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題名 藉由併購達成兼顧企業道德和繼承接班的家族企業平滑所有權轉移
Smooth Ownership Transition of Family Business by Merger and Acquisition for Business Ethics and Succession Planning作者 阮煒傑
Ruan, Wei-Jie貢獻者 王信實<br>李文傑
阮煒傑
Ruan, Wei-Jie關鍵詞 家族企業
併購機率
所有權轉移
永續發展
企業道德
繼承
Family Business
M&A Possibility
Ownership Transition
Longevity
Business Ethics
Succession日期 2020 上傳時間 1-Mar-2022 17:50:31 (UTC+8) 摘要 目前在於家族企業的研究方向主要分為兩個領域，分別為繼承和企業道德。一方面當提到家族時，就一定會討論到與繼承相關的議題，所以從以前到現在依然是熱門的議題;另外一方面，根據過往的文獻可以發現企業道德對於家族企業的永續發展也是一個不可或缺的因素，道德的氛圍不只是在家族之間更是擴展到公司甚至是整個社會。這兩大研究領域從以前至今蓬勃地發展，然而他們的概念卻缺乏適當的整合，因為家族企業是一定要同時來處理這兩方面的議題。這篇文章的賽局理論模型和實證迴歸模型正是整合了這兩大主題所要探討的問題，來為家族企業的文獻提供了一個嶄新的看法。本文的結果顯示創辦人會透過併購一間公司來滿足繼承人的野心，來讓管理團隊支持繼承者的接班以利可以進行順利的所有權轉移。此外理論模型的均衡和實證迴歸的結果皆顯示勞心勞力的創辦人會期望透過併購來讓管理團隊支持所有權轉移，因此，我們可以總結併購可以為管理團隊提供誘因來管理一間公司。
The current research of family business is mainly categorized into two disciplines, Succession and Business Ethics individually. On one hand, when it comes to family, inheritance is an inevitable task to confront so that Succession is a popular issue to date; on the other hand, according to past literature, Business Ethics is a critical element for longevity of family businesses, and in the interim it is instilled not only in the family and the firm but also the society, developing a moral atmosphere to enhance social welfare. These two topics vigorously flourish respectively up to present, yet it is insufficient that their concepts are not truly combined with each other because a family business should simultaneously rather than separately deal with them. Theoretic and empirical model in this paper exactly complement explanation for linkage between Succession and Business Ethics to offer a brand-new view on subjects of family business. Our result indicates the founder is ready to merge a company for the successor’s ambition to fulfill smooth ownership transition by granting a company to the managerial team so as to support the successor’s succession. In addition, the equilibrium of the extensive form game and the outcome of the probit regression both reveal that the founder with heavy managerial burdens will require the founding managerial team to approve of an ownership transition to the aggressive successor via M&A. Hence, we shed some light on family business succession by concluding that an M&A will supply the non-family managerial team with future incentives of managing a company to boost possibility of M&A.參考文獻 中文部分：1. 葉銀華， (1999)。家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期: 57-90。2. 經濟部中小企業處，2009《2009年中小企業白皮書》。:經濟部中小企業處英文部分：1. Morten Bennedsen, and Joseph Fan, (2014). The family business map: assets and roadblocks in long-term planning, United Kingdom: Palgrave MacMillan.\\2. Ernesto J.Poza, (2004). Family business, United States: Cengage Learning.3. A.B. Ibrahim, K. Soufani, and J. Lam, (2001). A Study of Succession in a Family Firm, Family Business Review, Volume: 14 issue: 3, 245-258.4. Alfredo De Massis, Jess H. Chua, and James J. Chrisman, (2008). Factors Preventing Intra-Family Succession, Family Business Review, Volume: 21 issue: 2, 183-199.5. Bingham, J. B., Dyer, W. G., Jr, Smith, I., & Adams, G. L. (2011). A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms. Journal of Business Ethics, Volume: 99 issue: 4, 565–585.6. Carmela Elita Schillaci, Marco Romano, and Melita Nicotra, (2013). Family Business Foundations: Theoretical and Empirical Investigation, Journal of Innovation and Entrepreneurship.7. Chrisman, J. J., Chua, J. H., & Sharma, P. (1998). Important Attributes of Successors in Family Businesses: An Exploratory Study, Family Business Review, Volume: 11 issue: 1, 19-34.8. Chua, J. H., Chrisman, J. J., and Sharma, P. (2003). Succession and Nonsuccession Concerns of Family Firms and Agency Relationship with Nonfamily Managers, Family Business Review, Volume: 16 issue: 2, 89-107.9. Ding