家族企業、多角化與績效之關係：中國上市公司實證研究

Family Firms, Diversification, and Performance – Evidence of Chinese Listed Firms

劉洪銘(Hung-Ming Liu)

指導教授 ： 俞海琴

中原大學/商學院/國際經營與貿易研究所/碩士(2014年)

https://doi.org/10.6840/cycu201400308

摘要

本研究在探討家族企業與績效之關係,並且考慮了多角化活動與其附屬集團對公司績效之影響.先前的文獻關於家族企業,集團多角化和公司企業績效非常有限.在經濟發展和金融體系快速的變遷下,中國的企業也開始改變其公司的經營管理方式,多角化策略是其中較明顯的例子之一.
本研究涵蓋了中國上海A股、深圳A股和深圳中小型企業版之上市公司,資料期間橫跨2001年至2011,共21,978個樣本數. 我們可以通過增加多角策略的角度來審視中國家族企業的成長表現. 本研究結果顯示，企業多角化後,家族企業與績效之間有顯著的正向關係，這意味著，企業從事多角化經營來降低經濟環境變遷所帶來的風險.
研究結論顯示企業附屬於集團對於多角化有著正向之關係,集團之專業知識和經驗是有助於提升企業之績效之關鍵.

關鍵字

集團 ； 績效 ； 多角化 ； 家族企業

並列摘要

ABSTRACT
This study investigates the relationships between family-owned firms and performance after considering firms’ diversification associated with its affiliated groups. The extant literature shows a limited knowledge about family-owned businesses, its diversification to a business group, and the related performances. After the dramatic change of the economy and financial systems, Chinese enterprises had been altered their way of business management and strategy, business diversification is one of the most obvious ones among these.
Our study using Chinese sample firms from Shanghai and Shenzhen stock markets A shares over a 11-year period from 2001 to 2011, with a total of 21,978 observations, we are able to examine the growing performance of Chinese family firms by adding an angle of diversification strategy.We measure diversification by a revised Herfindahl index calculated by the amount of product mix, while controlling for the firms' characteristics, such as ownership structures, age, size, capital expenditure ratio, R D ratio, leverage, cash flow ratio, industry dummies, year dummies, and event dummies. All these data and variables are obtained from Taiwan Economic Journal database. Our preliminary results show a positive relationship between the family firms and performances, and this relationship is stronger after considering the firms’ diversification. It implies that enterprise engage in diversification to reduce risk and maintain a stable growth rate from a long term perspective while a firm belongs to a business group.
Our findings about a positive impact of diversification on a firm’s performance reveal an insight of affiliatedgroups and its professional knowledge on enhancing enterprises’ performances.

並列關鍵字

performance ； diversification ； family-owned businesses ； business group.

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