第五章 結論與研究建議
第二節 研究限制與未來研究建議
過去研究大多將獨立董事當作自變數，探討對於公司治理、公司績效面或引 發財務危機可能造成的影響，但獨立董事為公司所雇用，且董事會結構與股權結 構常互有關聯，例如過去董事頇具備公司股東身份，讓董事與公司利害關係有連 結，使董事會不至於制定風險過大的決策，進而影響到自身利益。因此本文嘗詴 將獨立董事當成應變數，探討各項因素對於公司聘任獨立董事時可能造成的影
46
響，並讓後續選擇獨立董事相關研究者做參考。
本文對國際化的定義是採用 Meek et al.(1995)的研究，以發行海外信託憑證 的公司作為國際化的依據，但發行海外存託憑證的公司數目較少，評量國際化程 度較不明顯。但可衡量公司國際化程度的標準眾多，較常用來衡量的幾個指標包 含「外銷比率」、「國外營收與總營收比率」、「對外投資與總資產比率」、「國外子 公司數目對樣本中最多公司數比率」等綜合指標衡量(Sanders and Carpenter, 1998；Gomes and Ramaswamy, 1999)。但其資料取得難易度及所需時間因素限 制，因此建議後續研究可參考上述綜合指標衡量國際化程度對於設置獨立董事之 影響。
另外，本文結果顯示，董事長兼任總經理與獨立董事設置成顯著正向相關，
由於本文主要以核心代理理論作為假說發展依據，對於其他公司治理相關理論並 無詳細描述與探討，建議後續研究人員可以從其他理論探討各因素對於獨立董事 設置的相關性。
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