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研究生:鄭勝元
研究生(外文):Sheng-Yuan Cheng
論文名稱:家族企業與經營績效及資訊透明度關聯性之研究
論文名稱(外文):A Study on the Relationship among Family Firms, OperatingPerformance and Information Transparency
指導教授:林維珩林維珩引用關係
指導教授(外文):Wei-Heng Lin
學位類別:碩士
校院名稱:中原大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:102
中文關鍵詞:資訊透明度核心代理問題家族企業
外文關鍵詞:central agency problemfamily firmsinformation transparency
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本研究主要的目的有四。首先,針對家族企業而言是否比非家族企業的績效還要好。第二,針對家族企業而言是否比非家族企業對於資訊揭露之程度較高。第三,探討家族企業之特性進一步分析,家族企業與資訊揭露之關連性。最後,根據訊號發射假說以及減緩代理問題之下,家族企業、經營績效與資訊揭露之關聯性。
本研究資料擷取自台灣經濟新報(Taiwan Economic Journal)相關資料庫、公開資訊觀測站、公司年報以及財團法人中華民國證劵暨期貨市場發展基金會所編制的上市櫃公司資訊揭露系統。由於本研究資訊揭露所擷取的資料是來自於財團法人中華民國證劵暨期貨市場發展基金會所編制的上市櫃公司資訊揭露系統,該基金會所公布的資料是從2003年開始。因此,本研究的樣本公司是以2003年至2007年之上市櫃電子業公司為研究對象。
實證結果顯示,採用ROA、ROE、Tobin’s Q作為績效衡量之代理變數時,家族企業之經營績效明顯較非家族好。此外,本研究再將家族企業進一步區分創辦人與後代,則發現不論是創辦人或者是後代,其經營績效亦是比非家族企業高。資訊揭露部分在2005年至2007年期間,家族企業之資訊揭露程度明顯較非家族高。最後,家族企業、經營績效與資訊揭露之間關聯性,唯有在2005年至2007年期間上市電子業當中,家族企業之經營績效越高,則資訊揭露程度越高。
This study evaluates four issues in family firms. First, in the operating performance part, whether the family firms perform better than non-family firms. Second, whether the family firms provide more voluntary disclosures than non-family firms. Third, we investigate the characteristics of family firms and further analyze the relationship between family firms and information disclosures. Finally, the association among family firms, operating performance, and information disclosures.
The data of this study are compiled from Taiwan Economic Journal (TEJ), Market Observation Post System (MOPS), firm annual reports and information transparency & disclosure ranking results from Securities & Future Information center (Taiwan). The data of information disclosure from SFI started from 2003, hence the samples TSE/OTC electronics industries in this study are listed in Taiwan Stock Exchange from 2003 to 2007.
The results show that (1) when performance proxy variable is used in ROA, ROE, or Tobin’s Q, family firms perform better than non-family firms. In addition, we divided the family firms into founders and offspring. It shows that both founders and offspring achieve better operating performance than non-family firms. (2) More information disclosures in family firms are provided than non-family firms from 2005 to 2007. (3) The association among family firms, operating performance, and information disclosures in TSE electronics industries from 2005 to 2007 show that the higher the operating performance in family firms, the higher the information disclosures.
目 錄
中文摘要 Ⅰ
ABSTRACT Ⅱ
致謝辭 Ⅲ
圖目錄 Ⅴ
表目錄 Ⅵ
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 2
第三節 研究流程與架構 3
第二章 文獻探討 4
第一節 家族企業 4
第二節 資訊揭露 13
第三節 家族企業之資訊揭露與經營績效 21
第三章 研究方法 27
第一節 研究假說 27
第二節 實證模型及變數之定義 32
第三節 研究設計 40
第四章 實證結果與分析 46
第一節 敘述性統計 46
第二節 迴歸分析 51
第三節 小結 70
第五章 家族控股型態實證結果與分析 71
第一節 家族控股型態 71
第二節 實證結果 72
第三節 小結 74
第六章 研究結論與限制 85
第一節 研究結論 85
第二節 研究限制 87
第三節 研究建議 87
參考文獻 88

圖目錄
圖1-1論文流程圖 3
圖3-1研究架構圖 31


表目錄
表2-1家族定義一覽 7
表2-2家族企業所佔的比例一覽 10
表2-3代理理論概觀 11
表3-1傳統代理問題與核心代理問題 29
表3-2樣本篩選表 42
表3-3模型一、模型二之變數名稱說明與預期方向 43
表4-1各變數在家族企業與非家族企業下之敘述統計量 49
表4-2相關係數矩陣表 50
表4-3經營績效與家族企業之關聯性─以上市櫃電子業迴歸分析結果 54
表4-4經營績效與家族企業之關聯性─以創辦人、後代迴歸分析結果 58
表4-5家族企業與資訊揭露之關聯性─以上市櫃電子業迴歸分析結果 64
表4-6家族企業與資訊揭露之關聯性─以2SLS迴歸分析結果 68
表4-7假說檢定結果彙總 70
表5-1經營績效與家族企業之關聯性─以家族控股型態迴歸分析結果 75
表5-2家族企業與資訊揭露之關聯性─以家族控股型態迴歸分析結果 78
表5-3本研究之定義與TEJ家族企業定義之比較 82
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