女性董事、公司治理與財務績效─以台灣上市公司為例

Gender Diversity in the Boardroom, Corporate Governance and Firm Financial Performance: Empirical Evidence from Listing Companies in Taiwan

賴偉傑(Wei-Chieh Lai)

指導教授 ： 黃啟瑞

國立臺北大學/商學院/合作經濟學系/碩士(2010年)

摘要

隨著女權提升與兩性平權思潮的衝擊，挪威政府已於西元2008年施行所有上市公司董事會成員中，女性或男性所占比重至少需四成以上的新規定。去年底 The Economist 也針對女權與女性勞動力，特別是職場上的新趨勢，提出專篇報導。隨著近年來我國女性勞動參與率和女性勞動人口比率持續地攀升，相較於傳統，女性在職場上的重要地位已不可同日而語。而公司治理的要義之一，在於如何利用相關的制衡機制，幫助達成促使公司價值極大化的目標。故本研究之主要目的在於探討董事會之性別組成差異，是否會與企業財務績效發生關聯性。另同時輔以「董事報酬」與「高階主管薪酬」兩個重要的公司治理變數，進一步探討其與董事會性別組成差異的關係，從而延伸討論女性董事對公司治理所可能產生的影響。
　　本研究以民國 94 年至 97 年，在台灣證券交易所上市，且公司資料完整可取得者為研究對象。首先利用多元迴歸分析分別估計女性董事、董事報酬和高階主管薪酬的與財務績效的關聯性。再利用二階段最小平方法，進一步探討女性董事和企業財務績效之關係。實證結果顯示，女性董事和董事誘因性報酬存在正向關係，但和高階經理人薪酬存在負向關係。換言之，女性董事扮演了代理問題的緩和角色，促使董事會成員的利益與全體股東更一致；另一面則可提升對經營階層的監督效能，降低經營階層可能的自利行為。故整體而言，女性董事對公司治理有正向影響。女性董事的有無和董事會之性別組成差異程度對企業財務績效存在負向關係。其可能原因有三：女性董事可能造成董事會過度監控；女性董事若因家族成員因素而進入董事會，可能使董事會受把持而降低獨立性，使其效能不彰；投資人對女性存有偏見。

關鍵字：女性、女性董事、公司治理、績效

關鍵字

女性 ； 女性董事 ； 公司治理 ； 績效

並列摘要

There is a new legislation in the beginning of 2008 setting that there should be at least 40% male and female directors in all listed Norwegian companies. As both the female population and the female participate rate of labor force rise in Taiwan, the place of woman has been going up. With these facts above, studies about gender issues especially in corporate governance in Taiwan are still few and far between. For that reason, we try to present results from a study about female directors and fill some of the gaps in the literature about their relationships to corporate governance and financial performance. While the issue of board gender diversity has attracted more and more research attention these years, most empirical results are based on U.S. data. This article adds to a growing number of non-U.S. studies by investigating the link among gender diversity in the boardroom, corporate governance and financial performance in Taiwan, a country which historically has had the marble ceiling for women in the labor force. In a sample of listing companies in Taiwan, we investigate the topic using panel data analysis and find that gender diversity – as measured by the percentage of women on board and by the Blau and Shannon indices – has a negative effect on firm value and that the opposite causal relationship is not significant. Our study suggests that investors in Taiwan may penalize firms which increase their female board membership and that greater gender diversity may generate economic losses. In the other hand, we find that the proportion of female directors is associated with more revenue-based pay for directors but less compensation for top executives, which is suggestive of a board that is more aligned with the interests of shareholders and improved monitoring role to executives.

keywords: women, gender diversity, boardroom, corporate governance, performance, performance

並列關鍵字

women ； gender diversity ； corporate governance ； performance

參考文獻

表目錄

表2-1：公司治理的定義 11

表4-1　2005-2008年台灣上市公司各產業女性董事比率 52

表4-2　各變數之敘述統計量 53

表4-3　各變數之Pearson相關係數分析 54