本研究主要在探討:一、家族企業與非家族企業之公司治理是否存在著差異;二、公司風險、績效與負債是否存在內生性影響。研究樣本為2002年至2011年台灣上市上櫃之製造業,再依企業類型分成傳統產業、基礎產業與技術密集產業等三種產業,採用聯立方程模型,並使用二階段最小平方法估計。其實證結果顯示:一、家族企業之公司理治理相較於非家族企業差,導致公司風險上升,績效減少。二、公司風險與公司績效具有內生性的影響,且當績效大於平均值,公司風險對公司績效為顯著正影響;公司績效對公司風險是顯著的負影響。三、公司績效與公司負債具有內性生的影響,皆為顯著負影響。
The objective of this study is to explore whether the corporate governance is different between family firms and non-family firms and further examine the endogenous relations among firm performance, risk and liabilities during the period 2002 to 2011. The empirical findings show that family firms had worse corporate governance than non-family firms, and it results in they had higher risk and worse performance. There were endogenous relations between performance and risk of firms, and when the firm performance is higher than average industry performance, the firm risk has a positive effect on the performance. However, firm performance would negatively influence on their risk. Finally, the endogenous relations hip of performance and liabilities of firms shows that they negatively influenced each other.