臺灣企業公司價值與所有權結構-組織資本的角色

Abstract

組織資本是一種將人力技術與物質資本結合在系統內，使得企業更有效率的製造或是完成產品。過去許多學者認為組織資本是生產過程中一項很重要的因素，對於公司價值以及股票報酬率皆具有顯著的影響力。以臺灣企業型態來說，以家族企業占大多數。另外，過去許多文獻指出家族企業在決策、營運、籌資以及資訊揭露上均與非家族企業有顯著的差異。家族企業相較於非家族企業，經營者較不受任期限制的影響、較高的資金運用空間，能以企業長遠增加價值的決策做推行，對於長期來說是能為公司帶來好處;但家族企業中由於家族成員為了增加彼此的利益而使得小股東權益受損，而進一步所產生的代理問題是一直為人所詬病。本研究以Tobin’s Q、ROA(EBITDA)、ROA(Net income)為企業價值的代理變數，比較家族與非家族間的組織資本、所有權結構對於企業價值的影響。研究發現家族企業在ROA作為公司價值的代理變數時，結果顯著優於非家族企業。另外發現組織資本越高是能顯著提升公司價值，但是以企業型態作為分類時，家族企業中投入組織資本這項費用越高反而無法帶出組織資本應有價值;非家族企業則是組織資本越高能有效提升公司價值。更進一步探討所有權結構則發現，控制股東持股比例與公司價值呈現倒U非線性之關係;而經理人持股比例越高，則能激勵經理人發揮專業、改善公司營運，提升公司價值。

An organizational capital is to combine human resource, technology and physical capital into a system and this will make an enterprise manufacture or completing products more efficiently. In the past, many scholars believed that the organizational capital is a very important factor during a manufacturing process, while it has a significant influence for company's value and stock returns. This study took Tobin's Q, ROA (EBITDA), ROA (Net income) as the variables of agency for company’s value, comparing the organizational capitals from family and non-family businesses and the impact of ownership structure on company’s value. We found that, while the family business represents as the variable of agency for company's value in ROA, the result was significantly better than one from a non-family business. Moreover, when the organizational capital is higher, it is more capable to significantly enhance company’s value. But when we classify them by the type of business, the higher cost a family business put into organizational capital cannot bring up the value that such organizational capital deserves. As to a non-family business, with higher organizational capital, it is more possible to efficiently enhance company's value. If we further explore the ownership structure, we can find that, there is an inverted U nonlinear relationship between controlling shareholding ratio and company’s value; The higher the shareholding ratio a manager is keeping, the more possibility to encourage all managers to apply their professions, improve company's operation, and enhance company's value.