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題名 家族企業併購與經營績效之關聯性研究：以台灣上市櫃公司為例
The Effect of Family Firms on Mergers and Acquiring : The Evidence of Taiwanese Listed Companies
作者 林雨薇
貢獻者 許崇源
林雨薇
關鍵詞 家族企業
併購
經營績效
多角化併購策略
Family firms
Mergers and acquisitions
Performance
Diversification
日期 2018
上傳時間 10-Jul-2018 15:33:07 (UTC+8)
摘要 家族持有企業係目前極為普遍的形式，家族企業與非家族企業主要差異存在於代理理論，為了衡量代理問題在家族企業與非家族企業所造成的影響，以併購後之長期績效作為衡量指標，檢視台灣上市櫃公司併購後長期績效表現，並進一步探討採取多角化併購策略是否影響主併公司之價值。
本研究以2004年起至2014年底止，台灣上市櫃公司未破局之併購案件為研究對象，共383筆樣本，相關實證結果如下：
一、 家族企業與經營績效關聯性方面：以家族為控制型態與企業經營績效呈現顯著負相關。
二、 採取多角化併購策略與企業經營績效關聯性方面：採取多角化併購策略與經營績效之關聯性並不顯著。
三、 家族企業採取多角化併購策略與企業經營績效關聯性方面：家族企業採行多角化併購策略與企業經營績效之關聯性不顯著。
　　Family firm is a popular ownership structure now. The main difference exists between family and non-family firms is the types of agency problems they possess. To measure how the agency problem affect the performance of family and non-family firms, we focus on a decision area that influenced by agency problems: mergers and acquisitions. We empirically examine the long run performance of listed companies of Taiwan Stock Exchange after they make an acquisition. Furthermore, we specifically examine the value implications of diversifying mergers.
　　We use the completed mergers and acquisitions of Taiwanese listed firms as subjects and the research period is from 2004 to 2014. Our sample consists of 383 acquisitions. The relevant empirical results are shown below:
First, the relationship between family firms and post-merge performance: they show a significant negative correlation.
Second, the relationship between diversification and post-merge performance: the correlation is not significant.
Third, the relationship between family firms take diversification strategy in mergers and acquisitions and post-merge performance: the correlation is not significant.
參考文獻 中文部分
呂佳玲與林基煌，2008，家族企業公司治理、併購策略與績效之探討，亞太經濟管理評論，第十一卷第二期：107-134。
沈育宏，2007，家族持股、家族管理與公司績效：以台灣上市公司為例，國立台灣科技大學財務金融研究所未出版碩士論文。
沈昱均，2008，家族企業與非家族企業經營績效之比較，國立雲林科技大學會計系未出版碩士論文。
林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第第48期：1-33。
曹壽民、林哲弘與陳羿安，2010，家族企業與會計保守性，2010會計理論與實務研討會論文集，淡江大學。
許有嫻，2007，多角化、國際化與公司績效關係之研究，國立中正大學財務金融研究所未出版碩士論文。
郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析， 會計評論，第64期：61-111。
喬友慶、于卓民、林月雲，2001，國際化程度與產品差異化能力對廠商績效之影響－台灣大型製造廠商之實證研究，管理學報，第19卷第5期：811-842。
湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第11卷：371-410。
黃世朋與陳美華，2008，多角化、成長機會對公司價值之關係與影響—台灣上市公司為例，遠東學報，第25 卷第4 期：519-540。
楊朝旭，2008，集團多角化對研發外溢調節效果之研究，會計評論，第46 期：31-65。
詹凱玲，2007，股權結構、董事會組成與公司績效之關係－以家族與非家族企業之角度，銘傳大學會計學系未出版碩士論文。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
鄭政秉、李揚與黃晉偉，2006，多角化海外投資對台灣製造業經營效率的影響，管理與系統，第13 卷第3 期：315-331。
賴威廷，2004，企業多角化與代理成本、公司治理關係之研究，東海大學企業管理研究所未出版之碩士論文。
蘇淑慧、呂倩如與金成隆，2009，家族公司與盈餘品質關係之研究：所有權、管理權與控制權，台大管理論叢，第19卷第S2期：75-90。

英文部分
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描述 碩士
國立政治大學
會計學系
105353006
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353006
資料類型 thesis
dc.contributor.advisor 許崇源zh_TW
dc.contributor.author (Authors) 林雨薇zh_TW
dc.creator (作者) 林雨薇zh_TW
dc.date (日期) 2018en_US
dc.date.accessioned 10-Jul-2018 15:33:07 (UTC+8)-
dc.date.available 10-Jul-2018 15:33:07 (UTC+8)-
dc.date.issued (上傳時間) 10-Jul-2018 15:33:07 (UTC+8)-
dc.identifier (Other Identifiers) G0105353006en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/118522-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 105353006zh_TW
