高槓桿家族業、外部監控與公司績效之實證研究

本研究係以統計科學方法、二元、多元Logistic迴歸分析，針對企業資本結構的負債比率大於50％的家族業，進一步區分當董事長與總經理是否同一人時(經營權與所有權是否分開)，找出影響公司績效的顯著變數，建構出企業(尤其是高槓桿家族業)信用風險的模型。樣本資料以臺灣上市櫃的家族業為研究對象，選取2000年至2013年發生信用風險的企業，採Beaver(1966)的1比1配對原則，選擇同一產業且其固定資產規模相近的家族企業為對照樣本，共計234家樣本資料進行分析。實證分析上，採財務比率28個變數和4個公司治理變數作為解釋變數，使用常態性檢定(K-S檢定)，平均數檢定(M-U檢定)，VIF相關檢定排除共線性，利用Logistic逐步迴歸法，建立家族業信用風險模型。實證結果發現，負債比大於50％且董事長兼任總經理的家族業(經營權與所有權未分開)，影響公司績效的主要指標為財務結構、經營能力、獲利能力和公司治理指標；增加營業利益率、自有資金比率、內部保留比率、降低總資產周轉率、重視會計師保留意見，可增強公司財務結構、經營能力、獲利能力和公司治理能力。研究建議，高槓桿家族業，當董事長兼任總經理(經營權與所有權未分開)之營運策略(Operations Strategy)，宜先行增加由正常營業活動產生利潤能力(提高營業利益率)，增加股東提供之自有資本以改善財務結構，將企業盈餘保留作為企業內部運用(提高內部保留比率)，以購置本業資產之用(降低總資產周轉率)，則公司經營與獲利能力增強，同時重視會計師查核意見，可增強公司外部監控(Outsider Monitoring)與公司治理能力，降低高槓桿家族業發生信用風險之機率。實證價值與管理涵義，當經營權與所有權未分開，高槓桿家族業之總資產週轉率(s估計值為正)，其勝算比率(Odds Ratio)高達67.859，意指若增加企業資產，每增加一單位效果，將降低公司發生信用風險機會增幅66.859倍，效果最為顯著，因此，高槓桿家族業以降低總資產週轉率，為提高企業經營能力最重要因素，降低高槓桿家族業發生信用風險之機率，進而提高公司績效。

關鍵字

財務槓桿；信用風險；外部監控；公司績效

並列摘要

This study applies various statistical techniques including binary and multiple logistic regression procedures against family-owned companies with debt ratio larger than 50％.It further distinguish companies whose ownership and management are identical (the chairman and CEO is the same individual) from those that are not. The main objectives of this research are to find out the important factors that may affect corporate performance in order to construct a creit risk model especially for the highly leveraged family-owned companies. Using date collected from TEJ date set from the year 2000 to 2013, a number of family-owned companies are selected and then divided into two groups: those financially sound companies and those financially troubled one. Targeted companies are selected pair-wise from those of similar scale of fixed assets in the same industrial sector, based on methods first advanced by Beaver. In order to perform analyses necessary for this study, a total of 28 financial variables, 4 corporate governance variables are identified. Several standard SPSS statistical procedures are then performed on these variables. The empirical results obtained from this research suggest that for family-owned companies in which there is no separation of ownership from management and at the same time its debt ratio is great than 50％, the following variables that have the potential impact on corporate performance include: the company’s financial structure, its operating capacity, profitability, and corporate governance. Furthermore, increase of operating profit ratio and equity ratio, retention ratio, reduction of total assets turnover, and attaching greater importance to audit opinion can enhance corporate financial structure, operating capacity, profitability and corporate governance. This study also finds that the best operating strategies for family-owned companies in which there is no separation of its potential impact: increasing profitability from normal business operations (i.e. beefing up operating profit ratio), increasing shareholders’equity ratio to improve the company’s financial structure, increasing retained earnings for internal use (increasing retention ratio) to buy back its own assets (decreasing total assets turnover). The above strategies would in turn enhance operating capacity and profitability, and attaching greater importance to audit opinion as well. They would also lead to strengthened outsider monitoring, corporate governance, and to a reduction of the probability of credit risk for the highly leveraged family-owned companies. When ownership and management are not separated, it is found in this research that theodds ratio of total assets turnover (β) for highly leveraged family-owned companies is positive and as high as 67.859. This implies that if there is an increase in corporate assets, the probability of credit risk would be 66.859 times lower for every unit of asset increase. Therefore, decreasing total assets turnover is identified as the most influential factor for a family-owned company to enhance its operating capacity and corporate performance through the reduction of credit risk occurrence..