本研究以2003至2005年台灣上市公司高階主管為研究對象，探討管理特 質是否影響企業績效良窳。實證結果顯示，擁有管理專業教育背景比率較高之 管理團隊獲利較佳；但擁有管理經驗比率較高，獲利則較差。CEO在團隊內 部權力愈集中，績效愈好，但董事長與CEO權力結合之績效差。扁平式組織 結構、管理者外部聲望及經濟誘因亦與企業績效正相關。另一方面，市場預期 管理人力愈多，公司績效愈好，但未發現投資人正面評價管理專業背景。此外， 管理團隊平均任期與外部董事會連結雖有助於企業獲利，但市場予以負面評價。進一步考量市場競爭後發現，不同績效衡量指標的實證結果在市場競爭度 較高的產業呈現較為調和之現象，而管理特質在競爭環境下更能顯現效益。

This study empirically explores the relationship between management characteristics and firm performance by using the top management members of Taiwan listed companies during the period of 2003 to 2005 as a sample. The results demonstrate that top management teams with higher management education background have higher accounting performance. However, the results also show that the more management experience the top management teams have, the lower the accounting performance. Firms whose CEOs maintain highly centralized internal power experience higher profitability, while CEO duality has a negative impact on accounting performance. Moreover, flatter organizational structures, managers，reputations, and financial incentives for managers have a significantly positive influence on a firm’s performance. On the other hand, although the management team size is positively associated with accounting performance, the strength of the team’s management background is not reflected in the value of Tobin’s q，a proxy for market value. Surprisingly, we find that the average tenure of the top management team and outside directorate ties help increase a firm’s accounting performance, but that they also have a negative impact on its market value. Furthermore, we present the evidence that the divergent directions in the impact of management characteristics on accounting performance and market value, respectively, can be attributed to the degree of market competition. Specifically, for firms in highly competitive industries, the effect of management characteristics on accounting performance is in agreement with management characteristics on market value.