台灣上市櫃家族企業與公司績效

Family Firm and Firm Performance: An Empirical Evidence from Taiwan Stock Exchange

本研究有別於以往文獻採用追蹤資料模型（panel data）來探討家族企業中兩類總經理、家族所有權、家族控制權及家族董事會等特性與上市櫃家族及非家族企業績效和價值之關係，期能對研究家族企業之領域提供更為完整的證據。實證結果顯示，台灣家族企業表現顯著不如非家族企業。其他發現如下:（1）家族總經理的經營績效不如家族企業裡非家族總經理（2）家族控制股東持股比率愈高公司績效與價值愈差（3）控制股東偏離程度對家族與非家族企業績效及價值之傷害並不存在顯著差異（4）透過擴增家族企業董事會規模能有效提升公司績效與價值（5）外部董事在家族與非家族企業中皆能發揮顯著的監督與制衡效果（6）由家族總經理兼任董事長能有效提升企業績效及價值。

This paper contributes to existing literatures by using fixed effects panel data regression to investigate the relation between firm performance and family CEOs, family ownership, family control, and family board characteristics. Our empirical evidence from Taiwan Stock Exchange reveals that nonfamily firms significantly outperform family firms. Other findings include the following: (1) Nonfamily CEOs in family firms are associated with superior performance than family CEOs (2) The firm with greater family blockholder ownership experiences impaired firm performance and stock price reaction. (3) As the deviation in family and nonfamily blockholder ownership increases no significant impact on firm performance and value. (4) Family firm with larger board size is more likely to have better firm performance and value. (5) There is a positive relationship between number of outside directors and firm performance in the family and nonfamily firm. (6) A significant difference in the family firm performance when family CEO also serves as board chairperson.