家族連結、政商關係與多角化擴張：台灣家族集團的跨時分析

The Role of Family Linkage and Political Linkage on Diversification Decision over Time: An Empirical Study in Taiwan’s Family Business Groups

本研究從資源基礎論點，透過長達十餘年縱橫資料之分析，探討家族連結以及政商關係的建立，對於家族集團多角化策略有何具體影響。研究結果顯示，當考量家族連結因素時，家族控制程度愈高，對於該家族集團多角化策略有顯著負向影響；而當考量該家族集團的政商關係時，該家族集團政商關係程度愈高，對於該家族集團多角化程度有顯著正向影響，尤其是非正式政商關係的建立，有助於該家族集團多角化擴張策略之進行。實證結果顯示，在台灣這一體制系絡下，家族集團所運用的內部家族資本，以及所建立的外部政治資本，對於其家族集團的多角化擴張策略，有不同方向與程度的顯著影響。家族集團是相當典型的亞洲企業實體，而本研究結果對於瞭解家族集團運用不同社會資本，與擴張策略間的關聯性，提供深具參考的價值。

From the resource-based viewpoint, the development of family linkage and political linkage is critical in discussing the strategic decision in family business groups. This study tries to investigate the role of family linkage and political linkage on the diversification decision over time in Taiwan’s family business groups. The results reveal that when considering family control independently, the family control has significantly negative influence on level of diversification in family business groups. In addition, the higher the political linkage in this family business group, especially the informal political linkage, the more likely this family business group has higher level of diversification. The family business group is a distinctive business entity in Asian region. This study provides referable values in discussing the possible role of family control and political linkage on strategic decision in family business group.