隨著國際公司治理的發展趨勢，我國逐步將公司治理概念法制化，陸續推動與落實多項公司治理措施。然而，自2016年底起，國內市場陸續爆發一連串弊案，在輿論的壓力下，主管機關始回頭檢討公司治理之落實情形，亦於2017年要求全體上市(櫃)公司完成設置獨立董事，並逐步擴大審計委員會之設置，要求揭露其行使職權情形，以強化獨立董事參與董事會並使上市(櫃)公司重視企業永續發展，以保護投資人權益、提升董事會職能及落實企業社會責任。
為瞭解審計委員會特性對於企業經營績效與企業風險之影響，本研究主要是以臺灣2015年至2017年已設置審計委員會之上市(櫃)半導體公司為研究對象，比較其審計委員會特性(多元化專業背景、是否有女性成員、成員平均兼職情形三構面)對公司經營績效與企業風險之影響。盼研究結果能協助投資人依個別公司之審計委員會特性，選擇未來投資之公司，同時為企業主遴選審計委員盡一份心力。經本實證研究，有下列一些重要的發現：
1.審計委員會專業背景多元程度越高，公司經營績效越好。
2.審計委員會專業背景多元程度越高，公司企業風險越高。
3.審計委員會若有女性成員，公司經營績效會下降。
4.審計委員會若有女性成員，公司企業風險會下降。
5.成員之平均兼職數越多，公司經營績效越差。
6.成員之平均兼職數越多，公司企業風險越低。

Taiwan has legislated many corporate governance concepts based on the trends and developments of international corporate governance. However, there had been an explosion of fraudulent events in the domestic market since the end of 2016. In 2017, the Financial Supervisory Commission of Taiwan began to review the monitoring processes of corporate governance; in the meantime, all listed companies were requested to appoint independent directors, expand mandatory audit committee requirements gradually, disclose all duties required by law and strengthen the participation of independent directors in board meetings, and encourage listed companies to protect the rights and interests of investors, enhance the functions of the board of directors and carry out corporate social responsibility.
The major purpose of this study is to identify the influence of audit committee characteristics on firm performance and integrated risk. And take the samples of companies in the semiconductor industry listed on Taiwan Stock Exchange and over the Counter from 2015 to 2017. This thesis will discuss the impact of audit committee characteristics (such as the gender of members, the diversified professional background of members, and the busyness of members.) on firm performance and integrated risk. It is expected that the results of this analysis can be used to choose the appropriate members for audit committee. Followings are some important findings in this empirical study:
1.The more the diversified professional backgrounds of audit committee, the higher the firm performance.
2.The more the diversified professional backgrounds of audit committee, the lower the integrated risk of firm.
3.The female member of audit committee is negatively correlated with firm performance.
4.The female member of audit committee is negatively correlated with integrated risk.
5.The more positions get by audit committee members, the lower the firm performance.
