本研究探討董事會特性與創新對於公司績效之影響，使用2009~2018年共計十年的中國上市櫃公司為樣本，首先研究董事會特性對於公司創新之影響關係，接著探討公司創新對於公司績效之影響關係，再來鑒於公司治理法規的重要性，再加入虛擬變數一同討論。實證結果指出董事會規模和公司創新之間為負相關，而董事會獨立性、女性董事比例、董事會薪酬與董事持股比率和公司創新之間呈現正相關。而公司創新在公司投入研發費用遞延1期和遞延5期時，其與公司績效之間呈現負向顯著關係。加入公司治理法規一同探討後，本文發現公司創新在公司投入研發費用遞延3期時與公司績效之間呈現正向顯著關係，而在研發費用遞延5期時與公司績效之間呈現負向顯著關係，至於公司治理法規皆與公司績效之間存在著顯著影響關聯性。

This study explores the impact of board characteristics and innovation on company performance. Using a total of ten years of Chinese listed companies from 2009 to 2018 as a sample. First, it studies the impact of the characteristics of the board on corporate innovation, and then discusses the impact of corporate innovation on corporate performance, and then joins the relevant laws and regulations on corporate governance to discuss again. The empirical results point out that there is a negative correlation between board size and company innovation, while there is a positive correlation between board independence, the proportion of female directors, board compensation and director shareholding ratio, and company innovation. However, when the company's investment in R&D expenses is lagged by one and five periods, there is a significant negative relationship between it and the company's performance. After joining the discussion of relevant laws and regulations on corporate governance, this article found that corporate innovation showed a positive and significant relationship with company performance when R&D expenses were lagged for 3 periods, and a negative relationship between R&D expenses and company performance when R&D expenses were lagged for 5 periods. As for corporate governance related laws and regulations, there is a significant impact relationship between company performance.

目錄
第一章 緒論	1
第一節 研究背景	1
第二節 研究動機	5
第三節 研究問題與目的	7
第四節 研究流程	9
第二章 文獻探討	12
第一節 董事會特性與公司創新之關聯性	12
第二節 董事會特性與公司績效之關聯性	17
第三節 公司創新與公司績效之關聯性	22
第三章 研究設計	25
第一節 觀念性架構	25
第二節 實證模型	27
第三節 變數定義與衡量	30
第四章 資料分析	36
第一節 資料來源與選取	36
第二節 敘述性統計量	38
第三節 相關係數分析	41
第五章 實證結果與分析	44
第一節 實證結果與分析	44
第二節 穩健性分析	55
第六章 結論、限制與建議	61
第一節 研究結論	61
第二節 研究限制	66
第三節 研究建議	67
參考文獻	68
 
圖表目錄
圖1-1 研究流程 11
圖3-1 觀念性架構圖 26
表3-1 變數說明與衡量 29
表4-1 資料選取準則表 37
表4-2 敘述性統計量 38
表4-3 相關係數矩陣 41
表5-1 董事會特性與研發費用關聯之實證結果 44
表5-2 研發費用與公司績效關聯之實證結果 48
表5-3 研發費用、公司治理法規與公司績效關聯之實證結果 51
表5-4 研發費用與稅後淨利率之穩健性分析 55
表5-5 研發費用、公司治理法規與稅後淨利率之穩健性分析 56
表5-6 研發費用與營業利益率之穩健性分析 57
表5-7 研發費用、公司治理法規與營業利益率之穩健性分析 58
表5-8 研發費用與股東權益報酬率之穩健性分析 59
表5-9 研發費用、公司治理法規與股東權益報酬率之穩健性分析 60

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