Li, Wen-Chieh Lee, Wei-Cheng Chen, Shinn-Shyr Wang, and Tsung-Hsien Wu, (2019). IPO Intention and Ownership Transition: Cases of Family-Owned Businesses, Working paper.10. Fredrik W. Andersson, Dan Johansson, Johan Karlsson, Magnus Lodefalk, and Andreas Poldahl, (2017). The Characteristics of Family Firms: Exploiting Information on Ownership, Kinship, and Governance Using Total Population Data, Small Business Economics, 51, 539–556.11. Gallo, M. A., (1995). Family Businesses in Spain: Tracks Followed and Outcomes Reached by Those among the Largest Thousand. Family Business Review, Volume:8 issue: 4, 245-254.12. Goldberg, S. D. and Wooldridge, B., (1993). Self-Confidence and Managerial Autonomy: Successor Characteristics Critical to Succession in Family Firms, Family Business Review, Volume: 6 issue: 1, 55-73.13. Goldberg, S. D., (1997). Noren Discount Stores: Death of a Family Business, Family Business Review, Volume: 10 issue: 1, 69-93.14. Handler, W.C., (1990). Succession in Family Firms: A Mutual Role Adjustment between Entrepreneur and Next-Generation Family Members, Entrepreneurship: Theory and Practice, Volume: 15 issue: 1, 37-52.15. Ikenberry, David, and Sundaresh Ramnath, (2002). Underreaction to Self-Selected News Events. The Case of Stock Splits, Review of Financial Studies 15, 489-526.16. Jay R. Ritter, and Ivo Welch, (2002). A Review of IPO Activity, Pricing, and Allocations, The Journal of Finance, 57, 1795-1828.17. Jensen, M. C, (1993). The Modern Industrial Revolution, Exit, and the Failure ofInternal Control Systems. Journal of Finance, 48, 831-880.18. Jiří Hnilica, and Ondřej Machek, (2015). Toward a Measurable Definition of Family Business: Surname Matching and Its Application in the Czech Republic, International Advances in Economic Research, 21, 119–120.19. John Bingham, W. Gibb Dyer, Isaac Smith, and Gregory Adams, (2011). A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms. Journal of Business Ethics, Volume:99 issue: 4, 565–585.20. José Allouche, Bruno Amann, Jacques Jaussaud, and Toshiki Kurashina, (2008). The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfamily Businesses in Japan: A Matched-Pair Investigation, Family Business Review, Volume: 21 issue: 4, 315-330.21. Lansberg, I. and Astrachan, J. H, (1994). Influence of Family Relationships on Succession Planning and Training: The Importance of Mediating Factors, Family Business Review, Volume: 7 issue: 1, 39-59.22. Levinson, H., (1971). Conflicts that Plague Family Businesses, Harvard Business Review, Volume: 49 issue: 2, 90–98.23. Morris, M. H., Williams, R.W., Allen, J. A., and Avila, R. A. (1997). Correlates of Success in Family Business Transitions, Journal of Business Venturing, 12, 385–401.24. Panikhos Poutziouris, Katherine O`Sullivan, and Lumenita Nicolescu, (1997). The [Re]-Generation of Family-Business Entrepreneurship in the Balkans, Family Business Review, Volume: 10 issue: 3, 239-261.25. Pedro Vazquez, (2018). Family Business Ethics: At the Crossroads of Business Ethics and Family Business, Journal of Business Ethics, Volume: 150 issue: 3, 691-709.26. Perrini, F., and Minoja, M., (2008). Strategizing Corporate Social Responsibility: Evidence from an Italian Medium-Sized, Family Owned Company. Business Ethics: A European Review, Volume: 17 issue: 1, 47–63.27. Poza, E. J., (1995). Global Competition and the Family- Owned Business in Latin America, Family Business Review, Volume: 8 issue: 4, 301-311.28. Ronald C. Anderson and David M. Reeb, (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500, The Journal of Finance, Volume: 58 number: 3, 1301-1328.29. Sharma, P., Chrisman, J. J., Pablo A. L., and Chua, J. H., (2001). Determinants of Initial Satisfaction with the Succession Process in Family Firms: A Conceptual Model. Entrepreneurship Theory and Practice, Volume: 25 issue:3, 17–35.30. Sharma, P., and Manikutty, S., (2005). Strategic