為推動董事會會性別多元化，各國已陸續制定法律來強制企業必須設置女性董事，臺灣金管會亦於2023年3月28日發佈「上市櫃公司永續發展行動方案」，該方案採用「三階段漸進模式」要求企業設置女性董事。本研究篇針對臺灣強制配額政策進行研究，採取事件研究法探討投資人對於臺灣強制女性董事配額政策的反應，並進一步探討公司治理及企業風險，是否會導致市場的反應有顯著的差異。實證結果顯示，市場對於台灣強制性別配額制度未有顯著反應，但市場的反應因為治理水準的不同而有顯著的差異，在政策宣告日時沒有女性董事的企業中，市場對於治理好的相較於治理差的反應較為正面。

To promote gender diversity on corporate boards, many countries have enacted laws mandating the inclusion of female directors. On March 28, 2023, Taiwan's Financial Supervisory Commission (FSC) announced the "Action Plan for Sustainable Development of Listed Companies," which adopts a "three-stage progressive model" requiring companies to appoint female directors. This study examines Taiwan's mandatory quota policy using an event study methodology to investigate investors' reactions to the policy and further explores whether corporate governance and firm risk lead to significant differences in market reactions. The empirical results indicate that the market did not show a significant overall reaction to Taiwan's mandatory gender quota policy. However, there were notable differences in market reactions based on the level of corporate governance. Among companies without female directors at the time of the policy announcement, those with better governance received more positive market reactions compared to those with poorer governance.

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女力崛起！女性董事新面貌 - TEJ台灣經濟新報Apr 20 2023
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