公司治理如何影響家族企業之績效？長期縱貫分析

Abstract

本文探討家族企業之經營績效是否優於非家族企業，並進一步分析影響家族企業經營績效之決定因素。本文以1996 年至2010 年上市櫃公司為樣本，實證結果發現家族企業會計績效優於非家族企業;額外分析發現家族企業之經營績效大多優於專業經理人治理型態企業，專業經理人對高科技業績效之影響程度大於傳統產業。有關影響家族企業經營績效之決定因素之研究發現如下：提高家族成員之控制持股對於會計績效有正面影響，該影響主要源自家族成員之直接持股，且家族控制持股與財務績效呈現非線性關係;家族成員提高控制董事席次與經營績效之間雖無顯著關聯性，董監薪酬結構在家族控制董事與家族經營績效關係中則具有調節效果;家族成員擔任重要管理職位對會計績效有正面影響，當家族創業者或繼任者仍擔任總經理或董事長，更有助於提升企業績效;提高機構法人持股對會計績效有正面影響，且國內機構法人對於會計績效影響程度較國外機構法人強;股權偏離程度愈大對於家族企業經營績效愈有不利影響。

This study compares the impact of family versus nonfamily businesses on their performance. Furthermore, this study examines the factors determining the relationship between family businesses and firm performance. Using Taiwanese listed firms from 1996 to 2010, we find that family businesses perform better than nonfamily businesses, and that family businesses perform better than do professionally managed firms. Professional managers affect performance more in high-tech industries compared with traditional industries. Family-controlled shareholding has a positive impact on accounting-based performance. Additional analyses suggest that the family effect mainly originates from direct shareholding and that the relationship between family-controlled shareholding and performance is nonlinear. The number of family members on the BOD has no impact on firm performance. However, compensation has a moderating effect on the relation of a family-based BOD and performance. There is a positive relationship exists between family members who serve as top executives and accounting-based performance, especially when the founder or descendants serve as CEOs or chairpersons increasing performance. Institutional shareholding is associated with higher accounting-based performance, and this positive effect is stronger for domestic institutions than for foreign institutions. Finally, the higher the deviation between voting and cash flow rights of family businesses is, the more negative the effect on firm performance is.