從公司治理的角度，探討董事會特性對公司從事衍生性金融商品交易之影響研究

The Effect of Board Characteristics on Firm Performance of Derivatives Transactions: Fromthe Perspective of Corporate Governance

本研究從公司治理的角度，探討董事會特性（董事會規模、獨立董事席次、董事長兼任總經理）對公司從事衍生性金融商品交易和公司績效間關聯性的影響，採用以公司績效為應變數之多元迴歸模式。本研究以2008至2010年電子工程與電機機械產業有從事衍生性金融商品交易之上市公司共190家為研究樣本。實證結果發現：（1）董事會規模對公司操作衍生性金融商品與公司績效之關聯性無顯著影響；（2）董事會中獨立董事席次比例愈高，愈能發揮監督功能並提升公司操作衍生性金融商品與公司績效之關聯性；（3）董事長兼任總經理時，對公司操作衍生性金融商品與公司績效之關聯性產生負面影響。

The purpose of this paper is to examine the effect of board characteristics on the associations between firm performance and derivatives transactions from the perspective of corporate governance. The multiple-regression model is applied to assess the interrelationships among derivatives transactions and the structure of the board by analyzing the returns of assets of 190 listed companies in Taiwan. The study collected the panel data set from 2008 to 2010. The empirical results found as follows：First， board size is not significantly related to firm performance and derivatives transactions. Second， the greater ratios of outsider directors， the better performance companies have. The independence of the board of director had a significantly positive effect on the relationship between firm performance and derivatives transactions. Finally， the CEO duality had a negative effect on the relationship between firm performance and derivatives transactions.