本研究探討西元1996年至2017年台灣區上市櫃之金融業董事會組成及其結構與企業經營績效之關聯。以資產報酬率及股東權益率作為公司經營績效之代理變數，對董事會組成特性進行迴歸分析。實證結果顯示董事長兼任總經理之情形、董事規模及控制權與現金流量偏離程度對金融業經營績效並沒有顯著影響﹔董監持股比率上升，有助於股東權益報酬率的成長﹔董監持股之質押比率對資產報酬率及股東權益率有顯著負向影響﹔獨立董事席次增加對資產報酬率及股東權益率有顯著正向影響﹔最後董事兼任經理人則是對企業資產報酬率呈現負向的影響。

This paper explores the relationship between board compositions/structures and operating performances of financial institutions listed on the Taiwan Stock Exchange and the Taipei Stock Exchange in 1996-2017. Return on assets and return on equity are referred to as the proxy variable for operating performances in the regression analysis on the influence of board compositions. The empirical results indicate no significant effects of the combined CEO and chairperson roles, board size, the deviation between control and cash flows on operating performances of financial institutions. In fact, a higher percentage of ownership by board directors and supervisors is beneficial to return on equity. The percentage of collateralized shares by directors and supervisors exhibits significant and negative influence on return on assets and return on equity. The increase in the number of independent directors reports a significant and positive effect on return on assets and return on equity. Finally, the combined role of directors and managers has adverse effects on return on assets.

中文摘要	II
英文摘要	III
目    錄	IV
圖目錄	V
表目錄	VI
第一章、緒論	1
第一節、研究背景與動機	1
第二節、研究目的	2
第三節、研究流程	3
第四節、研究架構	5
第二章、文獻探討與假說之建立	6
第一節、董事會組成特性	6
第二節、公司經營績效之理論	10
第三節、金融業相關文獻	12
第四節、董事會組成特性與公司經營績效之影響	13
第三章、研究方法	19
第一節、研究資料	19
第二節、研究變數	19
第三節、模型設定	24
第四章、實證結果分析	26
第一節、敘述性統計	26
第二節、相關分析	28
第三節、迴歸分析	32
第五章、結論與建議	36
第一節、研究結論	36
第二節、管理與財務意涵	37
第三節、研究限制與建議	37
參考文獻	38

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