台灣上市公司股權集中、治理型態、家族傳承類型與經營績效

Ownership Concentration, Types of Corporate Governance, Family Succession and Firm Performance - Evidences from Taiwan Listed Firms

洪志洋(Chih-Young Hung) ； 鍾佩容(Pei-Jung Chung) ； 莊豐光(Feng-Kaung Chuang)

《評價學報》 4期 (2011/07) Pp. 1-26

https://doi.org/10.30073/JV.201107.0001

摘要

探討家族企業與經管績效關連的研究，大都以家族持有股權比率為解釋變數。這樣的方法未考慮到「公司治理」、「家族傳承」等因素差異所可能產生的影響。本文研究對象為台灣上市公司，研究期間為2003年至2007年。首先將樣本區分為「股權集中」與「非股權集中」兩類，再將股權集中公司分成「獨立創業者」、「專業經理人及「家族企業」三種治理型態；最後再將家族企業分成「第一代經營」及「跨世代經營」兩種傳承類型。實證結果發現：一、治理與傳承類型與公司獲利能力有關。獨立創業者與第一代經營家族企業獲利能力顯著優於非股權集中公司，但專業經理及跨世代經營則與非股權集中無顯著差異；二、治理與傳承類型與市場評價指標之關連性並不顯著，顯示這類因素並無額外的價值攸關性。

關鍵字

股權集中 ； 治理型態 ； 家族傳承 ； 獲利能力 ； 托賓Q

並列摘要

This paper examines the effects of ownership concentration, types of governance, and family successions on the performance of Taiwanese listed firms. We first divided our sample firms into either concentrated or non-concentrated groups. Then we took effort in categorizing concentrated firms into three sub-groups, namely, lone-founder-managed, professionals-managed, and family-managed according to certain criteria. Lastly, we further divide family-managed firms into either first-generation or multi-generation sub-groups. The empirical results showed that, in terms of profitability, lone-founder-managed firms and first-generation family-managed firms outperformed significantly than non-concentrated firms. But, the profitability of professionals-managed and the multi-generation family-managed firms were not significantly different from those of non-concentrated firms. However, in terms of market valuation, non of those factors as ownership concentration, types of governance, and family succession has any significant effect on the firm performance.

並列關鍵字

Ownership concentration ； Types of Governance ； Family Firms Succession ； Firm Performance ； Tobin's Q