6.The more positions get by audit committee members, the lower the integrated risk of firm.

目錄
目錄	I
表次	III
圖次	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	6
第三節　研究結構與流程	7
第二章　文獻探討與假說推論	9
第一節　審計委員會之背景與法源規範	9
第二節　審計委員會之特性	18
第三節　公司經營績效之內涵與衡量指標	21
第四節　企業風險之內涵與衡量指標	23
第五節　審計委員會特性與經營績效及企業風險之關係	25
第三章　研究方法	46
第一節　研究架構與假說	46
第二節　研究樣本與資料來源	48
第三節　研究變數之操作型定義與衡量	50
第四節　統計分析方法	56
第四章　資料分析與結果	58
第一節　敘述性統計分析	58
第二節　相關係數分析	61
第三節　多元迴歸分析	63
第四節　假說驗證結果	67
第五章　結論與建議	70
第一節　結論	70
第二節　管理意涵	72
第三節　研究限制	74
第四節　建議	75
參考文獻	77

表次
表2-1 獨立董事設置及應遵循事項	10
表2-2 審計委員會之結構	14
表2-3 審計委員會之成員個別職權事項	16
表2-4 專業背景對經營績效影響之相關研究	32
表2-5 專業背景對企業風險影響之相關研究	33
表2-6 女性成員對經營績效影響之相關研究	37
表2-7 女性成員對企業風險影響之相關研究	39
表2-8 兼職數對經營績效影響之相關研究	42
表2-9 兼職數對企業風險影響之相關研究	43
表3-1 原始樣本分布	49
表3-2 樣本篩選(N=220)	49
表3-3 獨立董事專業背景分類原則	53
表3-4 變數彙整表	55
表4-1 審計委員會特性之樣本分布	58
表4-2 樣本之敘述性統計量	60
表4-3 Pearson相關係數矩陣	62
表4-4 各變數之共線性分析	63
表4-5 審計委員會特性對公司經營績效(ROA)之迴歸分析	64
表4-6 審計委員會特性對公司經營績效(EPS)之迴歸分析	65
表4-7 審計委員會特性對公司企業風險(ROASD)之迴歸分析	66
表4-8 審計委員會特性對公司企業風險(Beta)之迴歸分析	67
表4-9 本研究各假說之驗證結果	68

圖次
圖1-1 研究流程圖	8
圖3-1 研究架構圖	47

一、中文部份
丁秀儀、陳于欣(2010)。公司獨立董事為何忙碌。管理學報，27(3)：291-318。
朱博湧、林裕淩、林峻宇(2015)。獨立董事組成、資訊透明度與組織績效－以2008全球金融風暴為例。評價學報，9：1-20。
江承儒(2004)。審計委員會獨立性與專業性對盈餘資訊內涵影響之研究。輔仁大學金融研究所碩士論文。
江淑玲(1990)。公司財務流動能力與風險結構關係之研究。東吳大學會計學研究所碩士論文。
吳欣怡(2010)。審計委員會會計專家多寡與實質盈餘管理之關聯性研究。臺灣大學會計學研究所碩士論文。
吳美儀(2003)。股份有限公司選任外部董事監察人機制之研究。世新大學法律研究所碩士論文。
呂文舒(2017)。審計委員會專家類別的組成與盈餘品質之關聯。東海大學會計學研究所碩士論文。
李長貴(1997)。績效管理與績效評估。臺北市：華泰文化事業有限公司。
李淑雲(2016)。審計委員會組成與經營績效及財務風險關聯性之研究。淡江大學會計學研究所在職專班碩士論文。
李德冠、陳禹竹、陳計良、張慧珊(2015)。董事會職能與獨立董事角色：從企業競爭策略和獨立董事背景來探討。證券市場發展季刊，27(4)：43-79。
沈明鑑(2004)。利害關係人對策略、治理機制的影響與績效之關聯性研究。輔仁管理評論，11(1)：1-32。
林孟璇(2015)。我國審計委員會之會計、法律專家對債務條款及債務信用評等之影響。政治大學會計學研究所碩士論文。
林峻宇(2011)。獨立董事對公司經營績效與風險影響之實證研究：以2008全球金融危機為例。交通大學管理科學研究所碩士論文。
林書平(2007)。忙碌董事會與忙碌董事對經營績效之影響。中國文化大學會計學研究所碩士論文。
林淑芸、金旻姍(2015)。美國COSO內部控制相關報告之介紹。證券暨期貨月刊，33(6)：5-12。
邱垂昌、張裕任、郭麗雪(2007)。強制設置獨立董監事與新股折價關聯性之研究。會計評論，45：97-134。
侯宗佑(2014)。董事兼任、外部董事與經營績效之關聯。交通大學經營管理研究所碩士論文。
翁紹傑(2014)。審計委員會特性、企業所有權型態與經營績效之關聯性。輔仁大學會計學研究所碩士論文。
翁慈青、紀信義(2014)。董事會政治背景與企業信用風險之關係。證券市場發展季刊，2：43-90。
張大成，周麗娟，黃筱雯(2004)。經營效率與企業危機相關性研究。信用資訊，4(2)：1-23。
張元、萬欣芝(2016)。董事兼職會影響新上市上櫃公司的後續績效表現嗎?兩岸金融季刊，4(2)：83-128。
張元、葉清雄(2014)。忙碌董事、風險承擔與債務資金成本。兩岸金融季刊，2(3)：1-54。
張晉源(2010)。審計委員會之設置及其結構對盈餘管理行為之影響。雲林科技大學管理研究所博士論文。
張寒舒(2006)。董監事兼職個數與公司績效關係之研究。暨南大學財務金融研究所碩士論文。
莊乃君(2017)。獨立董事專業背景對企業財務風險關聯性之研究。淡江大學會計學研究所在職專班碩士論文。
陳志豪(2011)。女性董事、公司決策與公司績效關聯性之研究－以中國大陸企業為例。彰化師範大學商業教育研究所碩士論文。
陳姿郡(2011)。我國上市櫃公司女性董監事比例對投資決策與公司績效之影響。臺北大學企業管理研究所碩士論文。
