家族企業、代理問題與公司績效之實證研究

2008年全球金融海嘯，全球面臨著金融秩序重整與產業更替，企業體質不佳者即易發生財務危機，本文運用統計科學方法建構財務預警模型，期望能讓投資者及相關業者經由財務預警模型做出適當的投資決策與判斷。本文選取2000年至2009年台灣上市公司發生財務危機企業為對象，並將研究對象區分為家族與非家族企業，利用二元Logit迴歸分析找出影響家族與非家族企業之顯著變數，進一步提升公司績效。實證研究發現，預測家族企業公司績效主要變數在財務結構、償債能力、經營能力、獲利能力、現金流量及公司治理指標；應避免董事長兼任總經理，晉用專業經理人(CEO)實施公司治理，增加企業競爭能力，進而提高公司績效；宜適當增加負債比率，改善財務結構，現金流量增加，可提高公司償債能力、經營能力與獲利能力、降低發生財務危機的可能性。預測非家族企業公司績效主要變數在償債能力及獲利能力指標；提高利息保障倍數，公司償債能力增強，對債權人愈有保障；適度降低內部保留比率，可提高公司獲利能力與公司績效。本文之實證價值與管理涵義係家族企業實施公司治理，降低代理問題可提高公司績效。

關鍵字

代理問題；家族企業；財務預警；公司績效；二元羅吉斯迴歸

並列摘要

After 2008 financial tsunami crisis, financial order reorganization and industrial change are emerging everywhere in the world. The companies with bad corporation constitution not only tend to have financial crisis but also have the danger of delisting and bankruptcy which brings huge impact to the society. If we can construct some financial prediction model with statistics, those supervisors of the listed companies can earlier find the warnings of the financial crisis, and investors and related business owners can make proper investment decision with the financial prediction model. This research samples are the listed companies of TSE from 2000 to 2009 and have occurred financial crisis. Using Binary Logit regression analysis to identify family and non family firms significantly improve corporate performance variables. The results of this research are as follows: The key variables to predict family firms corporate performanc are financial structure, solvency, management ability, profitability, cash flow and company governance indicators; CEO duality should be avoided, hiring professional managers, the implementation of corporate governance, increase corporate competitiveness, and to improve corporate performance. Liability ratio should be increased to improve the financial structure, to increase cash flow can improve the company solvency, management ability and earning ability, reducing the likelihood of financial distress. The key variables to predict non family firms performance are debt-paying ability and profitability; non family firms should raise the interest cover ratio to enhance the debt-paying ability of the company to protect their debtors. Moderately reduce the ratio of internal reserves to increase corporate profitability and corporate performance. The empirical value and management implications of this paper is the family firms should be implemented corporate governance, reduce the agency problems and improve company performance.