divestments in family firms: Role of family structure and community culture. Entrepreneurship Theory and Practice, Volume: 29 issue: 3, 293–312.31. Shleifer, A. and R. W. Vishny, (1992). Liquidation Values and Debt Capacity, Journal of Finance, 47, 1243-1366.32. Stavrou, E., (1999). Succession in Family Businesses: Exploring the Effects of Demographic Factors on Offspring Intentions to Join and Take over the Business.Journal of Small Business Management, Volume: 37 issue: 3, 43–62.33. Van Gils, A., Dibrell, C., Neubaum, D. O., & Craig, J. B. (2014). Social Issues in the Family Enterprise. Family Business Review, Volume: 27 issue: 3, 193–205.34. Venter, E., Boshoff, C., and Maas, G., (2005). The Influence of Successor-Related Factors on the Succession Process in Small and Medium-Sized Family Businesses, Family Business Review, Volume: 18 issue: 4, 283-303.35. Yann Cornil, Robert J. Crawford and Morten Bennedsen, (2015). The Mulliez Family Venture, Harvard Business Review. 描述 碩士
國立政治大學
經濟學系
107258008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107258008 資料類型 thesis dc.contributor.advisor 王信實<br>李文傑 zh_TW dc.contributor.author (Authors) 阮煒傑 zh_TW dc.contributor.author (Authors) Ruan, Wei-Jie en_US dc.creator (作者) 阮煒傑 zh_TW dc.creator (作者) Ruan, Wei-Jie en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-Mar-2022 17:50:31 (UTC+8) - dc.date.available 1-Mar-2022 17:50:31 (UTC+8) - dc.date.issued (上傳時間) 1-Mar-2022 17:50:31 (UTC+8) - dc.identifier (Other Identifiers) G0107258008 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/139263 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 107258008 zh_TW dc.description.abstract (摘要) 目前在於家族企業的研究方向主要分為兩個領域，分別為繼承和企業道德。一方面當提到家族時，就一定會討論到與繼承相關的議題，所以從以前到現在依然是熱門的議題;另外一方面，根據過往的文獻可以發現企業道德對於家族企業的永續發展也是一個不可或缺的因素，道德的氛圍不只是在家族之間更是擴展到公司甚至是整個社會。這兩大研究領域從以前至今蓬勃地發展，然而他們的概念卻缺乏適當的整合，因為家族企業是一定要同時來處理這兩方面的議題。這篇文章的賽局理論模型和實證迴歸模型正是整合了這兩大主題所要探討的問題，來為家族企業的文獻提供了一個嶄新的看法。本文的結果顯示創辦人會透過併購一間公司來滿足繼承人的野心，來讓管理團隊支持繼承者的接班以利可以進行順利的所有權轉移。此外理論模型的均衡和實證迴歸的結果皆顯示勞心勞力的創辦人會期望透過併購來讓管理團隊支持所有權轉移，因此，我們可以總結併購可以為管理團隊提供誘因來管理一間公司。 zh_TW dc.description.abstract (摘要) The current research of family business is mainly categorized into two disciplines, Succession and Business Ethics individually. On one hand, when it comes to family, inheritance is an inevitable task to confront so that Succession is a popular issue to date; on the other hand, according to past literature, Business Ethics is a critical element for longevity of family businesses, and in the interim it is instilled not only in the family and the firm but also the society, developing a moral atmosphere to enhance social welfare. These two topics vigorously flourish respectively up to present, yet it is insufficient that their concepts are not truly combined with each other because a family business should simultaneously rather than separately deal with them. Theoretic and empirical model in this paper exactly complement explanation for linkage between Succession and Business Ethics to offer a brand-new view on subjects of family business. Our result indicates the founder is ready to merge a company for the successor’s ambition to fulfill smooth ownership transition by granting a company to the managerial team so as to support the successor’s succession. In addition, the equilibrium of the extensive form game and the outcome of the probit regression both reveal that the founder with heavy managerial burdens will require the founding managerial team to approve of an ownership transition to the aggressive successor via M&A. Hence, we shed some light on family business succession by concluding that an M&A will supply the non-family managerial team with future incentives of managing a company to boost possibility of M&A. en_US dc.description.tableofcontents 中文摘要 IAbstract IIContents IIIList of Tables IVList of Figures V1. Introduction 11.1 Critical Factors for