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研究生:李沐恆
研究生(外文):Li, Mu-Heng
論文名稱:家族企業與非家族企業之公司績效與風險關係:以台灣上市公司為例
論文名稱(外文):Association between Performance and Risk in Family vs. Non-family Controlled Firms
指導教授:利菊秀利菊秀引用關係
指導教授(外文):Li, Chu-Shiu
口試委員:李永全彭盛昌絲文銘楊顯爵
口試委員(外文):LI, YONG-CYUANPENG, CHENG-CHANGSIH, WUN-MINGYANG,SIAN-JYUE
口試日期:2017-06-29
學位類別:碩士
校院名稱:國立高雄第一科技大學
系所名稱:風險管理與保險系碩士班
學門:商業及管理學門
學類:風險管理學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:93
中文關鍵詞:家族企業股價報酬率股價報酬率之波動公司績效公司風險聯立方程式
外文關鍵詞:Family Controlled FirmsStock ReturnStandard deviation of Stock ReturnCorporate PerformanceFirm riskSimultaneous Equations model
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本文主要是分析家族企業與非家族企業之公司績效與風險關聯性,採用台灣經濟新報(TEJ)資料庫排除金融產業,分析期間為2000年至2015年,共16年。本文用聯立方程式作為主要之分析方法,以股價報酬率為公司績效指標,以股價報酬率之波動為公司風險指標。實證研究發現,全體樣本中,公司風險越高,公司績效表現較差;而在家族企業中,公司績效與公司風險為負相關,即謂當公司風險越高時,對應較差的公司績效,而當公司績效越好時,公司承擔較低之風險;在非家族企業中,僅呈現公司風險越高時,公司績效有越差的表現。
此外,在家族企業中,對公司績效有負面影響之因素有;法人持股比率、獨立董事比率與有設置審計委員會。此外,可降低公司承擔風險的因素為:法人持股比率、獨立董事比率與有設置審計委員會。
相對的,在非家族企業中,董事持股比率越高、獨立董事越多,或企業有設置審計委員會,反而會有較差的公司績效表現。此外,當獨立董事比率越高,或企業有設置審計委員會,會使公司所承擔的風險較低。
This study examines the association between performance and risk in family and non-family controlled firms. Our evidence is based on a sample of non-financial firms in Taiwan from the financial statements data in Taiwan Economic Journal(TEJ)database over the period 2000-2015. We use the simultaneous equations model. The empirical results show that (1) in whole sample, the higher corporate performance, the lower firm risk; (2) in family controlled firms, there is a significantly negative correlation between corporate performance and firm risk; and (3) in non-family controlled firms, the higher corporate performance, the lower firm risk.
In addition, in family controlled firms, the independent variables such as institutional investor ownership, independent directors, and with audit committee are significantly negative related to corporate performance. By contrast, the independent variables such as institutional investor ownership, independent directors, and with audit committee are significantly negative related to firm risk.
In non-family controlled firms, director shareholding, independent directors, and with audit committee have a significantly negative correlation with corporate performance. By contrast, independent directors and with audit committee have a significantly negative correlation with firm risk.
中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 v
圖目錄 v
第一章 緒論 1
第一節 研究背景 1
第二節 研究目的 3
第三節 研究流程 3
第二章 文獻回顧 5
第一節 公司績效 5
第二節 公司風險 11
第三節 家族企業 14
第三章 研究方法 27
第一節 資料來源 27
第二節 變數定義 27
第三節 研究方法與實證模型 34
第四章 實證結果與分析 39
第一節 敘述性統計 39
第二節 Pearson相關係數 46
第三節 公司績效與風險間之實證結果 50
第五章 結論與建議 66
第一節 結論 66
第二節 建議 67
參考文獻 69
附錄 74
一、中文文獻
1.方俊儒,李秀英,龍春伶,2008,“獨立董監事對公司績效與盈餘品質之影響-控制股東之調節效果”,會計與公司治理,5卷,1期,頁55-80。
2.李馨蘋,莊宗憲,2007,“公司治理機制與公司績效之實證研究”,東吳經濟商學學報,57卷,頁1-27。
3.林翠蓉,張力,侯啟娉,曾韻如,許雅棠,2011,“家族所有權、公司治理與公司績效關係之實證研究”,績效與策略研究,8卷,1期,頁57-78。
4.洪榮華,陳香如,王玉珍,2005,“公司內部治理機制與公司績效之關係-股權結構與董事會特性的觀點.”,輔仁管理評論,12卷,3期,頁23-40。
5.倪衍森,廖容岑,2006,“家族企業負債代理成本及股利政策之研究-以台灣上市公司為例”,管理與系統,13卷,2期,153-179.
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7.陳怡珮,林翠蓉,侯啟娉,張力,謝佩娟,2012,“家族所有權, 公司治理與風險承擔關係”,輔仁管理評論,19卷,2期,頁59-90。
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二、英文文獻
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18.Lai, G. C., and Limpaphayom, P., 2003, Organizational structure and performance: evidence from the nonlife insurance industry in Japan., Journal of Risk and Insurance, 70(4): 735-757.
19.Low, A., 2009, Managerial risk-taking behavior and equity-based compensation., Journal of Financial Economics, 92(3): 470-490.
20.Madison, K., Runyan, R. C., and Swinney, J. L., 2014, Strategic posture and performance: Revealing differences between family and nonfamily firms., Journal of Family Business Strategy, 5(3): 239-251.
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24.Poletti-Hughes, J., and Williams, J., 2017, The effect of family control on value and risk-taking in Mexico: A socioemotional wealth approach., International Review of Financial Analysis
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26.Ramdani, D., and Witteloostuijn, A. V., 2010, The impact of board independence and CEO duality on firm performance: A quantile regression analysis for Indonesia, Malaysia, South Korea and Thailand., British Journal of Management, 21(3): 607-627.
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