本研究以台灣上市家族企業為樣本,使用縱橫平滑移轉模型,首先以家族企業的控制持股水準為基礎,討論家族企業的控制持股對於績效之影響。另外,在不同的家族控制持股水準下,研究機構投資人持股對於家族企業績效之影響。根據本研究之實證結果,以資產報酬率(ROA)做為衡量績效的標準,我們認為台灣家族企業的經營會隨著控制持股的提高而上升,反映出家族企業的經營者會將公司的永續生存放在主要目標,若績效降低將減損自身利益。因此有較大誘因提升公司之經營績效。 其後,我們考慮了機構投資人扮演的角色,研究顯示機構投資人在家族企業中持股愈高,公司績效表現越好。反映出機構投資人具有較多的資訊和監督機制,因此較高的持股也將提升公司之經營績效。
We use listed Taiwanese family companies as samples in this research, by using PSTR model. At first, we discuss the effect of controlled shareholding on the corporate performance based on family companies. In addition, under the different levels of family ownership, we find the influence of the institutional investors' shareholding on the performance of family companies. According to the empirical result, using ROA as metrics, the performance of Taiwanese family-owned companies should increase with the increase in controlled shareholdings, reflecting family business operators will treat the company's persistent existences as a main goal, and if the performance is reduced, they will suffer from interest loss. Therefore, they have incentives to improve the company's operating performance. Later, we consider the role of institutional investors. According to our research, the higher shareholdings of institutional investors should be related to corporate performance on positive way. It reflects that institutional investors have higher knowledge background, so higher shareholdings should correspond to higher ROA of family companies.