公司治理與經營階層組成多元性的實證研究──以女性參與經營我國銀行業為例

An Empirical Study on Corporate Governance and Management Diversity: Focusing on Female Participation in the Management of Taiwan’s Banks

董事會性別多元的議題在比較法上已有蓬勃發展，包括美國、歐盟、法國、荷蘭、德國、西班牙近年均有法制上的進展，我國目前暫時採取鼓勵的態度，並未強制公司董事會須達到一定的女性董事比例。但關於是否立法強制公司董事會或經營階層須達到一定的性別比例，學理上仍有諸多理論論辯，有待實證證據驗證。本文因此以我國銀行2011 至2020 年間的數據為基礎，透過統計分析女性董事、女性獨立董事、女性董事長以及女性總經理與銀行表現間的關聯性，研究結果顯示不同參與經營型態中，女性董事與銀行表現間較未呈現顯著的正向關聯性，但女性獨立董事、女性董事長或女性總經理與銀行當期或未來表現間較有呈現正向關聯性的情形，此研究結果有助我國省思未來推動公司經營階層多元性時可優先著重的面向。

The issue of gender diversity of corporate boards has gained its popularity in comparative laws. Countries including the United States, European Union, France, Netherland, Germany, and Spain have enacted board diversity laws in recent years. In contrast, Taiwan currently holds the encouraging view and has not yet mandatorily required corporate boards to be comprised of a certain quota of female directors. That said, there remain heated theoretical debates as to whether to statutorily require corporate boards or managements to meet a specific rate of gender diversification, which calls for empirical evidence. Thus, this paper, based on the data of Taiwanese banks from 2011 to 2020, employs statistical analyses to empirically investigate the correlation between bank performances and female participations of bank management as directors, independent directors, chairpersons, and CEOs. The investigation result indicates that, among different forms of management participations of females, banks with more female directors do not present significantly positive bank performances. In contrast, banks with more female independent directors, female chairpersons or female CEOs sometimes present significantly positive correlations with banks’ present or future performances. The study results illustrated in this paper may serve as a useful reference to assist Taiwan to consider the prioritized aspects while promoting corporate management diversity in the future.