Longevity of Family Business 11.2 Example of A Family Firm’s Longevity 31.3 Research Motivation 42. Conceptual Development 82.1. Definition of the family business 82.2. Succession 92.3. Importance of Family Assets and Roadblocks for Family Business 123. Theory Model 154. Empirical Analyses 234.1 Data Collection 234.2. Location of Our Sample in The Family Business Map 264.3 Definition of Variables 324.4. Descriptive Statistics 374.5 Empirical Settings 414.6. Analyses of the Empirical Result 454.7 In-Sample and Out-of-Sample Testing 495.Conclusion and Further Research 566. Reference 58 zh_TW dc.format.extent 1617144 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107258008 en_US dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 併購機率 zh_TW dc.subject (關鍵詞) 所有權轉移 zh_TW dc.subject (關鍵詞) 永續發展 zh_TW dc.subject (關鍵詞) 企業道德 zh_TW dc.subject (關鍵詞) 繼承 zh_TW dc.subject (關鍵詞) Family Business en_US dc.subject (關鍵詞) M&A Possibility en_US dc.subject (關鍵詞) Ownership Transition en_US dc.subject (關鍵詞) Longevity en_US dc.subject (關鍵詞) Business Ethics en_US dc.subject (關鍵詞) Succession en_US dc.title (題名) 藉由併購達成兼顧企業道德和繼承接班的家族企業平滑所有權轉移 zh_TW dc.title (題名) Smooth Ownership Transition of Family Business by Merger and Acquisition for Business Ethics and Succession Planning en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文部分：1. 葉銀華， (1999)。家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期: 57-90。2. 經濟部中小企業處，2009《2009年中小企業白皮書》。:經濟部中小企業處英文部分：1. Morten Bennedsen, and Joseph Fan, (2014). The family business map: assets and roadblocks in long-term planning, United Kingdom: Palgrave MacMillan.\\2. Ernesto J.Poza, (2004). Family business, United States: Cengage Learning.3. A.B. Ibrahim, K. Soufani, and J. Lam, (2001). A Study of Succession in a Family Firm, Family Business Review, Volume: 14 issue: 3, 245-258.4. Alfredo De Massis, Jess H. Chua, and James J. Chrisman, (2008). Factors Preventing Intra-Family Succession, Family Business Review, Volume: 21 issue: 2, 183-199.5. Bingham, J. B., Dyer, W. G., Jr, Smith, I., & Adams, G. L. (2011). A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms. Journal of Business Ethics, Volume: 99 issue: 4, 565–585.6. Carmela Elita Schillaci, Marco Romano, and Melita Nicotra, (2013). Family Business Foundations: Theoretical and Empirical Investigation, Journal of Innovation and Entrepreneurship.7. Chrisman, J. J., Chua, J. H., & Sharma, P. (1998). Important Attributes of Successors in Family Businesses: An Exploratory Study, Family Business Review, Volume: 11 issue: 1, 19-34.8. Chua, J. H., Chrisman, J. J., and Sharma, P. (2003). Succession and Nonsuccession Concerns of Family Firms and Agency Relationship with Nonfamily Managers, Family Business Review, Volume: 16 issue: 2, 89-107.9. Ding Li, Wen-Chieh Lee, Wei-Cheng Chen, Shinn-Shyr Wang, and Tsung-Hsien Wu, (2019). IPO Intention and Ownership Transition: Cases of Family-Owned Businesses, Working paper.10. Fredrik W. Andersson, Dan Johansson, Johan Karlsson, Magnus Lodefalk, and Andreas Poldahl, (2017). The Characteristics of Family Firms: Exploiting Information on Ownership, Kinship, and Governance Using Total Population Data, Small Business Economics, 51, 539–556.11. Gallo, M. A., (1995). Family Businesses in Spain: Tracks Followed and Outcomes Reached by Those among the Largest Thousand. Family Business Review, Volume:8 issue: 4, 245-254.12. Goldberg, S. D. and Wooldridge, B., (1993). Self-Confidence and Managerial Autonomy: Successor Characteristics Critical to Succession in Family Firms, Family Business Review, Volume: 6 issue: 1, 55-73.13. Goldberg, S. D., (1997). Noren Discount Stores: Death of a Family Business, Family Business Review, Volume: 10 issue: 1, 69-93.14. Handler, W.C., (1990). Succession in Family Firms: A Mutual Role Adjustment between Entrepreneur and Next-Generation Family Members, Entrepreneurship: Theory and Practice, Volume: 15 