少主中興? 公司治理與家族傳承對投資決策的影響

Abstract

傳承事件因主要決策者與經營團隊的更換，將對投資決策產生重大影響；而繼位者若改善公司治理，將舒緩融資限制與過度投資的代理問題，亦會對投資決策造成影響。 本文以台灣 1997 至 2012 年有傳承事件的上市公司為樣本，為第一篇探討傳承前後投資現金流量敏感度的變化，以及家族傳承、公司治理改變對投資現金流量敏感度的影響。實證結果顯示，傳承後投資現金流量敏感度會降低，其原因為公司治理獲得改善。而上述結果在家族傳承事件中，因公司治理以及專有性資產，而較為明顯。

It is because of the replacement of the main policymaker and managerial team that succession events have significant effects on investment policy; if successors are capable of improving the corporate governance of the company, it is possible to alleviate the financial constraints and overinvestment problems and thus influence their investment policy. This paper is the first one to explore the impacts of succession events, corporate governance and specialized assets on investment policy. I took the listed companies with replacement of key policymaker from 1997 to 2012 in Taiwan as samples and found that the investment-cash flow sensitivity will decline after succession due to the enhancement of corporate governance. This result is more applicable and significant in family succession.