家族認同、家族股權控制及家族跨代接班與現金儲備之關聯性

Family Identity, Family Ownership Control, Dynastic Succession and Cash Holdings

本研究探討臺灣上市（櫃） 公司家族社會情感財富（Socioemotional Wealth, SEW）對家族企業現金儲備政策的影響。我們假設家族企業之現金儲備政策是由家族社會情感財富所驅動，具體而言，我們認為家族社會情感財富的三個維度會影響家族企業之現金儲備政策。這三個維度為家族認同度、家族控制力及家族企業所處的世代。實證結果發現，相較於其他家族企業，強調家族認同度與創辦人領導之家族企業，儲備之現金較少，強調家族股權控制和子嗣領導之家族企業，則會儲備更多之現金。此外，我們也發現基於代理理論架構所衍生的公司監理機制，會強化家族認同度與創辦人世代對現金儲備量之負向影響，而這些機制會緩和家族控制力與子嗣世代對現金儲備量之正向影響。

This study examines how socioemotional wealth affects the cash holding policy in family-controlled firms for Taiwan’s listed firms. We posit that the cash holding policy for family firms are driven by a diverse set of family owners’ motives that can be synthesized in the preservation of the different forms of the family socioemotional wealth (SEW). Specifically, we posit that the cash holding policy for family firms would vary depending on three dimensions of family SEW, namely, the identity dimension, the control dimension and the generation stage dimension. We posit and find that identity-focused and founder-led family firms exhibit less cash holdings relative to other family firms, while control-focused and descendant-led family firms exhibit more cash holdings relative to other family firms. Furthermore, we find that the monitoring mechanisms embedded in the agency framework strengthen the negative impact of family identity and the founder generation on cash holdings, while these mechanisms mitigate the positive impact of family control and the successor generation on cash holdings.