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研究生:莊皓鈞
研究生(外文):Chuang, Hao Jun
論文名稱:家族所有權、經營權、控制權對集團企業經營績效與創新之影響
論文名稱(外文):The Research of How Family Ownership, Control, and Management Affect Firms’ Performance and Innovation
指導教授:溫肇東溫肇東引用關係沈榮欽沈榮欽引用關係
學位類別:博士
校院名稱:國立政治大學
系所名稱:科技管理與智慧財產研究所
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
畢業學年度:103
語文別:英文
論文頁數:81
中文關鍵詞:家族企業所有權結構公司治理企業績效創新策略
外文關鍵詞:Family businessownership structurescorporate governancefirm performanceinnovation strategies
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從企業績效來看,在需持續創新、風險與產業技術複雜性較高的電子業,家族企業若聘用專業經理人經營,企業績效較差,反之,在產業技術變化性與風險較低的傳統產業,家族企業聘用專業經理人經營,反而企業績效較佳,這顯示,在面臨高度風險的環境時,家族企業中經營權與所有權的分離才會導致代理問題。同樣地,在電子業中,家族企業的控制權與所有權分離程度越高,企業績效越差,反之,在傳統產業中,家族企業控制權與所有權分離程度越高,企業績效反而越佳。這個結果顯示,在需持續創新、風險與產業技術複雜性較高的產業中,家族企業必須同時面臨兩種代理問題。
從企業對創新這類風險性投資的策略來看,本論文的研究結果顯示,經營權與所有權合一,企業所有者有能力及意願監督經營者,這將有助於企業投入較多的創新。反之,在控制權與所有權分離的情況下,因為投資的大部分是其他人的錢,企業的最終控制者能將創新的風險分散給外部股東,而較有意願投入創新。而家族控制者本身,因其規避風險的特質,而對上述兩類對創新有正向影響的治理機制有負向的調節效果(moderate)。但對家族成員而言,創新有助於企業的長期競爭優勢為了家族的永續發展,在經營企業上應該會採取長遠觀點(long-term perspective),而有意願投入創新,為了解開這個難題,本研究進一步將創新分為利用型創新(exploitative innovation)及開創型創新(explorative innovation)兩類,分析結果發現,家族企業雖然投入創新的數目較少,但在比例上有較多是較開創的創新,這個結果顯示,家族企業雖然害怕風險,但相對於非家族企業仍較具有長期經營的觀點並較具開創性。
This dissertation concerns the effects of different governance structures on firms’ performance and innovativeness in business groups.
In the first study, the ambivalent needs of control and growth of family firms in business group are explored. This study finds that in general, the excess control rights and controlling shareholdings will increase firms’ performance. In addition, family firms with such control structures will perform better in non-electronic industry while worse in electronic industry. Lastly, active control, namely family members control management and chairman at the same time, will perform better in electronic industry while worse in non-electronic industry.
The second study focuses on comparing family and non-family group affiliated firms’ incentives to do innovations in different governance structures. Adopting behavior agent model, we propose that although family group affiliated firms are less innovativeness than non-family group affiliated firms in general, they have larger share of exploratory innovation than non-family firms. The empirical results support our hypotheses. However, in contrast to traditional agency perspective, the separations between ownership and control rights facilitate firms’ innovativeness. This finding may originate in pyramid ownership structure.
Preface I
1. Introduction: Family control, Performance and Innovation 1
1.1 Family-controlled firm and performance 2
1.2 Family-controlled firm and Innovation 5
2. How Do Family and Control Structures Affect Group Affiliated Firms’ Performance 8
2.1 Introduction 8
2.2 Theory And Hypotheses 10
2.3 Data And Methods 20
2.4 Results 29
2.5 Conclusion And Implication 30
3. How Do Family Ownership, Control, and Management Affect Group-affiliated Firms’ Innovativeness? 40
3.1 Introduction 40
3.2 Theory And Hypotheses 43
3.3 Data And Methods 50
3.4 Results 58
3.5 Discussion And Conclusion 61
4. The Pros and Cons of Professional Managers and Other People’s Money: Final Thoughts 65
Tables 33
Table 1 研究架構 IV
Table 2-1 Variations in three control mechanisms 33
Table 2-2 Descriptive statistics Correlations 34
Table 2-2 Descriptive statistics Correlations (Cont’d) 35
Table 2-3 the effects of different control-enhancing mechanisms on firm value of group-affiliated firms (Hausman and Taylor model) 36
Table 2-4 the effects of different control-enhancing mechanisms on firm value of group-affiliated firms in high-tech industries (Hausman and Taylor model) 37
Table 2-5 the effects of different control-enhancing mechanisms on firm value of group-affiliated firms in low-tech industries (Hausman and Taylor model) 38
Table 2-6 the summary of the effect of different control-enhancing mechanisms on firm performance 39
Table 3-1 Time invariant test for control rights 68
Table 3-2 Descriptive statistics Correlations 69
Table 3-2 Descriptive statistics Correlations (Cont’d) 70
Table 3-3 ZINB models for the effects of family, business group structures, and governance structures on group-affiliated firm innovation 71
Table 3-4 Hausman-Taylor model for the effects of family on share of exploration and exploitation in innovation 72
Table 3-4 Hausman-Taylor model for the effects of family on exploratory and exploitive innovations (Cont’d) 73
Table 3-5 Hausman-Taylor model for the effect of governance structures on exploratory and exploitative innovations in non-family group affiliated firms 74

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