追溯以往有關董事會的研究中，較常以企業為主體來探討董事會的運作情形，至於以投資人角度為出發點，來探討董事會技能對投資判斷的影響，在目前來說鮮少有相關之討論。為了補強這方面的理論缺口，本研究主要的研究問題有兩項: 一、投資人之投資判斷是否會受到董事會效能強弱之影響。二、投資人對董事會效能之知覺，與其投資判斷問之關聯性，是否因為投資人型態有所不同。本研究採實驗設計並搭配問卷調奎方式，籍以探討投資人對強公司治理與弱公司治理董事會效能之知覺，與投資風險、投資金額及投資持有期問之關連性。實證結果顯示: 投資人對董事會效能之知覺，會顯著影響他們對投資風險、投資金額及投資持有期間之評價。當投資人察覺董事會較有技能時，則認為該虛擬公司之投資風險較低，且願意投資較高的金額，並投資持有該公司較長之期間。其次，投資人對董事會效能之知覺，與所願意投資之金額，會因為投資人型態之不同而有所不同，專業投資人所願意投資之金額，較非專業投資人為高。此外，投資人對董事會效能之知覺，與投資風險及投資持有期間之判斷，並不因為投資人型態之不同而有顯著之不同。 In the past, the majority of researchers focused their studies on the board's operations from firm's perspective. However, the relationship between board effectiveness and investor's judgment is relatively unexplored. In order to fill this gap, this study is trying to examine (a) whether the investor's judgment will be influenced by the effectiveness of the board of directors, and (b) whether the relationship between effectiveness of the board and investor's judgment will be moderated by investor types. This study employs experimental design along with survey questionnaires. Our empirical results show that (a) the investors' perceptions of board effectiveness significantly influence their evaluation of investment risk, investment amount, and holding period; (b) the investment amount is somewhat different between professional and non-professional investors; and (c) the relationship between the investors' perceptions of board effectiveness and their judgments of investment risk and investment holding period would not be changed as to different investor types. 紙本
