本研究從臺灣證券交易所掛牌上市公司之董事會成員性別狀態作為研究對象（排除金融保險業），其與公司現金持有比例是否具有關聯性。實證結果顯示當企業存在之女性董事未達多數時，其現金持有比例顯著負相關。進一步加入公司治理100作為控制變數，實證結果則得到顯著正相關，接續加入公司治理100之企業與董事會女性成員比例高之交乘項作為控制變數，實證結果為顯著正相關。究其原因，應為企業完善落實公司治理之情況下，董事會性別多樣性達一定比例時，則對企業之現金持有比例具有顯著正相關。;This study selects the board gender form the Taiwan Stock Exchange as the research object (excluding the financial and insurance industry), and whether it is related to the company′s cash holding ratio. The empirical results show that when there is a majority of women directors in the company, their cash holding ratio is significantly negatively correlated. Further adding corporate governance 100 as a control variable, the empirical results are significantly positively correlated. The succession of companies joining the corporate governance 100 with high ratios of female board members as control variables has positive and significant positive correlations. The reason for this should be that when the company′s corporate governance is improved and the gender diversity of the board reaches a certain percentage, there is a significant positive correlation with the ratio of cash holdings.