dc.description.abstract (摘要) 家族持有企業係目前極為普遍的形式，家族企業與非家族企業主要差異存在於代理理論，為了衡量代理問題在家族企業與非家族企業所造成的影響，以併購後之長期績效作為衡量指標，檢視台灣上市櫃公司併購後長期績效表現，並進一步探討採取多角化併購策略是否影響主併公司之價值。
本研究以2004年起至2014年底止，台灣上市櫃公司未破局之併購案件為研究對象，共383筆樣本，相關實證結果如下：
一、 家族企業與經營績效關聯性方面：以家族為控制型態與企業經營績效呈現顯著負相關。
二、 採取多角化併購策略與企業經營績效關聯性方面：採取多角化併購策略與經營績效之關聯性並不顯著。
三、 家族企業採取多角化併購策略與企業經營績效關聯性方面：家族企業採行多角化併購策略與企業經營績效之關聯性不顯著。		zh_TW
dc.description.abstract (摘要) 　　Family firm is a popular ownership structure now. The main difference exists between family and non-family firms is the types of agency problems they possess. To measure how the agency problem affect the performance of family and non-family firms, we focus on a decision area that influenced by agency problems: mergers and acquisitions. We empirically examine the long run performance of listed companies of Taiwan Stock Exchange after they make an acquisition. Furthermore, we specifically examine the value implications of diversifying mergers.
　　We use the completed mergers and acquisitions of Taiwanese listed firms as subjects and the research period is from 2004 to 2014. Our sample consists of 383 acquisitions. The relevant empirical results are shown below:
First, the relationship between family firms and post-merge performance: they show a significant negative correlation.
Second, the relationship between diversification and post-merge performance: the correlation is not significant.
Third, the relationship between family firms take diversification strategy in mergers and acquisitions and post-merge performance: the correlation is not significant.		en_US
dc.description.tableofcontents 壹、 緒論 2
第一節 研究動機和目的 2
第二節 研究問題 4
第三節 研究架構與流程 5
貳、 文獻探討與研究假說 7
第一節 家族企業與非家族企業經營績效差異 7
第二節 多角化併購績效 10
參、 研究方法 12
第一節 實證模型變數定義與衡量 12
第二節 資料來源與樣本選取 18
肆、 實證結果與分析 20
第一節 敘述性統計 20
第二節 皮爾森相關係數及斯皮爾曼等級相關係數分析 27
第三節 實證結果與分析 30
伍、 結論與建議 33
第一節 研究結論 33
第二節 研究限制 35
第三節 後續研究建議 35
陸、 參考文獻 37		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353006en_US
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 經營績效zh_TW
dc.subject (關鍵詞) 多角化併購策略zh_TW
dc.subject (關鍵詞) Family firmsen_US
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) Performanceen_US
dc.subject (關鍵詞) Diversificationen_US
dc.title (題名) 家族企業併購與經營績效之關聯性研究：以台灣上市櫃公司為例zh_TW
dc.title (題名) The Effect of Family Firms on Mergers and Acquiring : The Evidence of Taiwanese Listed Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文部分
呂佳玲與林基煌，2008，家族企業公司治理、併購策略與績效之探討，亞太經濟管理評論，第十一卷第二期：107-134。
沈育宏，2007，家族持股、家族管理與公司績效：以台灣上市公司為例，國立台灣科技大學財務金融研究所未出版碩士論文。
沈昱均，2008，家族企業與非家族企業經營績效之比較，國立雲林科技大學會計系未出版碩士論文。
林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，第第48期：1-33。
曹壽民、林哲弘與陳羿安，2010，家族企業與會計保守性，2010會計理論與實務研討會論文集，淡江大學。
許有嫻，2007，多角化、國際化與公司績效關係之研究，國立中正大學財務金融研究所未出版碩士論文。
郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析， 會計評論，第64期：61-111。
喬友慶、于卓民、林月雲，2001，國際化程度與產品差異化能力對廠商績效之影響－台灣大型製造廠商之實證研究，管理學報，第19卷第5期：811-842。
湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，第11卷：371-410。
黃世朋與陳美華，2008，多角化、成長機會對公司價值之關係與影響—台灣上市公司為例，遠東學報，第25 卷第4 期：519-540。
楊朝旭，2008，集團多角化對研發外溢調節效果之研究，會計評論，第46 期：31-65。
詹凱玲，2007，股權結構、董事會組成與公司績效之關係－以家族與非家族企業之角度，銘傳大學會計學系未出版碩士論文。
廖秀梅、李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響，東吳經濟商學學報，第54期：117-160。
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.ACCT.015.2018.F07-