台灣上市櫃公司中具有三分之二為家族企業,而世代交替的階段已是這些家族企業必須面對的問題,呂國禎、林昭儀(2015)指出,規劃好接班計劃,是企業組織應盡的社會責任,否則對於台灣而言創辦人的風險將會是一種經濟風險,。因此,在不同接班階段中,接班人在企業組織中扮演不同的角色,也被賦予不同的任務。 本研究主要探討上市櫃家族企業接班人特性對於接班事件前後股價是否產生異常報酬,並針對2004年至2014年間台灣上市櫃公司家族企業作為研究樣本,而後利用事件研究法及迴歸分析探討接班人年紀、經歷、學歷等變數,在家族企業接班人接班過程前後5天、10天、20天、30天、60天中對於股價是否有影響。 研究結果顯示,當家族企業接班人接班時,在年紀方面,接班前10天及前30天之實證具有正向之顯著性;在學歷方面,接班前20天之實證結果顯示學歷對於股票報酬率有負向影響;在經歷方面,接班人有外部經歷者對於股票報酬率檢定值均無顯著影響。
Two-thirds of Taiwan listed companies are family firms, nowadays these family firms are going to be generational change, Lu and Lin (2015) suggests that the risk of founder is a kind of economic risk for Taiwan, so do a good job in succession is a social responsibility of an enterprise. Hence, successors play different types of roles and endowed with different types of tasks in different stages of succession in organization. This paper investigates whether the characteristics of listed family business successor generate abnormal returns on stock price for the before and after the succession event. The sample are from the listed family business companies in Taiwan for the period from 2004 to 2014.The methodology used are event study method and regression analysis to investigate whether the effect of age, experience, educational background variables on stock price for the several before and after the succession event windows, such as 5 days, 10days, 20 days, 30 days and 60 days. Empirical results show that 10 days and 30 days before the succession event day have positive significance in term of age; 20 days before the succession event day to the rate of return has negative impact in term of educational background; Successor in terms of experience with the external experience to the rate of return does not has significant impact.