董事會性別組成，對避險衍生性商品使用的影響

Does the Gender Composition of the Board affect Corporate Hedging with Derivatives

本文探討女性董事對企業避險衍生性商品使用的影響，並進一步分析女性董事與女性獨立董事對此影響的差異。本文以 2016 年至 2019 年符合證基會公司治理評鑑標準之上市櫃公司為樣本。實證結果支持代理理論，女性董事對企業避險衍生性商品使用無顯著影響，但女性獨立董事對企業避險衍生性商品使用有顯著正向影響，代表董事會性別多元性雖然重要，但仍需要獨立董事機制的運作，方能促使企業使用避險衍生性商品。此外，本文還發現，當董監事具財務經歷人數越多與董監事具大學以上學歷比率越高，愈可能因避險而使用衍生性商品，顯示衍生性商品教育與推廣的重要性。

This study examines the effect of board gender diversity on corporate hedging with derivatives and further analyzes the difference between female directors and female independent directors. The sample is from the Corporate Governance Evaluation of Securities and Futures Institute from 2016 to 2019 in Taiwanese public-listed firms. The results from the logistic regression find that female directors do not affect corporate hedging with derivatives significantly, but female independent directors do. The result represents that the independent director system can still improve companies to use hedging derivatives, although the diversity of the board of directors is important. This result is supported the agent theory. Furthermore, the higher the number of directors with financial experience and the higher the ratio of directors with a bachelor's degree or above, the more likely they are to use derivative products for hedging, showing the importance of derivative product education and promotion.