制度變遷與市場網絡：台灣大型企業間董監事跨坐的歷史考察(1962-2003)

Institutional Transition and Market Networks: An Historical Investigation of Interlocking Directorates of Big Businesses in Taiwan, 1962-2003

本文分析1960年代至今七個時間點所有台灣上市公司與公營事業的董監事跨坐資料，透過制度歷史的回溯與量化數據，考察大型企業的網絡如何因市場發展、國家角色以及家族文化的影響而展現其變遷面貌。文中針對董監事網絡強、弱連帶，總體網絡結構，以及國家機構在網絡中的相對位置的變化等議題進行假設推論與測試，並探索國家治理市場的意識形態、法制規範、以及政權侍從主義如何與家族主義的文化慣習一起影響台灣企業董監事網絡的構造。研究發現，台灣早年的企業網絡具有強烈的小型寡占卡特爾的特徵，國家介入深且網絡整合程度高，八○年代末以後逐漸有趨近於發達工業國家的趨勢；然而台灣的經驗又有很強的特殊性。特別是企業間比例極高的重複性關係，從市場形成至今四十餘年皆呈現極高的水準，成為台灣市場網絡的顯著特色；本文認為這乃因為重視經濟安全的股東先決的公司法制精神以及家族主義的社會文化特質彼此交相強化所致。檢視企業網絡的結構發現，隨著市場成長，公部門於網絡中的位置日漸邊緣；而一直為經濟主體的家族企業及其影響卻仍持續。轉型後的市場，家族主義的部落化傾向並沒有使得網絡集中成由少數公司控制群體的結構，反而讓網絡集中度迅速降低，整合程度大不如前。連帶極強而集中度低成為轉型後台灣企業網絡的重要特徵。企業個體層次的統計數據也證實，國家力量的影響逐漸減退而家族主義則有增強的趨勢。本文認為在近百年的股東先決的法制精神以及家族主義的影響下，台灣企業的董監事網絡結構仍將維持頑強的本地特色。

This study outlines the historical contours of market networks in Taiwan from an institutional perspective. By utilizing comprehensive historical data on the boards of directors for all listed private firms and state-owned enterprises from 1962 to 2003, this study investigates the extent to which macro-structural factors, such as market growth, state transformation, and cultural practices of Chinese familism, have driven the changing dynamics of interlocking directorates in Taiwan. In the early industrializing period, director networks in Taiwan resembled the corporatist structure of oligopolistic cartels, only on a smaller scale, when state enterprises played an important role and the overall integration of networks was relatively high. Although the changing route of director networks seemed to converge with patterns of advanced economies, the Taiwanese market still holds a strong local flavor in its network structure. In particular, the proportions of multiple relationships of director networks are exceptionally high and have persisted for almost half a century. The findings of this study indicate that the market network structure is the result of reinforcing influences between the legal regulation of corporate governance, which emphasizes economic security, and cultural practices of familism. After a transition period in the late-1980s, the influence of state enterprises on intercorporate networks declined enormously, mainly owing to the private sector's continuous growth and a series of deregulations of economic policies that loosened the control on private businesses' horizontal expansion. The localized clustering dynamics of familism, however, has since disintegrated the network structure; extraordinarily low centralization and a high proportion of multiple ties have become trademarks of Taiwanese corporate networks. Considering the existing legal regulation of corporate governance and the prevalence of cultural practices associated with familism, this study foresees the resilience of the Taiwanese market's current network structure.