家族企業集團的羊群效應：領頭羊為什麼重要？

Herd Effect in Family Business Group: Why Does Leader Matter?

家族企業對產業的影響利弊互見，因此如何認清企業集團的經營模式，增強在金融市場增進操作績效，將是投資人的一大挑戰。本研究根據近年華新家族企業資料，採取EGARCH模型對華新家族股票市場收益率之波動性進行分析，探討領頭羊公司對家族企業相關公司股票的影響。實證結果顯示：比較加入領頭羊公司變數後之槓桿效應與未包含領頭羊公司之關係看來，在1%顯著水準下顯著，故加入變數後之槓桿效應對家族企業集團之金融操作確有某種程度的影響，換句話說，在投資組合中納入領頭羊公司華新之槓桿效應對華新集團股票市場操作之穩定性是有助益的。

The argument about the impact of family business group on the industry is quite different, so how to understand the business model of enterprises and enhance the operational performance in the financial market will be a major challenge to investors. Using the data of WASIN family group, this article adopts generalized autoregressive conditional heteroscedasticity model (EGARCH) to investigate the volatility of the stock price in WASIN family group. Overall evidences suggest that the relationship between the leverage effect after joining the leading company variable and the absence of the leading company appears to be significant at a significant level of 1%, so the leverage effect after adding the variable has a certain effect on the financial operation of the family business group. In other words, it is helpful to include the leverage effect of the leading company in the portfolio, which is beneficial to the stability of the WASIN family group's stock market operation.