- 學位論文
投資與融資決策對公司績效之影響－以台灣家族企業為例
Influences of Investment and Financing Decisions on Corporate Performance—Based on Taiwan Family Firms
摘要
本文結果顯示家族企業和非家族企業之投資與融資決策對公司績效之優劣有不同但也非都存在著差異。首先，在整體產業中，家族企業與非家族企業在獲利能力（Pro）上均顯現出與公司績效顯著相關；而家族企業則在資本支出（CE）與資產擔保價值（VAA）二項變數中與公司績效顯著相關。其次，再以電子業為例，家族企業和非家族企業仍然同在獲利能力（Pro）上顯現出與公司績效顯著相關；從十一項自變數來看，家族企業有七項和公司績效達顯著之水準，非家族企業則較多有八項表現與公司績效達顯著水準。最後，以非電子業為例，家族企業和非家族企業仍然在獲利能力（Pro）上為公司績效帶來顯著之影響力。除獲利能力外，家族企業在營業毛利成長率（OMGR）、自由現金流量（FC）、資本支出（CE）、和公司規模（CS）此四項對公司績效均達正向非常顯著之水準，其他達顯著水準之項目和整體產業的家族企業則相當一致。在非家族企業中除了獲利能力（Pro），其他項目對公司績效能達顯著之水準者就顯得較為零星，其相關程度亦較家族企業來得薄弱許多。
並列摘要
The results show different advantages and disadvantages of investment and financing decisions on corporate performance between family firms and non-family firms, but it doesn’t mean all of them have a difference. First of all, family firms and non-family firms present the significant correlation with corporate performance in profitability (Pro) in the overall industry. Family firms present the significant correlation with corporate performance in capital expenditure (CE) and collateral value of assets (VAA). Secondly, based on electronics industry, family firms and non-family firms still present the significant correlation with corporate performance in profitability(Pro). From the perspective 11 independent variables, family firms reach the significant level with corporate performance in 7 items, while non-family firms reach the significant level with corporate performance in 8 items. At last, based on the non-electronics industry, family firms and non-family firms still bring significant influences to the corporate performance in profitability (Pro). In addition to profitability, family firms reach positive high level in operation margin growth rate(OMGR), free cash(FC), capital expenditure(CE) and company scale(CS). Other items and overall industry that reach the significant level are considerably consistent with family firms. In addition to profitability(Pro), other items in non-family firms that reach the high level with corporate performance are scattered. The degree of correlation is also greatly weaker than family firms.