臺灣博碩士論文加值系統

本研究主要為探討台灣家族持股與公司投資決策之關聯性。本研究包含兩個假說：(1)實質選擇權假說(Real option hypothesis)，企業擁有實質選擇權偏好投入較多資金於長期投資。(2)風險趨避假說(Risk aversion hypothesis)，家族企業為了降低企業風險相較非家族企業投入較少資金於研究發展支出。實證發現台灣企業持有實質選擇權會影響其投資決策，企業為了增加所持有的實質選擇權價值願意投入未來盈餘成果較不確定的長期投資中。此外，以各縣市每人可支配所得中位數當作工具變量(Instrumental variable)探討其中的內生性問題，透過二階段最小平方法(Two stage least squares)發現其持有實質選擇權的多寡和長期投資依然呈現顯著的正向關係，實質選擇權和長期投資兩者並不存在內生性問題。其中長期投資由資本支出以及研究發展支出兩費用所組成，個別探討實質選擇權對研究發展支出影響性時，發現其雖具有影響性卻不會促使原本風險趨避的家族企業轉而變成風險愛好，換句話說當家族企業沒有持有實質選擇權或持有的實質選擇權太少時家族企業的投資決策不會受到影響。本研究額外做了投資效率性假說的驗證，台灣的家族企業投入研究發展費用的資金少於非家族企業，但是其獲得的研發成果優於非家族企業的研發成果，家族企業相較非家族企業擁有較多的專利數目以及專利引用數。

We examine the relation between family ownership and corporate investment policy. Our analysis centers on two hypotheses: (1) family owners’ risk aversion (Anderson et al., 2012) and (2) their option to invest (Grullon et al., 2012), which potentially influence the level and type of investments that family firms undertake.
If real option hypothesis dominates the risk aversion hypothesis,(1) we find that firms in Taiwan devote more capital to long-term investments while they possess real option; (2) when dividing long-term investment into its two components of R&D and capital expenditures, we note that family firms, relative to non-family firms, prefer investing in physical assets relative to riskier R&D projects, even though they possess real option; (3) additional tests indicate that family firms receive more patents per dollar of R&D investment and more patent citations per dollar of R&D investment relative to nonfamily firms.
Overall, our empirical results indicate that family preferences for lower firm risk, across all family subtypes, affects corporate R&D spending and capital expenditures.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構、流程與貢獻 3
第二章 文獻回顧 6
第一節 家族企業最終控制者持股和企業資本支出之關聯性 6
第二節 持有實質選擇權對企業投資政策之影響 7
第三章 資料來源與研究方法 9
第一節 樣本資料 9
第二節 研究模型 9
第四章 實證結果與分析 17
第一節 敘述統計、平均數差之T檢定和相關性分析 17
第二節 風險趨避假說與實質選擇權假說實證結果 21
第三節 實質選擇權假說穩健性測試 28
第四節 投資效率假說實證結果 30
第五章 結論 35
參考文獻 36

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