陳振遠、李文智、陳魁元、王朝仕(2004)。臺灣地區票券金融公司經營效率與最適規模之研究。管理學報，21(6)：777-799。
陳智怡(2011)。審計委員會、會計保守性與資金成本之關聯性。中原大學會計學研究所碩士論文。
陳逸仲(2009)。審計委員會與資訊透明度、財務報導品質與股價反應之探討。成功大學會計學研究所碩士論文。
陳瑞斌、許崇源(2007)。公司治理結構與資訊揭露之關聯性研究。交大管理學報，27(2)：55-109。
曾玉琦(2014)。女性董事、女性會計師與盈餘品質。行政院國家科學委員會專題研究成果報告(編號：NSC102-2410-H-151-006)，未出版。
曾乾豪(2014)。審計委員會特性與會計師特性之關連性研究。臺北大學會計學研究所博士論文。
黃健銘、簡郁蓉、鄭婉秀(2008)。臺灣金融機構公司治理特性與違約風險之探討，會計與公司治理，5(1)：33-54。
葉銀華、邱顯比、張銘煌(1999)。基金經理人更換、董事會組成與績效之研究。證券市場發展季刊，11(41)：25-60。
廖秀梅、李建然、吳祥華(2006)。董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響。東吳經濟商學學報，54：117-160。
廖益均(2016)。從女性董監事及董監高管年齡談企業社會責任：兼論個資法及去識別化議題。前瞻科技與管理，6(2)：159-176。
廖淑雅(2012)。董事會中女性董監事、公司治理與公司經營績效關聯研究－以臺灣上市金融業為例。世新大學財務金融學研究所碩士論文。
臺灣董事學會(2016)。2016年董事會白皮書。董事會評論，13。
趙秉睿(2009)。董事會財會專家與盈餘品質之關聯。東海大學會計學研究所碩士論文。
劉平文(1991)。經營分析與企業診斷－企業經營系統觀。臺北市：華泰文化事業有限公司。
劉衍伶(2011)。董事會特性對審計委員會專業背景之影響。臺灣大學會計學研究所碩士論文。
歐進士、李佳玲、詹茂昆(2004)。我國企業盈餘管理與經營風險關聯之實證研究。風險管理學報，6(2)：181-120。
歐陽豪、許溪南、廖瑞芹、曹惠婷(2004)。股權結構、獨立董事與公司價值創造之實証分析-以台灣上市電子業為例。科技整合管理國際研討會，748-762。
盧冠佑(2011)。審計委員會財務專家與CEO誘因薪酬：對公司績效與盈餘管理之影響。中央大學會計學研究所碩士論文。 
賴思浩(2014)。審計委員會設置前後資訊揭露透明度之比較。中興大學會計學研究所碩士論文。
賴偉傑(2010)。女性董事、公司治理與財務績效－以台灣上市公司為例。臺北大學合作經濟學研究所碩士論文。
戴郁文(2015)。臺灣銀行業女性參與董事會與風險指標之關聯性分析。中央大學財務金融研究所碩士論文。
薛健宏(2008)。董監持股、盈餘平穩化與企業風險之關連性研究。會計評論，46 (1)：107-130。
簡妃良(2015)。審計委員會學者董事與應計品質。成功大學會計學研究所碩士論文。

二、英文部份
Abbott, L. J., Parker, S., & Peters, G. F. (2002). Audit committee characteristics and financial misstatement: a study of the efficacy of certain blue-ribbon committee recommendations. Working paper, University of Memphis.
Adams, R. B. & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94: 291-309.
Agrawal, A. & Chadha, S. (2005). Corporate governance and accounting scandals. Journal of Law and Economics, 48(2): 371-406.
Agrawal, A. & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis, 31: 377-397.
Ahn, S., Jiraporn, P., & Kim, Y. S. (2010). Multiple directorships and acquirer returns. Journal of Banking and Finance, 34(9): 2011-2026.
Baginski, S. P. & Wahlen, J. M. (2003). Residual income risk, intrinsic values, and share prices. The Accounting Review, 78(1): 327-351.
Barber, B. M. & Odean, T. (2001). Boys will be boys: gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1): 261-292.
Baysinger, B. D. & Butler, H. N. (1985). Corporate governance and the board of directors: performance effects of changes in board composition. Journal of Law, Economics, and Organization, 1(1): 101-124.
Beasley, M. S. (1996). An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review, 71: 443-465.
