隨著全球企業治理和企業社會責任要求的提升，企業逐漸關注所有利害相關人，而不僅僅是普通投資人與機構投資人，因此董事會的多元性和獨立性以及董事會的規模成為研究台灣生技醫療及醫療耗材產業公司的熱點議題。
本研究利用2006年至2022年的台灣經濟新報資料庫數據，選取126家上市櫃生技醫療及醫療耗材公司，通過最大概似估計法，對1,322個觀察值進行縱橫面迴歸分析。採用的主要變數包括每股盈餘、資產報酬率、股價報酬率、Beta值、股價變異數和股價峰度，探討董事會結構對公司績效、風險和股價表現的影響。
研究結果顯示，增加獨立董事比例能顯著提升每股盈餘和股價峰度，並降低Beta值，表明獨立董事在增強公司決策質量和減少系統性風險方面具有正面效果；然而，女性董事比例對公司績效和風險的影響不顯著。此外，董事會規模對資產報酬率及股價報酬率有顯著負面影響，並且能顯著降低Beta值，可見提高獨立董事比例並精簡董事會規模有助於全面提升公司的競爭力。

With rising prominence of global corporate governance and corporate social responsibility (CSR), companies are paying increasing attention to the interests of all stakeholders, not just independent and institutional shareholders. Board diversity, independence, and size have become hot topics of research in Taiwan's biotechnology and medical supplies industries.
This study utilizes data from the Taiwan Economic Journal database from 2006 to 2022, selecting 126 listed biotechnology and medical supplies companies and using the maximum likelihood estimation method to analyze a total of 1,322 observations. The main variables used include earnings per share, return on assets, stock return, Beta, stock price variance, and kurtosis to investigate the effects of board structure on corporate, financial, and risk performance.
The results show that increasing the proportion of independent directors significantly enhances the earnings per share and kurtosis but reduces Beta, indicating that independent directors generate a positive effect on bettering the decision-making process and reducing the systemic risk. However, the proportion of female directors has no significant impact on company risk and performance. Additionally, board size has a significant negative impact on the return on assets and stock return while reducing Beta. Therefore, we propose that increasing the proportion of independent directors and optimizing the board size can holistically enhance the company's competitiveness.

英文部分
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中文部分
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游婷如(2023)。獨立董事品質匹配效果與獨立董事任命之市場反應研究。國立成功大學財務金融研究所碩士論文。
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