家族持股與公司價值之探討-以台灣上市公司為例

本研究主要探討家族企業股權結構以及財務比率對經營績效之影響。以2011年至2018年間台灣上市家族企業進行實證，本研究運用panel data多元迴歸分析，探討股權結構及財務比率對公司價值之影響。實證結果顯示，在股權結構方面，外資持股比率在資產報酬率(Return of Assets, ROA)及Tobin’s Q下均呈現倒U字型非線性關係，資產報酬率(Return of Assets, ROA)與Tobin’s Q轉折點分別為125%和50%，當轉折點為50%時較接近真實狀況；董監事持股比率方面，在股東權益報酬率(Return of Equity, ROE)及Tobin’s Q之下均呈現倒U字型非線性關係，股東權益報酬率(Return of Equity, ROE)與Tobin’s Q轉折點分別為24%與12.5%，代表轉折點介於12.5%至24%後會降低公司經營績效，當持股過多時，要注意董監事的利益是否與公司有利益脫節情形；第一大股東持股比率與第二大股東持股比率方面，本文提出兩個重點，在股東權益報酬率(Return of Equity, ROE)結果之下，第一大股東與第二大股東之間符合利益收斂(Convergence of Interest Hypothesis)以及利益掠奪(Entrenchment Hypothesis)假說；在資產報酬率(Return of Assets, ROA)結果之下，第二大股東對於第一大股東有制衡效果；董監事質押比率方面，Tobin’s Q較接近本研究假說，呈現負向結果，在敘述性統計之下大多數公司董監質押比率不高，做出質押行為可能單純是為了個人資金需求而去抵押股票；公司規模方面，僅有Tobin’s Q達到預期結果，因為資料來源為上市公司，而上市公司規模極其大，故對於經營績效而言應該帶來正向結果。在財務比率方面，股東權益報酬率(Return of Equity, ROE)、資產報酬率(Return of Assets, ROA)及Tobin’s Q之下，負債比率(Debt Ratio)與每股盈餘(Earning Per Share)都符合預期假說。負債比率對於經營績效呈現負向影響，每股盈餘於經營績效而言帶來正向關係。

關鍵字

家族企業；公司治理；股權結構

並列摘要

This study focuses on the impact of family business shareholding structure and financial ratio on business performance. Based on the empirical analysis of listed family companies in Taiwan from 2011 to 2018, this study used panel data multiple regression analysis to explore the impact of equity structure and financial ratio on company value. The empirical results show that in terms of shareholding structure, the foreign shareholding ratio has an inverted U-shaped nonlinear relationship under Return of Assets (ROA) and Tobin's Q. Return of Assets (ROA) and Tobin's Q turning point is 125% and 50% respectively. When the turning point is 50%, it is closer to the real situation; In terms of shareholding ratio of directors and supervisors, there are inverted U-shaped nonlinear relationships under Return of Equity (ROE) and Tobin's Q. Return of Equity (ROE) and Tobin's Q turning point respectively for 24% and 12.5%, representing a turning point between 12.5% and 24% will reduce the company's operating performance. When there are too many shares, it is necessary to pay attention to whether the interests of the directors and supervisors are out of line with the company. In terms of the shareholding ratio of the largest shareholder and the shareholding ratio of the second largest shareholder, this paper proposes two key points. Under the Return of Equity (ROE) result, the first major shareholder and the second largest shareholder agree with the convergence of interest hypothesis and entrenchment hypothesis; Under the Return of Assets (ROA) results, indicating that the second largest shareholder has a check and balance effect on the largest shareholder. In terms of the pledge rate of directors and supervisors, Tobin's Q is closer to the research hypothesis, which is a negative result. Most company directors the pledge rate is not high, and the pledge behavior may simply be to mortgage the stock for personal capital needs; In terms of company size, only Tobin’s Q achieves the expected results, because the source of the data is a listed company, and the listed company is extremely large, so it should bring positive results to business performance. In terms of financial ratio, under the Return of Equity (ROE), Return of Assets (ROA) and Tobin's Q, the Debt Ratio and the Earning Per Share are consistent expectation hypothesis. The debt ratio has a negative impact on business performance, and earnings per share brings positive relationship in terms of business performance.