家族公司持股變化、機構投資人持股與公司價值關聯性之研究

本篇研究利用中華徵信所出版的「台灣集團企業研究」，探討台灣前100大集團內的關係上市、櫃公司，並從中挑選出現在或曾經為家族公司的樣本，得出53家上市上櫃公司。本研究利用此資料探討家族公司之家族持股水準、機構投資人持股與公司績效間的相互關係。研究發現家族持股水準對機構法人持股為非線性的關係；也就是說機構法人比較偏好家族持股較高的公司，但若家族持股比率太高，甚至成為家族公司，則機構投資人轉變成不偏好此公司。另外家族持股水準也會因為機構法人持股水準增加而上升。再來，家族持股水準對公司績效為非線性的關係。當家族持股越高時，會去提升公司的績效，但相對的，當家族持股太高時，甚至成為家族企業時，公司績效反而會下降。因為家族持股水準、機構法人持股與公司績效間的相關性很大，所以利用兩階段最小平方法(two-stage OLS)解決內生性問題。最後本文利用事件研究法(event study)探討家族公司轉變為非家族公司時，公司的異常報酬與機構持股之改變。研究發現，當由家族公司轉變為非家族公司時，累積異常報酬會先下降後上升，而機構法人持股呈些微上升。

關鍵字

家族公司；家族持股水準；機構法人持股水準

並列摘要

This Study uses the information that China Credit Information Service, LTD. Publishes “The Study of Taiwan Conglomerate”. We just considerate the affiliate of Taiwan Top 100 groups, then select the study sample that are now or ever family corporation. This study uses the information to research the relationship between family ownership, institution ownership and firm value of family corporations. This article finds that family ownership level have non-linear influence on institution ownership; In another words, institutions have higher family ownership corporations, but if family ownership are too high and even be a family corporation, the institution change its mind to not preference that corporations. On the other hand, family ownership increase because of the rise of institution ownership. Family ownership have non-linear influence on firms value. When the rise of family ownership, the firms value will decrease. Because family ownership, institution ownership and firms value have high correlation, this article use two-stages OLS to work out the questions of endogeneity. At last, this article uses event study to research the change of accumulate abnormal return and institution ownership when family corporation become nonfamily corporation. The result is that accumulate abnormal return will decrease and later increase, institution ownership will a little of rising when a family corporation become a nonfamily corporation.