董事會在公開發行的企業中，一直是扮演重要核心角色。因此在公司治理中，董事會結構的決定因素(determinants of board structure)是一個備受爭議的問題，同時也是近期相關文獻研究的重心。在各國企業的經營文化、法律責任、社會規範的不同下，因而漸漸發展出別具特色的董事會結構。

本文採用1992年至2009年公開上市公司董事會的縱橫斷面資料(panel data)，探討我國電子工業董事會結構之決定因素。由於現有的文獻僅限於以其他國家作為研究對象，少有我國董事會結構長期變遷之研究；且因為各國在不同的公司治理相關制度下，將形成別具特色的對照。因此，本文以董事會結構決定因素作為研究重點，以我國總產值大多數的電子工業作為研究對象，並且利用此跨期資料整理出每一次董事會選任規模及結構的改變，進而分析出從1992年至2009年間董事會規模及結構的變遷。這是目前現有文獻中最為缺乏的部分，同時也是本文主要的貢獻。

本研究採用現有學者提出的三項假說，設定出合適的計量模型。經由固定效果(fixed effect)模型估計結果發現，我國董事會規模與負債比率(Debt)之間呈現顯著的正相關，董事會規模與股東權益市值(Ln MVE)之間呈現非常顯著的正相關，董事會規模與自由現金流量比率(FCF)之間呈現顯著的負相關，董事會規模與Tobin’s Q之間呈現顯著的負相關。最後，我們也發現，不論考慮親屬關係與否的外部董事比例與總經理持股比例之間皆呈現很顯著的負相關；而不考慮親屬關係的外部董事比例與總資產報酬率(ROA)之間呈現很顯著的正相關，但考慮親屬關係的外部董事比例與總資產報酬率(ROA)之間卻呈現不顯著的正向相關。亦即，得到不論考慮親屬關係與否，董事會的獨立性會隨著總經理的影響力縮減，但是會隨著總經理被限制的影響力而增加。

Our paper examines the trends and determinants of board structure for a large sample of Taiwan electronics industry's firms from 1992 to 2009. Firstly, a comparative analysis of the UK、US and Taiwan legal and institutional settings leads us to hypothesize that Taiwan electronics industry's board structures will not be determined by monitoring related factors. Our evidence supports this, showing that board structure determinants differ in predictable ways across different institutional settings. And in contrast to recent US and UK mandatory reforms, Taiwan reforms have been voluntary. As such they provide an interesting comparison, being arguably more effective than a mandatory approach by allowing firms to choose board structures most appropriate for their own needs. Our results support this point of view. 
Our evidence supports this. Although we find, consistent with recent studies, that board size and outsider proportion are positively impacted by greater advising needs and negatively impacted by CEO influence, outsider proportion is not related to monitoring costs.

目　錄
第一章	緒論	1
第一節	研究動機與目的	1
第二節	論文架構	3
第二章	董事會結構之決定因素	4
第一節	實證假說及文獻回顧	4
第二節	台灣董事會規模與外部董事比例之長期趨勢	11
第三章	模型設計、樣本篩選與變數衡量	14
第一節	模型設計	14
第二節	資料來源與篩選	16
第三節	變數定義	18
第四章	實證結果與討論	21
第一節	基本統計量	21
第二節	董事會規模之決定因素實證結果	23
第三節	董事會結構之決定因素實證結果	26
第四節	排除選任次數為一的樣本下之實證結果	32
第五節	排除選任年度在1998年之前的樣本下之實證結果	37
第五章	結論	43
參考文獻	44


圖表目錄
圖表 一　各國董事會規模及結構之相關規定	2
圖表 二　董事會規模決定因素相關文獻回顧	8
圖表 三　外部董事比例決定因素相關文獻回顧	10
圖表 四　台灣上市電子工業廠商的董事會規模長期趨勢	11
圖表 五　台灣上市電子工業廠商的外部董事比例長期趨勢	12
圖表 六　台灣上市電子工業廠商的樣本統計量	16
圖表 七　變數定義及預期結果	20
圖表 八　變數之基本統計量(1992 年到2009 年)	22
圖表 九　董事會規模決定因素之實證結果整理	25
圖表 十　外部董事比例決定因素之實證結果整理	28
圖表 十一　外部董事比例決定因素(考慮親屬關係)之實證結果整理	31
圖表 十二　董事會規模決定因素之實證結果(排除僅選任一次的資料)	34
圖表 十三　外部董事比例決定因素之實證結果(排除僅選任一次的資料)	35
圖表 十四　外部董事比例決定因素之實證結果(考慮親屬關係除僅選任一次)	36
圖表 十五　董事會規模決定因素之實證結果(排除1998 年前的資料)	40
圖表 十六　外部董事比例決定因素之實證結果(排除1998 年前的資料)	41
圖表 十七　外部董事比例決定因素之實證結果(考慮親屬關係排除1998 年前)	42

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