臺灣博碩士論文加值系統

我國上市公司普遍存在家族治理之經營型態，且家族成員多參與公司的高階管理團隊。本研究欲檢測高階管理團隊特質與投資無效率程度間之關係是否會受到家族治理所影響。研究樣本以台灣上市公司為主，研究期間為2003至2008年。
實證結果發現，高階管理團隊之平均年齡及教育程度的提升皆有助於降低投資無效率程度且家族治理之經營型態會加遽投資無效率程度。高階管理團隊之平均年齡及教育程度在家族治理下與投資無效率程度間呈正相關，表示家族企業中高階管理團隊的年齡結構與教育程度會造成公司投資效率更為嚴重。故本研究建議家族企業應將高階管理團隊年輕化並給予高教育程度之管理者公平、友善的環境，使管理者能更有效的發揮其專業能力，進而制定更完善的投資決策，提升投資效率性。

In Taiwan, family ownership usually exists in public listed firms and the family members mainly involve in firm’s top management team. This study examines that the relationship between top management team and investment inefficiency is influenced by family control. The sample is hand-collected from the public listed companies in Taiwan for the periods from 2003 through 2008.
Empirical results show that the average age and average education level of top management are significantly and negatively related to investment inefficiency, and the family ownership has a positive influence on the investment inefficiency. Average age and average education level of top management in family firms are significantly and positively related to investment inefficiency, suggesting that top management characteristics cannot mitigate investment inefficiency in the family firms. Thus, these results imply that family firms should recruit younger members in the top management team and provide kindly and fairly working environment where the managers are more likely to develop their professional ability and make the optimal investment decisions thereby improving investment efficiency.

指導教授推薦書…………………………………………………………
口試委員會審定書………………………………………………………
授權書……………………………………………………………...… iii
誌謝…………………………………………………………………... iv
中文摘要………………………………………………………………v
英文摘要……………………………………………………….…… vi
目錄…………………………………………………………………. vii
表目錄……………………………………………………………….ix
第一章 緒論……………………………………………………………1
第一節 研究動機…………………………………………………1
第二節 研究目的…………………………………………………2
第二章 文獻探討與研究假說…………………………………………4
第三章 研究設計……………………………………………………13
第一節 變數定義與衡量………………………………………13
第二節 實證模型………………………………………………19
第三節 樣本篩選與資料來源…………………………………22
第四章 實證結果與分析……………………………………………25
第一節 基本敘述性統計分析…………………………………25
第二節 相關性分析……………………………………………28
第三節 迴歸分析……………………………………………31
第五章 結論與建議…………………………………………………35
第一節 研究結論………………………………………………35
第二節 研究限制與後續建議…………………………………37
參考文獻………………………………………………………………38

表目錄
表 3-1家族企業定義…………………………………………………13
表3-2自變數定義……………………………………………………20
表3-3 控制變數定義…………………………………………………21
表3-4 樣本公司產業分布情形………………………………………24
表4-1 總樣本之敘述統計量…………………………………………26
表4-2 兩類樣本各變數之敘述統計量及檢定量……………………27
表4-3 Pearson積差相關分析……………………………………29
表4-4 家族企業及高階管理團隊特質對投資無效率程度之影響…34

中文部分
許士軍，《卓越的台灣管理模式》，中華民國管理科學學會，民國八十年。
胡時齊與田銀華，〈國內家族企業治理模式的實證分析〉，《湖南科
技大學學報》，卷15，期3，頁51~54，民國一百零一年
葉銀華，〈家族控股集團、核心企業與報酬互動之研究:台灣與香港證劵市場之比較〉，《管理評論》，卷18，期2，頁38~42，民國八十年。
翁淑育，〈台灣上市公司股權結構、核心代理問題與公司價值之研究〉，未出版之碩士論文，私立輔仁大學金融研究所，台北。
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林寶人，〈台灣上市櫃家族企業與公司績效〉，會計學報，卷3，
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