本研究採用2012年至2022年台灣金融控股公司資料，樣本數涵括12家、共132筆公司年度資料；以普通最小平方法進行迴歸分析，探討金控公司之女性董事比例與經營績效和風險承擔之關聯性。本研究實證結果顯示：首先，在風險承擔方面，女性董事比例較高確實對降低公司財務風險具有較顯著影響，特別是在降低逾期放款比率和提高備抵呆帳覆蓋率，表示女性董事比例增加可避免不良債務，提高放款品質進而讓逾期放款比率下降；同時能有效對抗呆帳問題，強化風險管理；至於女性董事比例增加對資本適足率無顯著影響。其次，就經營績效而言，女性董事比例增加對公司每股盈餘呈現正向顯著影響，代表女性董事比例增加可提高公司的獲利能力；然而女性董事比例增加對資產報酬率及Tobin’s Q無顯著影響。最後，本研究亦考慮女性董事比例在新冠疫情期間對金控公司績效與風險承擔之影響是否有所不同，但該變數估計係數未達顯著水準。
相較於既往探討女性董事對公司經營表現文獻，均重視經營績效，鮮少探討女性董事對於風險承擔之影響；本研究探討過往文獻忽略之議題並發現其統計顯著性。本研究顯示，女性參與董事會對於降低金控公司財務風險較有助益，此一結果或許有助於推動公司經營階層性別多元化時之優先考量。

For this study, Taiwan financial holding company data from 2012 to 2022 are used, the sample sizes include 12 companies and a total of 132 company’s annual data. To proceed regression analysis via ordinary least squares method to explore the correlation between the proportion of female directors of financial holding companies and the business performance and the risk-taking behavior. The empirical results of this study indicate that, firstly, in terms of risk-taking behavior, the higher proportion of female directors significantly reduces the company’s financial risk, particularly in lowering non-performing-loan ratios and increasing the coverage ratio, indicating that the increase in the proportion of female directors can prevent the bad debt, improve the loan quality and further to drop the non-performing loan ratio, meanwhile, it also effectively deals with the bad debt issues and to strengthen the risk management. As for the increase in the proportion of the female directors, there’s no obvious impact on the bank of international settlement ratio. Secondly, when business performance is talked, the increase in the proportion of female directors shows positive and significant impact on company’s EPS, meaning that a higher proportion of female directors can enhance the company's profitability. However, the increase in the proportion of female directors has no significant effect on ROA and Tobin’s Q. Finally, the study also considers whether the impact of the proportion of female directors on the business performance and risk-taking behavior of financial holding companies is different during the COVID-19 pandemic, but the estimated coefficient of this variable doesn’t reach the significant level.
Compared with previous literature explores the female directors on cooperate performance, which generally emphasizes the business performance and the impact of female directors on risk taking behavior is rarely discussed. This study explores the subject that is overlooked in previous literature and finds its statistical significance. This study shows that the female participation in the board of directors can be beneficial in reducing the financial risks for financial holding companies and this result might be helpful to prioritize the considerations of gender diversity in the company’s management level.

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