家族企業公司治理與經營接班之個案研究

Abstract

家族企業是台灣企業的重要組織型態，然而近年來台灣家族企業正逐漸面臨接班問題的危機。目前的企業主平均年齡超過60歲，過去文獻主要是研究家族企業的成功因素，但公司治理制度對於家族企業接班問題的管理，及接班過程中股價變化及其波動性之探討卻寥寥無幾。 本研究以台灣三大個案集團為例，研究方法為個案研究法、事件研究法，收集並分析各個案公司的次級資料。透過分析得到以下的結論與建議。(1)透過情感的培養與制度的雙重建立，可大幅降低家族企業缺點影響之程度。(2)為利保障投資人，政府應加速「財團法人法」之三讀通過，並且加強建置資訊公開等制度。(3)家族企業接班後，投資人短期內會產生負面異常報酬的反應，但因市場價格已充分反映所有過去及現在的資訊，導致異常報酬無法持續性存在 (4)各家族企業接班問題與經營權爭奪之財富效果及股價波動性雖不一致，但報酬與風險仍伴隨相生，因此，本研究建議投資人仍因自身屬性並參考其他可取得資料，擬定不同的投資策略。

Family business is an important organizational among Taiwan entrepreneurs. However, in recent years, they are gradually facing the crisis of succession problem. The average age of family business owners is over 60, but only some of them have a comprehensive succession planning. Most previous studies investigated the factor to success in family business, but as the corporate governance system, and the succession process of stock price changes and volatility of the discussion is very few. This research is based on case study research and event study, as secondary data were collected and analyzed. Based on result, our research suggestions are as follows: First, through the emotion and the system were established, it can reduce its shortcomings. Second, in order to protect investors, the Government should as soon as possible pass the third reading of the "Law on the Foundation" and strengthen the system of information disclosure. Third, after the succession, investors will have negative abnormal returns in the short term, but the market price has fully reflected all the past and present information, resulting in cumulative abnormal returns can not be sustained for a long time. Finally, although the wealth effect and stock price volatility of the family business are inconsistent, the return and risk are still associated with each other. Therefore, this study suggests that investors still draw up different investment strategies based on their own attributes and other available informations.