家族控制對於企業財務績效的影響路徑分析：以研發密集度與負債比率為中介變數

The path analysis on the family control and firm performance: The intermediary effect of R&D Intensity and Debt Ratio

家族控制體制方式是否會產生較佳的財務績效？相關文獻莫衷一是，並無一致性的結論。本研究蒐集2012~2017年間台灣證券交易所、中華民國櫃檯買賣中心之公司治理與財務資料，比較上市櫃家族企業與非家族企業的運作，進行董事會規模、董事長學歷與年資特性的觀察與實證。本研究推導中介變數模型，引入研發密集度與負債比率等中介變數，觀察家族企業是否透過研究發展投入與財務槓桿程度的影響路徑，進一步影響企業財務績效。透過理論模型與實證發現：家族企業的董事會特性與非家族企業顯著不同，董事會所決議的研究發展投入與財務槓桿的程度也顯著不同。家族企業可能因為較少的董事會席次、較長的董事長年資特性，影響研發密集度與負債比率，並進而影響企業財務績效，家族控制型態的中介效果顯著估計約為25.9442%，表示家族控制型態確實影響部分企業決策，而且可以進一步影響財務績效。此外，透過分量廻歸程序，進行穩健性檢驗（Robust Test），發現當企業財務績效差時，家族控制體制可以調控研發密集度與負債比率，對於企業財務績效有正面助益。但當企業財務績效佳時，家族控制形式的調控方式反而不利於企業的財務績效的表現。

Will family control produce better financial performance? There is no consistent conclusion in literature. This research collects corporate governance and financial data from both Taiwan and Taipei Stock Exchange from 2012 to 2017. This research derives the intermediary model, introduces intermediary variables such as R&D intensity and debt ratio, and observes whether family businesses further affect business performance through R&D investment and financial leverage. Through theoretical models and empirical findings, the traits of board of directors of family companies are significantly different from those of non-family companies. The intermediary effect of family businesses that affect business performance is estimated to be about 25.9442%. It can conclude that the type of family control, with the less board seats and the longer tenure of chairman, significantly affects R&D intensity and leverage decisions of companies and further affects financial performance. In addition, the robust test was carried out through quantile regression, and it was found that when the financial performance is relatively poor, family control can regulate the degree of R&D investment and financial leverage, which is positively helpful to business performance. But when the performance is relatively good, the family control may lead to produce some self-interested behaviors, which is not conducive to the financial performance.