本研究旨在探討董事會結構對公司財務績效的影響，並進一步研究COVID-19期間董事會結構與財務績效之間的調節效果。研究樣本涵蓋了台灣2015年至2021年的上市櫃公司，總計6593筆有效樣本。本文將董事會結構分為董事會規模、獨立董事比例、董事長不兼任總經理、董事會開會次數、董事會平均出席率和獨立董事平均兼任家數等解釋變數，並分析其與股東權益報酬率、資產報酬率和Tobin's Q之間的關聯性。
研究結果顯示，獨立董事比例對三個公司財務指標均呈現正向關聯且達到顯著水準。董事長不兼任總經理對三個公司財務指標皆呈現正向關聯且達到顯著水準。董事會開會次數和董事會平均出席率對股東權益報酬率、資產報酬率和Tobin's Q均呈現正向關聯且達到顯著水準。
最後進一步探討了COVID-19期間對董事會結構和財務績效的調節效果。結果顯示董事會開會次數和董事會平均出席率在這一期間對公司財務績效有顯著的正向調節效果，而其他董事會結構變數則未受調節影響。這意味著在COVID-19疫情期間，增加董事會的開會次數和董事會成員的出席率對維持穩定公司財務績效是至關重要，透過此方式降低危機造成的衝擊並且能適應危機時的各種挑戰。

This thesis aims to investigate the impact of board structure on firm financial performance and further examine the moderating effect of board structure during the COVID-19 period. The sample consists of 6,593 valid observations from listed companies in Taiwan spanning from 2015 to 2021. I consider board structure variables such as board size, proportion of independent directors, board duality, board meeting frequency, average attendance rate, and the number of independent directors holding multiple directorships, and analyze their relationships with shareholder equity return, asset return, and Tobin's Q.

The results indicate a positive and significant relationship between the proportion of independent directors and all three financial indicators. Board duality shows a positive and significant association with all three indicators. Board meeting frequency and attendance rate exhibit positive and significant associations with shareholder equity return, asset return, and Tobin's Q.

Furthermore, I examine the moderating effect of board structure on Financial performance during the COVID-19 period. The results reveal that board meeting frequency and attendance rate have a significant positive moderating effect on certain Financial performance indicators during this period, while other board structure variables are not influenced by this moderation. This implies that increasing board meeting frequency and the attendance of board members are crucial in maintaining stable firm Financial performance during the COVID-19 pandemic.

論文審定書 i
致謝 ii
中文摘要 iii
Abstract iv
目　錄 v
圖　次 vi
表　次 vii
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究架構 4
第貳章 文獻探討 6
第一節 董事會結構與公司績效 6
第二節 重大危機發生之董事會結構與公司財務績效 11
第參章 研究方法 14
第一節 樣本選取與資料來源 14
第二節 變數定義與衡量 14
第三節 實證模型 17
第肆章 實證結果及分析 19
第一節 敘述性統計分析 19
第二節 相關性分析 21
第三節 迴歸結果分析 23
第五章 結論與建議 43
第一節 研究發現 43
第二節 研究限制與建議 45
參考文獻 46

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