隨著公司治理與人才資本概念的興起，董事會功能與企業人力資本愈漸受到重視，對於企業績效之影響亦有不少研究，然而，董事會所提供之監督與控制功能卻會受到企業營運階層之人力資本影響，若企業的人力資本愈豐富，則對於經營環境資訊整合與分析的品質愈高，將能強化董事會監督與資源提供對企業績效的正向影響。另外，董事會依據公司所提策略計畫書進行監督控制與決策，當企業擁有較豐富之人力資本，則事前準備會愈具完善、董事會決策品質與效率皆會提升，因此，本研究除了探究董事會特性與人力資本對企業績效之相關性外，並主要探究企業人力資本之豐富程度對董事會特性對企業績效關聯之影響效果。 本研究以台灣上市上櫃公司為對象，資料源自台灣經濟新報資料庫，排除財務結構較為特殊之金融保險產業後，共計641家樣本公司，為完整瞭解且呈現樣本公司情況，本研究期間自2003年起到2011年，共為九年。研究結果發現，董事會特性中除「董事會規模」外，「最終控制者董事控制席次比率」與「董事長不兼任總經理」對企業績效皆具有顯著影響；在人力資本部分則是對企業績效皆呈現顯著影響。另外，人力資本調節角色上，發現「員工平均年資」、「員工平均年齡」調節效果較不一致，而「員工碩士以上學歷比率」與「人力資本投資報酬率」則是具有顯著調節效果，顯示無論是在董事會層級與企業營運層級上，重視董事會運作與員工投資皆對企業有正向的效用。 With the rising of the concept of corporate governance and talent capital, the board functions and human capital have been more attention, the studies of the impact to corporate performance has been increasing. However, the board is focus on control and provide resources ,and it will be effected by the human capital of business operate level, the more abundant human capital company have, the more efficient the board will be. Therefore, the study examined the relationship between the board characteristics, human capital and the corporate performance. And we focus on human capital as a moderator in the process of board characteristics and human capital to affect the corporate performance.We used the secondary data form Taiwan Economic Journal, and collected 651listed companies in Taiwan during 2003 to 2011. The findings of our research are as follows: (1) Ratio of director seats controlled by ultimate controller and CEO duality are negative impact on corporate performance. (2) The board size has no significant relationship with corporate performance. (3) Human capital has positive impact corporate performance . (4) The human capital has moderating effect on the relationship between board characteristics and corporate performance.
