本研究主要目的是在探討董事會組成特徵、公司投資決策與公司經營績效之關聯性。本研究以1999年至2006年間，在臺灣證券交易所上市共303家公司為研究樣本，進行經營績效與各自變數間之實證研究。根據本研究實證結果發現，得到以下結論：一、以公司治理的角度觀之，董事會構面中董事會連結強度愈高、董事長不兼任總經理、控制股東持股比率愈高的公司，其內部公司治理機制發揮的功能愈佳，減少公司利用不法的內部利益輸送來規避稅賦與美化帳面價值等行為，避免造成大股東在監督態度上睜一隻眼閉一隻眼，此公司之經營績效也會大幅提升。二、在不同時間點分析下，獨立董事設置的增加，不僅可以加強內部稽核功能，讓稽核得以超然獨立的立場，對企業內部控制進行把關，提高董事會決策制定的獨立性，發揮應有的監督功能，必要時也可以向主管機關提出建設性建議，藉以逐步建構適合台灣企業的公司治理制度。三、研究顯示現金流量比率變數對公司經營績效有具體的影響，這說明台灣企業的現金流量比率愈高，公司績效傾向於愈好。此外，本研究實證也發現股權分散程度與公司經營績效呈正相關，支持了增加流動性的財務政策可以提昇公司經營績效，增加公司的市場價值(Amihud & Mendelson, 1986)的看法。

The purpose of this study is to examine the relationship between firm performance and the characteristics of board and the investment policy. The data are collected on 303 listed TSEC companies in the market from 1999 to 2006. An empirical research was conducted to investigate the firm performance and the characteristics of board and the corporate investment policy variables. The findings of this study indicate the following conclusions: 1. From corporate governance of view, this study shows that the greater the interlocking strength of the board, Chairman of the board and CEO are not the same person, and the shareholding rate of key shareholders is higher, the internal governance mechanism work better. Minimize unlawful action of company to tax evasion and falsify book value. Avoid to cause palter on big share holders. Then firm performance will greatly accelerate. 2. Analyzing different timings, it also shows in increase of independent directors, not only consolidate internal auditing ability, allowing auditing to make internal control become more brassbound, give positive advice to competent authority, but also, raise impartial decision of the board, and amplify its monitoring abilities, stabilized favorable corporate governance mechanism of Taiwan's companies. 3. The study reveals that cash flow ratio has c1ear impact on corporate operation performance in Taiwan. Additionally, this study also demonstrates that there is a positive relationship between the degree of diversified equity and firm performance, which is coincide to Amihud and Mendelson's study (1986).