在公司內部治理最高層級的董事會中,董事會的決定運作效能是關鍵的一環,具有多元性的董事會可能改善公司的代理問題,進而影響公司的做出股利決策。本研究將探討董事會多元性是否影響公司的股利決策,研究資料包括2001至2017年間台灣所有上市公司,在董事會多元性方面,係採用女性董監事比率、專業董監事比率和外部董事比率做為代理變數,據以建立實證模型,透過實證分析了解董事會多元化對股利決策的影響性。實證研究結果顯示,專業董監事比率對現金股利率具有統計顯著的負向關聯性,外部董監事比率與現金股利率具有統計顯著的正向關係;女性董監事比率則與股利發放率呈現顯著的正向關係。上述結果表示董事會成員的女性比率愈高時,公司將傾向增加股利發放率,但是當專業董事會成員比率愈高或外部董監事比率愈低時,將會減少公司現金股利發放。 The board of directors, which oversees executive-level corporate governance, affects corporation performance through its decision-making efficiency. A diverse board may alleviate a corporate’s agency problem and affect the decisions on dividend distribution. This study investigates the 2001–2017 data of all listed companies in Taiwan to determine whether board diversity affects corporate dividend decisions. For board diversity, the ratio of female directors and supervisors, the ratio of professional directors and supervisors, and the ratio of independent directors serve as the proxy variables based on which an empirical model is established. An empirical analysis is performed to determine the influence of board diversity on dividend decisions, and the results indicate that the ratio of professional directors and supervisors is significantly and negatively correlated with cash dividend yields; the ratio of independent directors is significantly and positively correlated with cash dividend yields; and the ratio of female directors and supervisors is significantly and positively correlated with dividend payout ratios. These results suggest that corporates with a high proportion of female board members exhibit a stronger inclination of raising their dividend payout ratio. However, reduction of cash dividend payout is observed in corporates with a high proportion of professional directors and supervisors or a low proportion of independent directors and supervisors.