issue: 1, 37-52.15. Ikenberry, David, and Sundaresh Ramnath, (2002). Underreaction to Self-Selected News Events. The Case of Stock Splits, Review of Financial Studies 15, 489-526.16. Jay R. Ritter, and Ivo Welch, (2002). A Review of IPO Activity, Pricing, and Allocations, The Journal of Finance, 57, 1795-1828.17. Jensen, M. C, (1993). The Modern Industrial Revolution, Exit, and the Failure ofInternal Control Systems. Journal of Finance, 48, 831-880.18. Jiří Hnilica, and Ondřej Machek, (2015). Toward a Measurable Definition of Family Business: Surname Matching and Its Application in the Czech Republic, International Advances in Economic Research, 21, 119–120.19. John Bingham, W. Gibb Dyer, Isaac Smith, and Gregory Adams, (2011). A Stakeholder Identity Orientation Approach to Corporate Social Performance in Family Firms. Journal of Business Ethics, Volume:99 issue: 4, 565–585.20. José Allouche, Bruno Amann, Jacques Jaussaud, and Toshiki Kurashina, (2008). The Impact of Family Control on the Performance and Financial Characteristics of Family Versus Nonfamily Businesses in Japan: A Matched-Pair Investigation, Family Business Review, Volume: 21 issue: 4, 315-330.21. Lansberg, I. and Astrachan, J. H, (1994). Influence of Family Relationships on Succession Planning and Training: The Importance of Mediating Factors, Family Business Review, Volume: 7 issue: 1, 39-59.22. Levinson, H., (1971). Conflicts that Plague Family Businesses, Harvard Business Review, Volume: 49 issue: 2, 90–98.23. Morris, M. H., Williams, R.W., Allen, J. A., and Avila, R. A. (1997). Correlates of Success in Family Business Transitions, Journal of Business Venturing, 12, 385–401.24. Panikhos Poutziouris, Katherine O`Sullivan, and Lumenita Nicolescu, (1997). The [Re]-Generation of Family-Business Entrepreneurship in the Balkans, Family Business Review, Volume: 10 issue: 3, 239-261.25. Pedro Vazquez, (2018). Family Business Ethics: At the Crossroads of Business Ethics and Family Business, Journal of Business Ethics, Volume: 150 issue: 3, 691-709.26. Perrini, F., and Minoja, M., (2008). Strategizing Corporate Social Responsibility: Evidence from an Italian Medium-Sized, Family Owned Company. Business Ethics: A European Review, Volume: 17 issue: 1, 47–63.27. Poza, E. J., (1995). Global Competition and the Family- Owned Business in Latin America, Family Business Review, Volume: 8 issue: 4, 301-311.28. Ronald C. Anderson and David M. Reeb, (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500, The Journal of Finance, Volume: 58 number: 3, 1301-1328.29. Sharma, P., Chrisman, J. J., Pablo A. L., and Chua, J. H., (2001). Determinants of Initial Satisfaction with the Succession Process in Family Firms: A Conceptual Model. Entrepreneurship Theory and Practice, Volume: 25 issue:3, 17–35.30. Sharma, P., and Manikutty, S., (2005). Strategic divestments in family firms: Role of family structure and community culture. Entrepreneurship Theory and Practice, Volume: 29 issue: 3, 293–312.31. Shleifer, A. and R. W. Vishny, (1992). Liquidation Values and Debt Capacity, Journal of Finance, 47, 1243-1366.32. Stavrou, E., (1999). Succession in Family Businesses: Exploring the Effects of Demographic Factors on Offspring Intentions to Join and Take over the Business.Journal of Small Business Management, Volume: 37 issue: 3, 43–62.33. Van Gils, A., Dibrell, C., Neubaum, D. O., & Craig, J. B. (2014). Social Issues in the Family Enterprise. Family Business Review, Volume: 27 issue: 3, 193–205.34. Venter, E., Boshoff, C., and Maas, G., (2005). The Influence of Successor-Related Factors on the Succession Process in Small and Medium-Sized Family Businesses, Family Business Review, Volume: 18 issue: 4, 283-303.35. Yann Cornil, Robert J. Crawford and Morten Bennedsen, (2015). The Mulliez Family Venture, Harvard Business Review. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200278 en_US
