情感依附、退出成本與股權情緒價值之研究－台灣家族企業之觀點

The Study of Emotional Attachment, Exit Cost and Emotional Value of Owning a Firm-Family Business in Taiwan

黃慧青(Hui-Ching Huang)

《健行學報》 33卷4期 (2013/10) Pp. 79-95

摘要

家族企業是台灣最具代表性的組織型態，相較於非家族企業，家族企業的企業主對於股權價值的認定，除了客觀的財務價值，更容易受主觀因素影響。有鑑於企業股權價值的探討及研究，多著重以財務基礎為評估依據，因此本研究將透過以非財務面的心理因素，分析探討其對企業主股權情緒價值的影響。本研究主要在探討家族企業的企業主對企業的情感依附與退出成本是否影響股權情緒價值。因此本研究目的為瞭解（一）情感依附與股權情緒價值的關係。（二）退出成本與股權情緒價值的關係。家族企業之企業主為本研究的實證對象，藉由問卷調查方式，透過因素分析及複迴歸分析檢定假說。分析結果發現企業主對組織的情感依附對股權情緒價值有部份顯著正向影響；退出成本同樣對股權情緒價值有顯著正向影響。

關鍵字

情緒價值 ； 情感依附 ； 退出成本 ； 家族企業

並列摘要

Family business is the the typical organization in Taiwan, compared to the non-family businesses, the owners of family businesses value their ownership stake. It is affected not only by the objective financial factors but also subjective factors as well. Most of study about the value of ownership stake emphasis on financial basis, by non-financial and psychological factors. This paper examines what may affect the emotional value of the ownership stake. This paper examines whether the emotional attachment and exit costs of the family business owners affect the emotional value of owning a firm. The purpose of this study is to understand (1) the relationship between emotional attachment and emotional value. (2) the relationship between exit costs and emotional value. The owners of family businesses are the subjects in this research, using factor analysis and multiple regression analysis to verify the hypothesis. This research identifies that the owners' emotional attachment to the businesses can be part of positive influence on the emotional value; and exit costs can also influence the emotional value positively.

並列關鍵字

emotional value ； emotional attachment ； exit cost ； family business