本研究以台灣電子產業上市公司為研究對象，以2007至2012年為研究期間，蒐集公司執行長學歷與相關特質之實際資料，探討總經理教育成就與特質對公司經營績效的影響，並延伸先前國內文獻，將教育品質與國內、外學歷執行長之比較納入研究中討論。實證結果發現到，從國內頂尖大學畢業的執行長與公司績效呈現正相關。此外，國內、外學歷之執行長在教育背景上有顯著差異，擁有國內學歷的執行長其教育背景與績效呈現負相關，與本研究假說不符，擁有國外學歷的執行長不論是理工或商管背景都與公司績效呈現正相關。在其他特質方面，執行長身兼董事長或年資越長的執行長皆會對績效產生負面影響，執行長持股比率則與公司績效呈正向關聯。在進一步的分析中證實商管背景的執行長能比較正確運用財務槓桿的財務策略，以藉此提升公司績效。
本篇文獻嘗試解開台灣社會長期以來對教育問題產生的兩個迷思，頂尖大學學歷與國外學歷的追求，並實證在電子產業上述迷思的狀況，發現到擁有國內頂尖大學學歷與國內、外學歷的確有所差異。最後，因為不同教育特質會帶來迥異的結果，教育程度越高的執行長可能會產生過度自信的問題、採取較激進的策略，但領導出負的公司績效；而商管背景的執行長則對於財務策略的運用上較為得宜，能藉此提升績效。公司董事會或管理團隊在找尋人才時應該先分析公司內部現況需要何種專才，多方面衡量學經歷的狀況，招募有所需技能或特質的人，來補足公司不足之處或強化公司優勢，才能帶來好的績效與永續經營。

This paper empirically examines the effects of educational attainment and other characteristics of chief executive officers (CEOs) on firm performance. Extending the previous research on this topic, we consider the influence of educational quality and compare the difference between domestically-educated CEOs and foreign-educated CEOs. We hand-collect a dataset containing 1,068 firm-year observations from Taiwanese listed electronics firms during 2007 to 2012, undertaking an analysis of in-sample and out-of-sample tests. The findings show that domestically-educated CEOs who graduated from top-ranked universities are positively associated with firm performance. In addition, academic background has completely different outcomes between domestic education and foreign education. In contrast to the negative effect from CEOs with domestic educational backgrounds, foreign-educated CEOs from both types of academic background positively relate to firm performance. Duality and Tenure show a negative influence on performance, whereas shareholdings have a positive effect. Finally, the further analyses prove that CEOs with business and management backgrounds utilize financial leverage more wisely and are positively related to better performance. The results suggest that different levels of educational attainment may lead to dissimilar outcomes. The board of directors and recruiters should consider what specialized ability is needed in the company’s specific situation and hire a manager with the skills necessary to achieve better firm performance and sustainable operation.

湯家良（民93）。總經理特質與經營績效之關聯：以我國資訊電子業為例 （碩士論文）。取自臺灣博碩士論文系統。（系統編號 092CCU00385024）
金成隆, 林修葳, & 邱煒恒. (2005). 研究發展支出與資本支出的價值攸關性: 以企業生命週期論析. 中山管理評論, 13(3), 617-643.
遠見雜誌（民105年9月29日）。2016台灣最佳大學排行榜，各校競爭力全面剖析。取自https://www.gvm.com.tw/webonly_content_11454.html
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