本文以國內食品產業2008 年至2012 年年報所公開揭露的經營績效等財務變數與 公司治理相關資料為研究對象，在控制公司資產規模大小、負債比率、自由現金流 量、子公司家數、公司成立時間長短等變數，以董事會規模、董事會獨立性、董事會 開會次數、獨立董事具財務背景與董監持股等為公司治理實驗變數，研究董事會特徵 對食品業經營績效之影響。實證結果在控制變數（分別為總資產取自然對數、負債比 例、自由現金流量、子公司家數、公司成立時間長短等變數）後，實證結果發現，董 事會規模越大，經營績效越高﹔獨立董事中會計財務背景人數越多，經營績效越高。 董監持股越高，經營合責效越高。 本研究亦利用營連續效管理矩陣分析進行食品業公司在2008 至2012 年相對成長 力與短期競爭力。結果顯示， 23 家上市櫃食品公司中，總共39.1%屬於長期成長力高 於產業平均。

This paper explores the relationship between the characteristics of the board of directors and operational performance. Data was base on 117 listed companies in the market during the past 5years period, from year 2008 up to the year 2012. An empirical research was conducted to investigate the firm performance and each of the direct variables. The control variables include: scale size, debt ratio, free cash flow, the numbers of subsidiary company, and date of establishment. The experimental variables include: board size, board independency, The number of meetings per year, the numbers of Independent directors with financial backgrounds, and the ratio of stockholding by directors and supervisors. The empirical evidences show that the board size, the numbers of Independent directors with financial backgrounds, and the ratio of stockholding by directors and supervisors have a positive relationship with the operating performance of firm. The study also made use of operational performance management matrix analysis of food industry relative growth in 2008 to 2012 and the short-term competitiveness. The results show that 23 listed companies, a total of 39.1% are long-term growth is higher than the industry average.