本研究探討董事會多元性與獨立性對公司信用風險之影響，研究樣本涵蓋2020至2023年間台灣證券交易所832家上市非金融公司。董事會多元性透過多項指標衡量，包括董事任期、女性董事比例、教育程度及具會計、法律或財務專業背景的董事比例，並以獨立董事比例評估其獨立性。
本研究採用多元迴歸分析，並以TCRI（台灣公司信用風險指標）作為信用風險代理變數。實證結果顯示，董事會在任期、性別、教育與專業背景等方面具較高多元性的公司，其信用風險相對較低；而獨立董事比例較高的公司也呈現較佳的信用風險表現。研究指出，提升董事會的多元性與獨立性，有助於強化公司治理與風險管理，對監管機關與企業決策具有參考價值。

This study explores the impact of board diversity and independence on corporate credit risk, using data from 832 listed non-financial companies on the Taiwan Stock Exchange between 2020 and 2023. Board diversity is measured through indicators such as board tenure, the proportion of female directors, educational background, and the proportion of directors with expertise in accounting, law, or finance. Board independence is assessed based on the proportion of independent directors.
The study employs multiple regression analysis and uses the Taiwan Corporate Credit Risk Index (TCRI) as a proxy for credit risk. The results show that companies with greater diversity in board composition and a higher proportion of independent directors tend to exhibit lower credit risk. These findings suggest that enhancing board diversity and independence can strengthen corporate governance and risk management, offering practical implications for regulators and corporate decision-makers.

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