家族企業、聯屬持股與公司價值之研究

Family Business, Affiliated Groups, and the Value of Taiwanese Firms

周行一(Edward H. Chow) ； 陳錦村(Jing-Twen Chen) ； 陳坤宏(Kwin-Hong Chen)

《中國財務學刊》 4卷1期 (1996/07) Pp. 115-139

https://doi.org/10.6545/JoFS.1996.4(1).5

摘要

家族企業於台灣社會中無所不在。惟由於台灣資本市場普遍缺乏存在於西方市場中用以減輕代理成本的控制機制；例如鵰併市場不夠活絡、法人機槍持股明顯偏低，以及利用公司債發行以或少自由現金流量的做法貝尚處萌芽階段等，以致家族企業是否足以減輕代理成本乃成為眾所關心的課題。本文發現，獨立（非聯屬）家族公司的股權愈為集中，內部人或自然人持股愈多時，其公司價值將愈高，但獨立非家族公司無比現象，顯示家族成員的持股愈是集中，其愈因溝通順暢而大幅減代理成本，並進而導致公司價值的提升。此外，聯屬型態的家族公司其股權集中與自然人持股增加並無助於公司價值的提升，意含當家族公司發展至聯屬型態後，其原來存在的優點將逐漸喪失而無益於聯屬企業之發展。

關鍵字

家族企業 ； 聯屬持股 ； 公司價值 ； 資產報酬率 ； 權益報酬率

並列摘要

Perhaps the most distinct feature of the ownership structure of Taiwanese firms is the concentration of their equities in the hands of family members. This paper attempts to study the following question: Is ＂family business＂ a sensible mechanism for mitigating agency cost in the absence of an active takeover market, outside directorship, (financial) institutional ownership, and a vigorous debt market in Taiwan? We find that the independent (nonaffiliated) family business' firm value increases with ownership concentration and insider ownership, whereas the independent non-family business' firm value does not. We interpret this to be evidence that family business creates value for a firm. Moreover, the affiliated non-family business' firm value is positively related to the ownership concentration, insider ownership, and the ownership of directors, while the affiliated family business' firm value is not. Thus, as family business expands to affiliated groups, conflicts seem to arise between family business and affiliated groups.

並列關鍵字

Family Business ； Affiliated Groups ； Value of Taiwaness Firms ； Return on Assets ； Return on Equity