全球女性任職公司高階管理者的趨勢日益上升，女性管理者於公司治理、管理風格、整體經營都有所不同，公司在多元的管理下成效表現更加卓著，本研究目的即在探討女性管理者對公司經營績效之影響。本研究從女性董事長、女性總經理與公司經營績效分析，樣本資料取自臺灣經濟新報資料庫，含括2003年至2017年共13年期間臺灣上市櫃公司為研究對象，利用線性迴歸分析法做研究。實證結果發現，女性管理者對於公司經營績效總資產報酬率、股東權益報酬率未有顯著影響，但對公司未來價值績效Tobin’s Q有顯著正相關影響，由此發現，公司的未來市場價值受到管理者為女性的正面影響，也為投資人帶來高度期望。

As the times progress and society advances, female achieve higher and higher goals in their career. In present days, the number of female directors and female managers are increasing. This phenomenon is not only because of their different governance style, but also higher firm performance. The purpose of this study is to explore the effects of female senior managers on company performance. This study is based on the analysis of the business performance of the female director, female manager and the company. The sample data is taken from the Taiwan Economic Journal, including the Taiwan listed company for the 13-year period from 2005 to 2017, using linear regression analysis for research. The empirical results show that female managers have no significant influence on the total return on assets and return on equity of the company's operating performance, but have a significant positive correlation with the company's future value performance Tobin's Q. It is found that the company's future market value is growing up with female manager. The positive impact of female managers is also high expectations for investors.

王孟洵，(2013)，從本土企業董事性別比例平衡與績效的關係看性別平等意涵，國立中央大學人力資源管理研究所碩士論文，桃園市。

李毓寧，(2012)，女性主管的領導風格與性別角色影響之探討，國立中山大學高階經營碩士學程在職專班碩士論文，高雄市。

李馨蘋、莊宗憲，(2007)。公司治理機制與公司績效之實證研究，東吳經濟商學學報，57:1-27。

李文福、張民忠、王媛慧，(2015)。衡量與分解臺灣銀行業生產力與利潤力變動，經濟研究 (Taipei Economic Inquiry)，51(2):305-356。

林逸顥，(2006)。女性高階主管領導風格與特質之研究，私立中原大學會計研究所碩士論文，桃園市。

林寶人，(2010)。臺灣上市櫃家族企業與公司績效，會計學報，3(1):53-82。

洪榮華、陳香如、柯璟瑩，(2005)。「從代理理論角度探討董事會特性、股權結構與負債之關聯性」，管理與系統，12(4):33-53。

陳啟鳳，(2003)。臺灣女性CEO管理風格之研究，國立臺灣大學商學研究所碩士論文，臺北市。

陳碧霞，(2007)。裁決性應計模型檢定季盈餘管理績效之評估，私立中原大學會計研究所碩士論文，桃園市。

陳沛旬，(2014)，公司治理與企業價值和財務績效之關聯性，私立東吳大學國際與經營貿易學系碩士班國際貿易金融組碩士論文，臺北市。

郭逸真，(2006)。台灣家族與非家族企業之公司治理:以總經理異動為
例，國立中央大學企業管理研究所博士論文，桃園市。

戚萍，(2015)。景氣循環與金融危機下臺灣銀行業公司治理對女性高階管
理者比率與經營績效之影響，國立臺北大學國際財務經濟碩士在職專班碩士論文，臺北市。

黃德舜，(1998)。企業財務分析－企業價值的創造及評估，臺北，華泰文
化事業公司。

曾秀玲，(2012)。家族企業內部稽核獨立性與組織績效關聯性之研究，國
立中山大學企業管理學系碩士論文，高雄市。

傅俊傑，(2014)。金融海嘯對各國總體經濟政策影響之探討，東海大學政
治學系碩士論文，台中市。

張竹萱、孫郁舒、陳雅雯、王芊雯、戴敏如、游佩棋、李俞萱、陳偉婷，
(2017)。企業財務比率分析、成長性預測與投資策略探究。北商學報，
31:1-24。

劉宇、吳寶寶、謝飛雪，(2014)。女性董事會改善中國的公司績效嗎，公司財務雜誌，1(28):169-184。

賴儷文，(2000)。高階經理人性別差異化對公司績效之影響，國立東華大學會計與財務金融碩士學位學程碩士論文，花蓮縣。

賴偉傑，(2010)。女性董事、公司治理與財務績效─以臺灣上市公司為例，國立臺北大學合作經濟學系研究所碩士論文，臺北市。

魏瑛真，(2012)。臺灣上市公司女性董事對公司績效之影響，國立屏東科技大學企業管理系碩士學位論文，屏東縣。

戴育邦，(2015)。美國量化寬鬆政策對台灣匯率、利率與淨國外投資的影響，東海大學經濟學系碩士論文，台中市。

Adams, R. B., and Ferreira, D. (2009). Women in the Boardroom and their Impact on Governance and Performance. Journal of Financial Economics, Vol. 94(2):291-309.

