集團企業在台灣很普及並且在台灣的財政收入和經濟發展上扮演著重要的角色。關係人交易則是集團企業公司間的常規性交易,並且可能對公司價值和績效造成負面的影響。基於利益衝突假說和制度理論的觀點,本研究以2005年到2012年間台灣的上市櫃集團企業公司為樣本,探討關係人交易、集團企業特質與集團企業公司價值之關係性。 研究結果顯示,關係人銷貨和應付關係人融資支持集團企業因為利益輸送造成的代理成本假說,並損害集團企業旗下公司之價值;而關係人進貨及應收關係人借支則支持制度理論的觀點並可提升集團企業旗下各公司之價值。最後,在加入資訊透明度、無形資產和多角化等集團企業特質變數以探討集團企業特質在關係人交易和集團企業公司價值調節效果的實證結果上,本研究發現,資訊透明度愈高、擁有較多無形資產以及多角化程度較低的集團企業公司擁有較高的公司價值。 關鍵詞:關係人交易、公司價值、資訊透明度、無形資產、多角化程度
Business groups, ubiquitous in Taiwan, have played an important role in contributing to the fiscal revenues and economic development of the country. The existence of related party transactions, even arm’s length transactions, could have negative implications for the value and performance of business groups. Prompted by two different lines of thinking, namely the ‘conflict of interest hypothesis’ and the ‘institutional theory’, this paper examines the relationship between related party transactions, business group characteristics and corporate values by analyzing a sample of business group-affiliated firms listed on the Taiwan Stock Exchange and in the over-the-counter market in Taiwan for the period from 2005 to 2012. The empirical results reveal that related party sales and loans payable support the conflict of interest hypothesis and therefore impair corporate value. However, the findings also show that related party purchases and loans receivable support the institutional theory and indicate that business groups could offer benefits to their affiliated firms. This paper also investigates group information transparency, intangible assets, and diversification to understand how these business group characteristics moderate the relationship between related party transactions and corporate values. The empirical results show that firms that have higher levels of information transparency have more intangible assets, and are less diversified, are more likely to have higher corporate values. Keywords: Related Party Transactions, Corporate Value, Information Transparency, Intangible Assets, Diversification