家族企業樣態對企業績效影響差異性之研究 羅珮嵐、鄭孟玉
E-mail: 319598@mail.dyu.edu.tw
摘 要
先進國家與新興市場中，大部分公司是以家族企業為起始設立者，依麥肯錫公司(Mickinsey company, 2003)之研究顯示5%
之家族企業可以延續至家族之第三代以後繼續創造價值。過去諸多研究發現家族企業樣態對企業績效呈現正向或負向的影 響，Jensen and Meckling(1976)提出「利益收斂假說」，其主張為若管理者持股愈高，與股東的利益愈一致，此時個人的自 利行為，會等同公司價值最大化，使管理者做出有利股東的決策，進而提升公司價值；Leland and Pyle(1977)亦指出當董事 持股愈高，董事個人自利與一般股東的目標愈趨一致，存在較高的營運績效；然而，Jensen and Ruback(1983)卻認為當股權 集中於管理者時，管理者為了鞏固其職權與自利，可能採取對股東不利之方案。故本研究以台灣作為主要研究對象，並採 用橫斷面分析模式，加入產業特性、公司經驗、股權結構及管理者涉入變數等變數，來探討台灣的家族企業樣態與企業績 效之差異性。 本研究實證結果：在家族持股低於7%時，證實了利益掠奪假說；但在家族持股介於17%-31%，符合了利益 收斂假說。而不論是持股低於7%亦或是介於17%-31%，當公司之CEO由創始人或繼承者擔任時，其會與公司績效呈現負 向之影響；不過若由外部專業經理人擔任，則是與企業經營績效為正向之影響。
關鍵詞 : 家族企業、公司治理、企業績效
目錄
中文摘要 ．．．．．．．．．．．．．．．．．．．．．iii 英文摘要 ．．．．．．．．．．．．．．．．．．．．
．iv 誌謝辭 ．．．．．．．．．．．．．．．．．．．．．v 內文目錄 ．．．．．．．．．．．．．．．．．．．
．．vi 表目錄 ．．．．．．．．．．．．．．．．．．．．．viii 圖目錄 ．．．．．．．．．．．．．．．．．
．．．．ix 第一章 緒論．．．．．．．．．．．．．．．．．．．1 第一節 研究背景與動機．．．．．．．
．．．．．1 第二節 研究目的．．．．．．．．．．．．．．．4 第三節 研究架構．．．．．．．．．
．．．．．．5 第四節 研究流程．．．．．．．．．．．．．．．7 第二章 文獻探討．．．．．．．．．．
．．．．．．．8 第一節 代理理論與資訊不對稱．．．．．．．．．8 第二節 公司治理機制．．．．．
．．．．．．．．16 第三節 家族企業與企業經營績效之關聯性．．．．23 第四節 公司股權結構與企業 績效之關聯性．．．．28 第三章 研究方法．．．．．．．．．．．．．．．．．33 第一節 研究樣本．．．
．．．．．．．．．．．．33 第二節 研究假說．．．．．．．．．．．．．．．33 第三節 實證模型．
．．．．．．．．．．．．．．37 第四節 變數衡量．．．．．．．．．．．．．．．41 第四章 實證結果．
．．．．．．．．．．．．．．．．49 第一節 敘述性統計．．．．．．．．．．．．．．．49 第二節 相關性分析．．．．．．．．．．．．．．53 第三節 迴歸分析．．．．．．．．．．．．．．．55 第五章 結論與建議．．．．．．．．．．．．．．．．．70 第一節 結論．．．．．．．．．．．．．．．．．70 第二節 建議．．．．．．．．．．．．．．．．．72 參考文獻．．．．．．．．．．．．．．．．．．．．．．73 參考文獻
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