本研究以1996~2006年間台灣初次公開上市(IPO)之企業為研究樣本,共493家企業,並將樣本分成電子業與傳產業,再分別將兩個產業之樣本以F-PEC power scale區分成強家族涉入程度、標準家族涉入程度與弱家族涉入程度三類家族企業,剩下未分類為非家族企業。本研究以研究樣本IPO五年內之累積異常報酬率(Cumulative abnormal returns, CARs)衡量長期經營績效,再以一般最小平方法(Ordinary least square)進行兩個部分之實證研究:第一部分先進行不同家族涉入程度之家族企業(包含強家族企業、標準家族企業、弱家族企業)IPO後之長期經營績效迴歸分析;第二部分則進行強家族企業、標準家族企業、弱家族企業與非家族企業四類企業,IPO後之長期經營績效迴歸分析。 第一部份之實證結果發現電子業之家族企業(包含強家族企業、標準家族企業、若家族企業)中,若家族涉入程度越高,IPO後之長期經營績效越差,符合職位鞏固假說(Entrenchment hypothesis);傳產業之家族企業中,以標準家族企業IPO後之長期經營績效最佳。第二部份之實證研究結果發現電子業之四類企業中,標準家族企業IPO後之長期經營績效比非家族企業差,其他則無顯著差異;傳產業之四類企業中,弱家族企業與強家族企業IPO後之長期經營績效皆比非家族企業差,標準家族企業之經營績效則與非家族企業無顯著差異。
This study examines the family influence and firm’s long-run IPO performance by using ordinary least square method. The sample consists 493 companies which are listed on Taiwan Stock Exchange (TSE) during 1990 to 2006. We distinguish three degrees of family-owned businesses and nonfamily-owned businesses from high-tech and traditional industry by using F-PEC power scale. One-year, two-year until five-year post-IPO cumulative abnormal returns (CARs) are calculated for measuring long-run performance. Our results show that: (1) In family-owned businesses of high-tech industry, stronger family influence has more negative impact on long-run IPO performance. (2) In family-owned businesses of traditional industry, businesses of medium family influence perform better than other family-owned businesses. (3) In all businesses of high-tech industry, businesses of medium family influence perform worse than nonfamily-owned businesses, and the others family-owned businesses have no significant difference with nonfamily-owned businesses. (4) In all businesses of traditional industry, businesses of strong and low family influence perform worse than nonfamily-owned businesses, and businesses of medium family influence have no significant difference with nonfamily-owned businesses.