本文主要利用會計資訊系統與統計科學方法，探討獨立董事、股利政策與公司績效的關聯性。期望借重公司治理的監控機制，找出影響公司績效的顯著變數，提出公司的營運策略(財務決策)。進一步檢定，公司的股利政策，是否可以提高公司每股盈餘(earings per share, EPS)、使股價上漲，進而提高公司績效。實證分析上，選取102家上市公司資料，使用K-S檢定、M-U檢定、Pearson與VIF檢定、多元logistic迴歸分析，建構財務預警模型(financial early-warning models)。
實證結果發現，影響公司績效的顯著變數以財務結構、獲利能力、現金流量與公司治理指標為主。研究建議，公司財務決策為1.公司盈餘宜先行償還負債(降低負債比率)，2.買回庫藏股(降低流通在外股數)，則每股盈餘(EPS)增加，帶動股價上漲(股利政策)，降低公司發生危機之機率，進而提高公司績效。管理價值與涵義，通過研究假說檢定：H1獨立董事的內部監控對公司績效有顯著影響，H2股利政策(股票買回)對每股盈餘與股價上漲有顯著影響。
The purpose of this paper is to examine the impact of independent directors and dividend policy on company performance. This study aims to identify the significant fi-nancial ratios and corporate governance factors that affect firm performance. The re-searchers sought to understand if a company’s dividend policy may raise its earnings per share (EPS) and stock price, hence improving company performance. The researchers selected 102 listed Taiwanese companies and applied K-S test, M-U test, Pearson’s chi-squared test, variation inflation factor (VIF) test, and logistic regression analysis in order to establish financial early-warning models. Based on the empirical results, two hypotheses were validated: 1. Independent directors, acting as an internal corporate governance mechanism, have a significant positive effect on company performance. 2. Dividend policy regarding share repurchase has a significant positive effect on the in-crease of EPS and share price. The significant financial ratios affecting firm performance included those in the categories of financial structure, profitability, and cash flow. The significant non-financial factor was associated with corporate governance. The re-searchers provided recommendations in both financial and non-financial aspects. Finan-cially, managers should repay firm’s debt in order to reduce debt to assets ratio. Then, managers should make a dividend policy of buying back treasury stocks in order to re-duce the number of shares outstanding. These two approaches can increase a company’s EPS and share price. Finally, independent directors should actively participate on the board to enhance firm performance.
