全球化熱潮下，企業國際化是相當重要的投資活動。然而，當公司所有權集中由家族掌控時，家族獨特的特性，對公司國際化策略具影響性。另一方面，董事會為公司治理機制之一，其特性及功能亦會影響公司策略之方向及執行決策之能力。因此，本研究主要探討家族持股、董事會特性與國際化投資三者之間的關係，以2000年~2007年台灣上市公司為研究對象。實證結果顯示，家族持股與國際化投資呈負向關係，可能原因為在台灣，家族持股比重愈大，企業特性亦愈趨保守，不利於進行國際化。而董事會特性中，外部董事比例與家族持股之交互作用項與國際化投資呈正向關係，此結果或許與外部董事具有公正的監督功能，並可供應國際化所需之資源有關；董事長兼任總經理與家族持股之交互作用項與國際化投資之關係為負向，可能因董事長兼任總經理具有之優勢在集權領導的家族企業不明顯，而其無法權責分明制定完善的國際化決策，卻不利家族企業從事國際化投資；董事會規模與家族持股之交互作用項與國際化投資之關係為正向，此可能是因規模大的董事會可提供家族企業國際化所需的多樣化資源，有助於家族企業進行國際化投資。

Family firms play an important role in the global economy. This study aims to analysis the relationship between family ownership and the international investment. Furthermore, the board of directors is the core of corporate governance. This article also analysis the moderating effects of different board characteristics on the international investment of family ownership. The empirical results reveal the idea that family ownership is negatively related to international investment. Among board characteristics, duality could strengthen the relationship. However, to some extent, both outside directors and board size could overcome the weaknesses of family ownership and positively effects the relationship.

目錄
第壹章 緒論......................... .....................1
第一節 研究背景與動機................................. ..1
第二節 研究目的.............................. ...........3
第三節 研究架構.............................. ...........4
第貳章 文獻探討..................... ....................6
第一節 國際化特性............................ ...........6
第二節 家族持股與國際化投資 .................. ...........12
第三節 董事會特性............................ ...........17
第參章 研究設計.............................. ...........20
第一節 假說建立.............................. ...........20
第二節 研究模型與變數定義.................... ...........26
第肆章 實證結果分析................................... ..33
第一節 敘述統計.............................. ...........33
第二節 迴歸模型實證結果分析......... ....................37
第三節 迴歸模型實證結果說明 .............................40
第伍章 結論與建議 .......................................42
第一節 研究結論..................... ....................42
第二節 研究貢獻..................... ....................44
第三節 管理意涵..................... ....................45
第四節 研究限制與建議............... ....................46
參考文獻 ................................................47

表目錄
表2-1 企業國際化投資之動機.......... .....................9
表2-2 家族持股與國際化投資文獻整理.......................15
表3-1 本研究之假說彙總...................................24
表3-2 變數衡量方式 .......................................30
表4-1 敘述性統計量.......................................34
表4-2 Pearson相關係數矩陣................................35
表4-3 VIF檢定表..........................................36
表4-4 樣本之迴歸分析.....................................39

圖目錄
圖1-1 研究流程圖 .......................................5
圖3-1 研究架構...........................................25

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