Becker, C., Defond, M. L., Jiambalvo, J., & Subramanyam, K.R. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15: 1-24.
Bedard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice and Theory, 23(2): 13-35.
Beneish, M. D., Billings, M. B., & Hodder, L. D. (2008). Internal control weaknesses and information uncertainty. Accounting Review, 83(3), 665-703.
Bhagat, S. & Black, B., (2002). The non-correlation between board independence and long-term firm Performance. Journal of Corporation Law, 27: 231-273.
Brown, S. L. & Eisenhardt, K. M. (1995). Product development: past research, present findings, and future direction. Academy of Management Review, 20(2), 343-378.
Carpenter, M. A. & Westphal, J. D. (2001). The strategic context of external network ties: examining the impact of director appointments on board involvement in strategic decision making. Academy of Management Journal, 44(4): 639-660.
Chen, G. M., Firth, M., Gao, D. N., & Rui, O. M. (2006). Ownership structure, corporate governance, and fraud: evidence from China. Journal of Corporate Finance, 12(3): 424-448.
Chen, J. P. & Jaggi, B. (2000). Association between independent non-executive directors, family control, and financial disclosures in Hong Kong. Journal of Accounting and Public Policy, 19(4): 285-310.
Cohen, J. R., Hoitash, U., Krishnamoorthy, G., & Wright, A. M. (2014). The effect of audit committee industry expertise on monitoring the financial reporting process. The Accounting Review, 89(1): 243-273.
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51(3): 371-406.  
Cox, T. H. & Blake, S. (1991). Managing cultural diversity: implication for organizational competitiveness. Academy of Management Executive, 5: 45-56.
Daily, C. M. & Dalton, D. R. (1994). Bankruptcy and corporate governance: the impact of board composition and structure. Academy of Management Journal, 37: 1603-1617.
Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). Meta-analytic review of board composition, leadership structure, and financial performance. Strategic Management Journal, 19: 269-290.
Defond, M. L., Hann, R. N., & Hu, X. (2005). Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research, 43(1): 153-193.
DeZoort, F.T. & Salterio, S. E. (2001). The effects of corporate governance experience and financial reporting and audit knowledge on audit committee members. Judgments Auditing: A Journal of Practice and Theory, 20(2): 31-47.
Drucker, P. (1970). Entrepreneurship in business enterprise. Journal of Business Policy, 1(1): 3-12.
Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3): 418-435.
Evans, M. G. (1996). A path-goal theory of leader effectiveness. The Leadership Quarterly, 7: 305-309.
Faccio, M. (2006). Politically connected firm. American Economic Review, 96: 369-386.
Fama, E. F. & Jensen, M. C. (1983). Separation of ownership and control. The Journal of Law and Economics, 26: 301-325.
Fama, E. F. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88: 288-307.
Ferris, S. P., Jagannathan, M., & Pritchard, A. C. (2003). Too busy to mind the business? monitoring by directors with multiple board appointments. Journal of Finance, 58: 1087-1111.  
Fich, E. M. & Shivdasani, A. (2006). Are busy boards effective monitors? The Journal of Finance, 58(2): 689-725. 
Frankel, R. M., Johnson, M. F., & Nelson, K. K. (2002). The relation between auditors' fees for non-audit services and earnings management. The Accounting Review, 77(1): 71-105.
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51: 314-338.
Hamada, R. S. (1969). Portfolio analysis, market equilibrium and corporation finance. The Journal of Finance, 24(1): 13-31.
Hamada, R. S. (1972). The effect of the firm’s capital structure on the systematic risk of common stocks. The Journal of Finance, 27(2): 435-452.
Harris, I. C. & Shimizu, K. (2004). Too busy to serve? an examination of the influence of overboarded directors. Journal of Management Studies, 41: 775-798.
Hermalin, B. E. & Weisbach, M. I. (2001). Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature, NY: National Bureau of Economic Research.
Heslin, P. & Donaldson, L. (1999). An organizational portfolio theory of board composition. Corporate Governance: An International Review, 7(1): 81-88.
Jensen, M. C. & Meckling, W. H. (1976). Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3: 305-360.
Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance, 48(3): 831-880.
Jianakoplos, N. A. & Bernasek, A. (1998). Are women more risk averse? Economic Inquiry, 36: 620-630.
Klapper, L. F. & Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10(5): 703-728.
Klein, A. (2002). Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics, 33: 375-400.
