避險是否能增加家族企業的公司價值？

Does Hedging Really Increase Family Firms' Value?

本研究探討家族企業使用衍生性商品對公司價值的影響。以2005年至2015年臺灣上市櫃公司為研究樣本，依據公司財務報表揭露之使用衍生性商品目的，排除進行交易目的的家族企業。實證結果顯示，當家族企業使用衍生性商品時，對公司價值具有顯著的負向影響，特別是在家族企業成立年數偏低或是董事長、總經理為家族企業成員（即內部化）。董事會的監督能力會受到內部化的影響而降低，使得家族企業從事衍生性商品的決策品質不佳，造成公司績效下降；但是在家族企業中，若董事長或總經理不是家族成員，反而可以找到最適合的避險方案，因此提高公司績效。本文提出家族企業使用衍生性商品對公司價值有負向影響的可能原因，研究結果具有實務性意涵。

This study investigates the effects of hedging policies on the firm value for family firms. Based on the public listed family firms in Taiwan during 2005-2015, we identified hedging policies of firms according to the disclosures of financial derivatives in financial statements, and excluded family firms using derivatives for speculation purpose. The results show that the usage of derivatives is negatively associated with firm value for family firms, especially for newly family firms or firms with family board of director or CEO. However, family firms with professional board of director or CEO experience an increase in firms' value by optimal risk management decisions. Our results provide reasons that why family firms' using derivatives for hedging significantly reduce firms' value. The empirical results of this study provided implications in practice.