家族企業對併購績效的影響－公司治理機制與資訊揭露透明度的干擾效果

The Impact of Family Firms on Mergers and Acquiring Performance: The Moderating Effect of Corporate Governance and Information Transparency

戚靜玟(Ching-Wen Chi) ； 李馨蘋(Shin-Ping Lee) ； 張瑞晃(Jui-Huang Chang) ； 張思雯(Shih-Wen Chang)

《全球管理與經濟》 15卷2期 (2019/12) Pp. 63-90

https://doi.org/10.6565/JGME.201912_15(2).0004

摘要

雖然過去探討企業併購績效的研究成果頗為豐碩，但探討家族企業與併購績效的研究則相當稀少。本研究旨在探討台灣上市櫃家族企業與併購績效之間的關係，並考量公司治理監督機制、關係人交易及資訊揭露透明程度亦可能影響企業併購績效，進一步以公司治理監督機制、關係人交易及資訊揭露透明程度為干擾變數，分別探討所有權與經營權的偏離程度、董事長兼任總經理、外部董事比例、關係人交易及資訊揭露透明程度等變數對家族企業與併購績效之間關係的干擾效果。本研究以2003年至2012年間台灣上市上櫃企業之205筆企業為樣本，進行階層迴歸分析，實證結果發現，家族企業較容易出現短期併購績效，且家族企業所有權與經營權的偏離程度愈高，關係人融資比例愈高，家族企業之控制股東考量公司整體利益制定的策略，將產生更高的短期併購績效。

關鍵字

家族企業 ； 企業併購 ； 公司治理 ； 資訊揭露透明度

並列摘要

Although many studies examined regarding the firm performance on M&A, little studies focused on family firms. This study aims to discuss the relationship between family firms and M&A performance. Use the related party transaction, the degree of separation between ownership and control, CEO duality, the ratio of outside directors, and company information transparency as Moderator variables, we investigate if these variables have moderating effect between family firms and M&A performance. Data for this study were collected from a sample of 205 Publicly Traded Companies in Taiwan between the period of 2003 and 2012. We analyzed the sample data by using a hierarchical regression analysis. The results suggest: (1) Family firms have a higher short term M&A performance. (2) The higher the deviation between ownership and control, and the higher the ratio of related party financing, the shore term M&A performance is higher. (3) The short term M&A performance is higher when the family controlled shareholders in family corporation takes the interest of the whole company into consideration in decision making.

並列關鍵字

Family firm ； Merge and Acquisition ； Corporate Governance ； Information Transparency