本研究採用中國股票市場之非金融業公司2011-2015年期間的10,416筆公司年資料為樣本，探討大股東所有權類型與董事會治理之關聯。研究發現家族所有權和機構所有權皆以不同方式影響公司董事會治理。其中，當家族所有權越大，董事會中外部董事比率會減小，CEO兼任董事長的可能性會提升。機構所有權與董事會治理之間的關聯則取決於機構投資人的地緣關係（國內或國外）和監督強度（主動或被動）。整體而言，此實證結果顯示，家族所有權和機構所有權皆與董事會治理品質有關。

In this study, I examine the relation between the types of large shareholder ownership and board governance by using a sample of 10,416 Chinese firm-years during the period 2011-2015. I find that both family ownership and institutional ownership influence board governance in various ways. Greater family ownership is related to a smaller proportion of outside directors in the board and a higher likelihood of CEO duality. The association between institutional ownership and board governance depends on the geographic origin (foreign vs. domestic) and monitoring intensity (active vs. passive) of institutional investors. Overall, my results suggest that both family ownership and institutional ownership are related to the governance quality of a board of directors.

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