公司治理是否能增加我國家族企業之企業價值

Is Corporate Governance Profitable to Firm Value? An Analysis of Taiwan Family Business

黃素慧(Su-Hui Huang) ； 黃劭彥(Shaio-Yan Huang) ； 洪嘉聲(Chia-Sheng Hung) ； 林萱霈(Shiuan-Pei Lin)

《經營管理論叢》 7卷2期 (2011/12) Pp. 13-37

https://doi.org/10.6872/OMR.201112_7(2).0013

摘要

本研究以我國家族企業為研究對象，探討相較於非家族企業，公司治理對家族企業之企業價值的影響，與以往研究不同之處為，本研究考慮很多企業具有集團特性，包括家族企業，進一步再將家族企業依是否具有集團特性區分為單一家族企業與家族集團企業，探討在同樣是家族企業下，是否會因具有集團特性，而使公司治理對其企業價值之影響有所不同，並另以集團企業為對象，驗證相較於單一集團企業，具有家族特性之集團企業，公司治理對其企業價值之影響會有所不同，用以驗證無論是否為單一企業或集團企業，只要具有家族之特性，更應注意公司治理機制之設置，有助於提昇其企業價值。本研究結果支持公司治理確實對我國家族企業之企業價值有重大影響，實證結果發現相較於非家族企業，董事會規模及獨立董事之設置會顯著正向影響家族企業之企業價值，且相較於單一家族企業，若為家族集團企業時，經營更形複雜，更應具備一定之董事會規模及獨立董事，使能提昇其企業價值。而相較於非家族企業，家族企業更應減小控制權與現金流量權偏離程度，但在參與管理及資訊透明度是否會重大影響家族企業之企業價值，本研究未取得支持之證據。另外，本研究發現電子業確實會有顯著較高的企業價值。

關鍵字

公司治理 ； 家族企業 ； 家族集團企業 ； 企業價值

並列摘要

The focus of this study is to investigate the influence of board size, outside directors, the deviation between voting right and cash flow right, the dual role of CEO and chairperson of the board, and information transparency on firm value of family business. Most studies of family business have focused on either family business or business group, while few studies have reported on both. We have attempted to combine both characteristics in this study. For identifying whether ＂family＂ or ＂group＂ is the most significant factor which will affect how to establish corporate governance mechanisms in family business group, we adopt business groups as the samples to identify whether corporate governance will have more influence on the value of family business group by comparison with nonfamily business group. The results indicate that corporate governance does matter in Taiwan family business. Board size and outside directors are important corporate governance mechanisms for family businesses, especially for family business groups. Family businesses should reduce the deviation between voting right and cash flow right in order to avoid harming firm value. We find no evidence that the dual role of CEO and chairperson of the board and information transparency affect firm value. We also find that firms belonging to the electronics and information technology industries have significantly higher firm value.

並列關鍵字

Corporate Governance ； Family Business ； Family Business Group ； Firm Value