| 摘要: | 近年來，董事性別平等及女性董事的推動為國際趨勢，使得董事會的性別比例也成為國際上重要的研究議題。另一方面，企業得以擺脫經濟衰退、立足勝競爭對手的利基點上，企業研發投資也為廣受討論的議題。
2022年調查由台灣女性治理之138家上市公司指出，女性領導者欲增加投資的領域範圍，最高比例為創新及研發。故本研究探討女性董事比例，研發投資比例，以及女性董事比例與研發投資比例都居於高點時對於公司經營績效如Tobin’s Q，資產投報率 (ROA) 及股東權益報酬率(ROE) 的影響。
以2012年至2020年之上市櫃公司為研究對象，女性董事比例以總人數即占比作為衡量標準，而研發投資比例則以財報中的研究發展費在營業收入淨額之占比作為度量衡。實證結果發現女性董事比例與ROA及ROE有正向的顯著相關，表示女性董事比例越高，ROA及ROE也會相對提高；與Tobin’s Q則無顯著相關。研發投資比例與Tobin’s Q，ROA及ROE並無發現顯著相關，顯示研發投資比例對公司經營績效的影響並不明顯。前10%之女性董事及研發投資比例之交乘項則是與Tobin’s Q呈現顯著之負向相關，代表過高的女性董事比例降低研發投資對於公司市場價值的正向影響；另一方面，ROA出現顯著的正向相關，凸顯了延攬更多的女性董事在研發投資比例相對較高時，對資產報酬率產生了正向調節的效果；反之，與ROE則無表現出顯著的相關性，故此建議女性董事多與不同持分者對話，以提升股東權益報酬率。
;In recent years, the promotion of gender equality and the female directors have become an international trend, making gender diversity of the board an important research topic at the international level. On the other hand, the investment in research and development (the “R&D”) is also a widely discussed topic for companies to overcome economic recession and establish a niche position to outperform their competitors.
A 2022 survey of 138 listed companies administered by female directors in Taiwan suggested that female leaders seek to expand the scope of investment with the highest proportion in R&D. Therefore, this study explores the impact of the ratio of female directors, the ratio of R&D investment, and the interaction of female directors and R&D investment when they are at a relatively high level on corporate performance such as Tobin′s Q, ROA and ROE.
Listed OTC companies from 2012 to 2020 are used as the research object. The ratio of female directors is measured by the total number of directors, while the ratio of R&D investment is measured by the proportion of R&D expenses in net operating income in financial reports. Empirical results indicate a positive and significant correlation between the ratio of female directors and returns to asset and equity, suggesting that hiring more female directors will augment the firm’s ROA and ROE, despite no significant connection to Tobin′s Q. Whereas, the ratio of R&D investment exhibits no significant correlation with Tobin’s Q, ROA and ROE, entailing that R&D investment has no substantial bearing on the corporate performance. Finally, taking the top 10% of R&D investment and female directors into consideration, their interaction shows negative correlation with Tobin’s Q, revealing that overly high ratio of female directors will attenuate the effect of R&D on the firm′s value, whilst its positive and significant correlation with ROA demonstrates that a high ratio of female directors will moderate the effect of R&D on corporate performance; in spite of no significant connection to ROE, highlighting the need for female directors to communicate with different stakeholders to improve the ROE. |