Adams, R. B., and Funk, P. C. (2012). Beyond the Glass Ceiling, Does Gender Matter? Management Science, Vol. 58:219-235.

Amy J. Hillman, Christine Shropshire, and Cannella, A. (2007). Organizational Predictors of Women on Corporate Boards. Academy of Management Journal, Vol. 50(4):941-952.

Campbell, K., and Minguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, Vol. 83(3): 435-451.

Carter, David A., Betty J. Simkins, and W. Gary Simpson. (2003). Corporate Governance, Board Diversity and Firm Value. The Financial Review, Vol. 38(2003): 33-53.

Chang, S., W. Wu, and Y. Wong. (2010). Family Control and Stock Market Reactions to Innovation Announcements. British Journal of Management, Vol. 21(1):152-170.

Carter, D. A., D’Souza, F., Simkins, B. J., and Simpson, W. G. (2010). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, Vol. 18(5):396-414.

Daily, C.M., Certo, S. T., and Dalton, D. R. (1999). A Decade of Corporate Women: Some Progress in the Boardroom, None in the Executive Suite. Strategic Management Journal, Vol. 20(1):93-99.

Davis, S. Peter , Babakus Emin , Englis, D. Paula, and Tim Pett. (2010). The Influence of CEO Gender on Market Orientation and Performance in Service Small and Medium‐Sized Service Businesses. Journal of Small Business Management, Vol. 48(4):475-496.

Fisher, F. M., and McGowon, J. J. (1983). On the Misuse of Accounting Rate of Return to Infer Monopoly Profits. The American Economic Review, Vol. 73(1):82-97.

Fama, E., and French, K. (2006). Profitability, Investment, and Average Returns. Journal of Financial Economics, Vol. 82(3):491-518.

Gavious, I., Segev, E., and Rami, Y.(2012). Female Directors and Earnings Management in High-Technology Firms. Pacific Accounting Review, Vol. 24(1):4-32

Hirschey, M., and Weygandt, J. (1985), Amortization Policy for Advertising and Research and Development Expenditures. Journal of Accounting Research, Vol.23(1).

Haslam, S. Alexander, Michelle, K. Ryan, Clara Kulich, Grzegorz Trojanowski, and Cate Atkins. (2010). Investing with Prejudice: The Relationship Between Women’s Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management, Vol. 21:484-497.

Liu, Y., Miletkov, M. K., Wei, Z., and Yang, T. (2015). Board Independence and Firm Performance in China. Journal of Corporate Finance, Vol. (30):223-244.

McConnel, J. J., and Servaes, H. (1995). Equity Ownership and the Two Faces of Debt. Journal of Financial Economic, Vol. 39(1):131-157.

Morrison, A.M., Randall, P.W., and Van Valsor, E. (2004). Breaking the Glass Ceiling. The Center for Creative Leadership. Addison-Wesley, Boston, MA.

Olawale, Luqman S., Ho,Bamidele M., and Lawal, Fatai K. (2017). The effect of size on performance of firms in Nigeria, The IEB International Journal of Finance, Vol. 15:68-87.

Post, C., and Byron, K. (2015). Women on Boards and Firm Financial Performance: A Meta-analysis. Academy of Management Journal, Vol. 58(5).

Robinson, G., and Dechant, K. (1997). Building a business case for diversity. The Academy of Management Perspectives, Vol. 11(3):21-31.

Stogdill, R. M. (1977). Handbook of Leadership: A Survey of Theory and Research.  American Political Science Association, Vol. 5(3).

Schrand, C.M., and Zechman, S.L.C. (2011), “Executive overconfidence and the slippery slope to fraud”, working paper, University of Pennsylvania, The Wharton School, Philadelphia, PA, May 1.