家族企業的公司風險及成長機會、控制權與現金流量權偏離程度的角色：利益收斂假說的風險效果觀點

The Firm Risk for a Family Firm and the Role of Growth Opportunity and Control-Cash Flow Right Deviation: The Viewpoint of the Risk Effect of the Convergence of Interest Hypothesis

本文以2010年至2017年台灣家族企業為樣本，並基於利益收斂假說的風險效果觀點來探討台灣家族企業的公司風險是否比非家族企業低，並接續研究成長機會及控制權與現金流量權偏離程度的調節效果。本研究實證結果顯示家族企業的公司風險低於非家族企業。除此之外，成長機會及控制權與現金流量權偏離程度都會弱化公司風險與家族企業間的負向關聯性。然而，當本研究以全球金融危機期間（2008年至2009年）為樣本期間，發現家族企業的公司風險高於非家族企業，顯示全球金融危機期間的實證結果和一般期間恰相反。本研究結果可以補充過去關於家族企業公司風險文獻的不足。

This research utilizes data on family firms in Taiwan from 2010 to 2017 to investigate whether the level of firm risk for them is lower than that for non-family firms and further examines the moderating effects of growth opportunities and control-cash flow right deviation under the viewpoint of the risk effect of the convergence of interest hypothesis. First, the results show that the level of firm risk for family firms is lower than that for their counterparts. Second, growth opportunities and control-cash flow right deviation mitigate the negative correlation between the level of firm risk and family firms. Third, when applying the research period from 2008 to 2009 (the global financial crisis), the level of firm risk for family firms is higher than that for non-family firms, presenting results during this crisis that run opposite to those during a stable period. The findings herein fill gaps in the empirical literature with regard to firm risk of family firms.