中國上市公司有許多董事會成員是政府或軍方的現任或前任官員，而董事會作為公司治理結構的核心，不同的董事會特徵將會影響公司治理運作的模式與績效表現。過去公司治理董事會的文獻鮮少關注董事會成員的專業背景，因此本研究以2008年到2016年間中國上市公司金融業以外的781家公司為研究對象，首先運用資料包絡分析法(Data Envelopment Analysis, DEA)，進行投入與產出間之效率分析，以衡量中國上市公司之公司績效，並採用Tobit迴歸模型探討政治關聯、董事會多樣性對公司績效之影響。研究結果顯示：中國上市公司的政治關聯與公司績效之間為負向顯著影響；其次，董事會多樣性與公司績效呈顯著負向關係；再者，政治關聯與董事會多樣性交叉項對公司績效呈顯著正相關，顯示具政治關聯之董事會多樣性，能增加公司績效。
Many of the board of directors of China’s listed companies are current or former officials of the government or military. As the board of directors is the core of corporate governance structure, the characteristics of these board of directors affect the model and performance of corporate governance operations. In the past, the literature on corporate governance boards rarely paid attention to the professional background of board members. Therefore, this study is based on 781 companies of Chinese listed companies without financial industry from 2008 to 2016. First, Data Envelopment Analysis (DEA) was used to analyze the efficiency between input and output as a method to measure the performance of listed companies in China. Then, Tobit regression model was used to find out the impact of political connections and board diversity on company performance. The results show that the political connection of listed companies in China has a significant negative impact on the company performance; secondly, the diversity of the board of directors has a significant negative relationship with company’s performance; finally, the intersection of political connections and board diversity is significantly positively correlated with company's performance, showing the diversity of board with political connections can increase the company’s performance.
