臺灣博碩士論文加值系統

98%的台灣企業屬於中小型企業，其大部份由家族成員所擁有。即使是台灣前一百大的集團企業，也多由家族所持有。此論文以台灣685家上市企業做為研究對象，以實證檢驗家族所有權與控管權對公司績效、組織以及策略的影響。
實證結果其關係如下：
　 　 家族所有權 家族管理權
績效 公司表現 + 無關
組織 規模 - -
存續期間 - +
股份集中度 + +
策略 多角化策略 - +
全球化策略 + +
1.家族成員所持有且由專業經理人管理的公司在股票市場上的表現最為優異。
2.家族成員持有之公司，不論是否由專業經理人管理皆較非家族企業有優異的財務表現。
3.專業經理人管理的公司，不論其所有權是否由家族成員所有皆有較大的規模。
4.家族成員擁有且交由專業經理人管理之公司之成立至今的期間最短；家族管理的公司則成立之今最久。
5.非家族成員所持有但保留了家族管理結構的公司企圖追求較高程度的多角化策略
6.家族成員所持有的公司，不論是否委由專業經理人管理皆追求較高程度的多角化策略。

Almost 98 percent of companies in Taiwan are SMEs and most of them belong to family firms as well. For the 100 largest business groups in Taiwan, most of them are also owned by families. By using 685 publicly listed companies in Taiwan as the research sample, this thesis aims to empirically examine the relationships among family ownership, family management, performance, structure and strategy of firms. This research aims to investigate whether different levels of family ownership and family management would result in different performance, structure and strategy of family firms.
Research findings of this thesis are summarized as follows.
1.Family firms with professional management outperform other types of firms in stock market.
2.Family firms regardless of the extent to family management have much better financial performance than non-family firms
3.Professionally-managed firms regardless of the extent to family ownership are much bigger than family-owned and managed firms.
4.Family firms with professional management sustain the shortest period; while family-managed firms sustain longer period.
5.Those non-family firms with family management tend to pursue a higher level of diversification strategy than others.
6.Those family firms regardless of the degree of family management are found to have higher level of globalization than those non-family firms with professional management.

Table of Contents


LIST OF FIGURES IX
LIST OF TABLES X
LIST OF APPENDIX XI
1. INTRODUCTION 1
1.1. RESEARCH BACKGROUND AND MOTIVATION 1
1.2. RESEARCH QUESTIONS 2
1.3. RESEARCH FLOWCHART 3
2. LITERATURE REVIEW 4
2.1. FAMILY BUSINESS 4
2.2. FAMILY: OWNERSHIP, MANAGEMENT 9
2.2.1. ADVANTAGE AND DISADVANTAGE OF FAMILY OWNERSHIP 11
2.2.2. ADVANTAGE AND DISADVANTAGE OF FAMILY MANAGEMENT 11
2.2.3. COUPLED OWNERSHIP AND MANAGEMENT 12
2.3. FAMILY FIRMS AND PERFORMANCE 13
2.4. FAMILY FIRMS AND STRUCTURE 17
2.4.1. SIZE OF FAMILY FIRMS 17
2.4.2. AGE OF FAMILY FIRMS 19
2.4.3. SHAREHOLDING CENTRALIZATION OF FAMILY FIRMS 20
2.5. FAMILY FIRMS AND STRATEGY 20
2.5.1. DIVERSIFICATION STRATEGY IN FAMILY FIRMS 21
2.5.2. GLOBAL STRATEGY IN FAMILY FIRMS 21
2.6. CONCEPTUAL FRAMEWORK 22
2.7. HYPOTHESES 23
2.7.1. FAMILY FIRMS AND PERFORMANCE 23
2.7.2. FAMILY FIRMS AND STRUCTURE 25
2.7.2.1. SIZE OF FAMILY FIRMS 26
2.7.2.2. AGE OF FAMILY FIRMS 27
2.7.2.3. SHAREHOLDING CENTRALIZATION OF FAMILY FIRMS 27
2.7.3. FAMILY FIRMS AND STRATEGY 28
2.7.3.1. DIVERSIFICATION STRATEGY OF FAMILY FIRMS 28
2.7.3.2. GLOBAL STRATEGY OF FAMILY FIRMS 29
3. RESEARCH METHODS 31
3.1. RESEARCH SAMPLE 31
3.2. DATA COLLECTION 31
3.3. MEASUREMENT OF FAMILY OWNERSHIP AND FAMILY MANAGEMENT 32
3.3.1. FAMILY OWNERSHIP 32
3.3.2. FAMILY MANAGEMENT 33
3.4. TYPOLOGY OF FAMILY FIRMS 33
3.4.1. FAMILY FIRMS AND NON-FAMILY FIRMS 34
3.4.2. FAMILY-MANAGED FIRMS AND PROFESSIONALLY-MANAGED FIRMS 34
3.4.3. TYPOLOGY OF FOUR GROUPS OF FIRMS 35
3.5. MEASUREMENT OF DEPENDENT VARIABLES 38
3.5.1. MEASUREMENT OF PERFORMANCE 38
3.5.2. MEASUREMENT OF STRUCTURE 40
3.5.3. MEASUREMENT OF STRATEGY 41
3.6. ANALYTICAL METHOD 44
4. RESULTS 45
4.1. DESCRIPTIVE STATISTICS 45
4.2. HYPOTHESES TESTING 48
4.2.1. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND PERFORMANCE 49
4.2.2. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND STRUCTURE 53
4.2.3. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND STRATEGY 59
4.3. DIFFERENT RESULTS FROM DIFFERENT CUT-OFF POINTS 63
4.3.1. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND PERFORMANCE 64
4.3.2. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND STRUCTURE 64
4.3.3. RELATIONSHIP AMONG OWNERSHIP, CONTROL AND STRATEGY 65
4.4. SUMMARY 66
5. CONCLUSION AND FUTURE RESEARCH 67
5.1. CONCLUSION AND IMPLICATION 67
5.2. LIMITATION OF THE STUDY 70
5.3. FUTURE RESEARCH 70
REFERENCE 72
APPENDIX 76

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