directors and the independency of board are positively associated with a firm’s performance. The increasing in shareholding of directors can decrease agency cost, and independent directors that have abounding knowledge or professional experience can help decision making. The size of a board and a company’s chairman who is also the company’s president are negatively associated with a firm’s performance. The bigger the board size is, the harder it is to reach a conclusion in a meeting. When a company’s chairman is also its president, he would have great power in this company, and it would be even more difficult to mitigate agency problems.
