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董事會規模(BOD)與 F 股公司初次上市櫃後初期，不論首日、首週或 首月股價報酬率皆呈正向相關性，說明初期因為較多的董事會人數，可以 廣納不同專業領域背景的學者專家，集思廣益，貢獻彼此的才華與能力，
以做出較佳的決策，故可有效提升公司績效所致。惟長期下來，公司的生 產力會隨著工作團隊規模的增加而遞減，因規模愈大愈易造成組織內部出 現派系，且在制定決策時會發生較差的溝通能力，因而效率降低，以致董 事會規模愈小則公司經營績效愈好，故董事會規模對 F 股來臺掛牌後短期 股價報酬為正向之影響，對長期經營績效則為負向之影響。
綜上，透過本研究，可知股權結構及董事會結構層面之公司治理指 標，均會對 F 股承銷價之訂定及掛牌後不論短期或長期之績效表現產生影 響，故投資人可藉由 F 股公司本身公司治理之良窳評估其公司價值。
第二節 研究限制
由於我國於 2008 年 7 月 31 日第 3103 次院會始通過金管會「海外企業來 臺上市鬆綁及適度開放陸資投資國內股市方案」，因此自 2008 年起，「外國企業 來臺第一上市(櫃)」的話題始開始發燒，故截至 2014 年底，扣除自行申請撤件 及下市者外，僅有 67 家 F 股公司可作為本研究之研究樣本，由於樣本資料較 少，為避免解釋變數太多影響自由度，進而對模型之穩定性造成影響，因此本 研究僅挑選較重要之關鍵因子進行研究；另一方面，有鑑於一些 F 股公司於 2014 下半年始上市櫃，為使資料具有一致性之分析基礎，故僅以 2014 年為本 研究之研究期間。
第三節 研究建議
根據本研究之研究過程、實證結果與研究限制，提出以下針對本研究之研 究建議：
一、 本研究因只考慮一年期間，故僅為橫斷面資料之分析，且截至 2014 年底，僅有 67 家 F 股公司可作為研究樣本，不僅研究期間較短，研
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究樣本亦偏少，可能會因為極端值的存在導致統計結果產生重大的 誤差，因此建議未來之研究可透過加長研究期間，以及擴大研究樣 本，並加入時間序列分析法，方能更適切地探討公司治理機制中，
股權結構與董事會結構兩大面向之代表性指標，對承銷價之訂定及 掛牌後公司經營表現之影響等議題。
二、 本研究僅以財務變數作為衡量公司經營表現的標準，至其他無法客 觀量化之質性績效衡量指標，如法令遵循程度、員工操守與企業誠 信程度等則未考量在內，建議後續研究可針對非量化之質性績效衡 量指標作進一步較具整體性之研究，以對本研究之研究議題有更深 入之探討。
三、 本研究僅探討各變數之間的線性關係，建議未來研究中可考慮非線 性關係之迴歸分析。
四、 本研究係以初次上市櫃之 F 股公司為研究樣本，建議未來可進一步 針對「現金增資」之 F 股公司進行研究，因現金增資的股票本身已 具有市場價格，承銷商將會以市價為基礎，再根據投資人提供的資 訊加以微調，初次上市(櫃)之股票則係由承銷商與發行公司依據眾 多考量所議定，故兩者間之差異可作為進一步研究探討之議題。
五、 建議可針對非 F 股公司進行與本研究相同之實證分析，並將其得到 之實證結果及參考文獻與 F 股公司做一比較。
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