台灣上市公司家族企業接班之個案研究

Abstract

即使在現代的經濟社會中，家族企業仍扮演著重要的角色。根據台灣董事學會所公布的報告，台灣上市櫃公司有75%為家族企業。對於中小企業而言，家族企業是更加常見的公司型態。台灣當前許多公司皆成立於台灣經濟起飛年代，成立至今已經4、50年。隨著創立者年事漸長，家族企業的接班等相關議題變得更加迫切與重要。 本研究首先回顧家族企業接班歷程的經典理論，像是Churchill和Hatten的四階段接班模型、Gersick的六階段模型與Murray的週期接班模型。接著，利用個案研究法探討兩家近年接班的家族企業，觀察其接班歷程、接班前後財務績效、接班前後高階經理人或董事變化。並且以事件研究法檢測重大接班議題的宣告是否會讓股價出現異常報酬。結論顯示接班人的所有權配置是順利接班的基石，並應該盡量探索可能的選擇方案來避免事後再改任其他接班人。

The family business still plays an important role even in the modern economic society. According to the report published by Taiwan Institute of Directors, the family business accounts for about 75% in listed or OTC companies in Taiwan. The family business is much more popular among small and middle-sized companies. Many Taiwan’s companies have established for more than 40 to 50 year since the economic booming stage of Taiwan. Facing aging problems of founders, family business succession and other related issues become more urgent and significant. First, our study reviewed the classical theories of the family business succession, such as “Four Stages Model” by Churchill and Hatten, “Six Stages Model” by Gersick, and “Transition Cycle Model” by Murray. As following, case study method is applied to recent succession process of two family businesses. And further, observe its succession process, financial performance, and the changes of executive management or directors before and after the succession. Furthermore, event study method is utilized to test the abnormal return in the times that the important succession issue declared. In conclusion, the arrangement of successors’ ownership is indeed the fundamental of a smooth succession, and companies should explore any possible solutions to avoid changing other successors afterwards.