Krishnan, G. & Visvanathan, G. (2007). Reporting internal control deficiencies in the post Sarbanes-oxley era: the role of auditors and corporate governance. International Journal of Auditing, 11(2): 73-90.
Krishnan, G. & Visvanathan, G. (2011). Is there an association between earnings management and auditor-provided tax services? Journal of the American taxation association, 33: 111-135.
Krishnan, G.V. & Parsons, L.M. (2008). Getting to the bottom line: an exploration of gender and earnings quality. Journal of Business Ethics, 78: 65-76.
Lee, Y. S., Rosenstein, S., & Wyatt, J. G. (1999). The value of financial outside directors on corporate boards. International Review of Economics and Finance, 8: 421-431.
Lipton, M. & Lorsch, J. W. (1992). A modest proposal for improved corporate governance. The Business Lawyer, 48: 59-77.
Liu, C.C., Ryan, S.G., & Tan, H. (2004). How banks' var disclosures predict their total and priced risk. Review of Accounting Studies, 265-294.
Mangel, R. & Singh, H. (1993). Ownership structure, board relationships and ceo compensation in large US corporations. Journal Accounting and Business Research, 23(1): 339-350.
McDaniel, L., Martin, R., & Maines, L. (2002). Evaluating financial reporting quality: the effects of financial expertise v.s. financial literacy. The Accounting Review, 77: 139-167.
Nielsen, S. & Huse, M. (2010). The contribution of women on boards of directors: going beyond the surface. Corporate Governance: An International Review, 18(2): 136-148.
Olson, J. F. (1999). How to really make audit committees more effective? The Business Lawyer, 54(3): 1097-1111.
Pearce, J. A. & Zahra, S. A. (1992). Board composition from a strategic contingency perspective. Journal of Management Studies, 29: 441-438.
Peng, M. W. (2004). Outside directors and firm performance during institutional transitions. Strategic Management Journal, 25(5): 453-471.
Rost, K. & Osterloh, M. (2010). Opening the black box of upper echelons: expertise and gender as drivers of poor information processing. Corporate Governance: An International Review, 18: 212-233.
Sarkar, J. & Sarkar, S. (2009). Multiple board appointments and firm performance in emerging economies: evidence from India. Pacific-Basin Finance Journal, 17: 271-293.
Shalley, C. E. (1991). Effects of productivity goals, creativity goals, and personal discretion on individual creativity. Journal of Applied Psychology, 76: 179-185. 
Shivdasani, A. & Yermack, D. (1999). Ceo involvement in the selection of new board members: an empirical analysis. Journal of Finance, 54: 1829-1853.
Shleifer, A. & Vishny, R. (1997). A survey of corporate governance. Journal of Finance, 52(2): 737-783.
Sloma, R. S. (1980). How to Measure Managerial Performance? NY: Macmillan. 
Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? a panel study of 2,500 danish firms. International Journal of Productivity and Performance Management, 55(7): 569-593.
Tod, P. & Peyer, U. (2005). Board seat accumulation by executives: a shareholder’s perspective. Journal of Finance, 60: 2083-2123.
Wang, C., Xie, F., & Zhu, M. (2013). Industry expertise of independent directors and board monitoring. Working paper, Chinese University of Hong Kong and University of Delaware.
Wang, Y. & Oliver, J. (2009). Board composition and firm performance variance: australian evidence. Accounting Research Journal, 22(2): 196-212.
Woidtke, T. & Yeh, Y. H. (2013). The role of the audit committee and the informativeness of accounting earnings in east asia. Pacific-Basin Finance Journal, 23: 1-24.
Xie, B., Davidson, W. N., & Dadalt, P. J. (2003). Earnings management and corporate governance: The role of the board and the audit committee. Journal of Corporate Finance, 9: 295-316.
Yermack, D. (2004). Remuneration, retention, and reputation incentives for outside directors, Journal of Finance, 5: 2281-2308.
Zantout, Z. (1994). External capital market control, corporate restructuring, and firm performance during the 1980s. Journal of Business Finance and Accounting, 21: 37-65.

三、網路部份
黃惠聆(2017年10月24日)。臺灣企業經營前十大風險是這個。調查報告首度出爐。工商日報。取自https://m.ctee.com.tw
劉懿慧(2017年04月25日)。選任獨董，專業背景是關鍵。經濟日報。取自https://money.udn.com/money/index
Credit Suisse (2012). Gender Diversity and Corporate Performance. Retrieved from https://www.calstrs.com/sites/main/files/file-attachments/csri_gender_diversity_and_corporate_performance.pdf