公司治理研究議題廣泛，其中，過去多數研究已證實獨立董事的專業性以及獨立性對企業績效具有正向關聯，但是針對企業獨立董事「兼任」的議題卻鮮少研究討論，因此本研究欲探討企業獨立董事兼任程度與企業績效之間的關係，並分別加入資訊揭露透明度以及家族企業做為中介變數與調節變數，觀察企業獨立董事兼任程度是否透過資訊揭露透明度影響企業績效，以及觀察企業獨立董事兼任程度是否因家族企業而強化與企業績效之間的關係。
本研究以臺灣上市公司做為研究樣本，資料來源取自臺灣經濟資料庫(TEJ)，研究期間為2006年至2014年，共計491家企業、2673觀察值。並以追蹤資料(Panel Data)進行迴歸分析，同時以Hausman 檢定之驗證顯示各模型均適用於固定效果模型為實證分析的依據。本研究結果顯示，企業獨立董事過度兼任將負向影響企業績效；另外，資訊揭露透明度在企業獨立董事兼任程度與企業績效間具有中介效果；然而，家族企業並不會強化企業獨立董事兼任程度與企業績效之間的關係。本研究在理論上補足獨立董事在兼任領域之研究缺口，並在實務上提供企業於設立獨立董事時，應考量到過度兼任的影響性。

With the significance of the independent director in corporate governance field, more and more studies have been done concerning independent director to firm performance. The purpose of this study is to investigate the impact of the relationship between the degree of interlocking outside directors and the associated firm performance, and to provide meaningful implications to academic research stream and business practitioners.

We incorporate the viewpoints of corporate governance into our models, and collect the data from Taiwan Economic Journal (TEJ) to test the proposed hypotheses. The research period is from 2006 to 2014, and the sample is composed of 491 firms, 2673 observations. Using Hausman test, fixed effect are applied to the models in this research. The result shows that: (1) the higher the degree of interlocking outside directors of a firm, the worse performance it has; (2) information transparency and disclosure will mediated the relationship between the degree of interlocking outside directors of a firm and its associated performance.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 4
第三節 研究流程 5
第二章 文獻回顧與假說推導 7
第一節 公司治理 7
第二節 企業獨立董事兼任 13
第三節 資訊揭露透明度中介效果 16
第四節 家族企業調節效果 20
第三章 研究方法 25
第一節 研究架構 25
第二節 資料來源與樣本 26
第三節 變數衡量 27
第四節 資料分析方法 32
第四章 實證結果與討論 35
第一節 樣本描述 35
第二節 相關係數分析 39
第三節 Panel Data模型分析與假說檢定 42
第四節 實證結果與討論 53
第五章 結論與建議 57
第一節 研究結論 57
第二節 理論貢獻 57
第三節 研究限制與未來研究建議 58
參考文獻 61

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