傳承決策會傷害公司價值？

Abstract

Bennedsen, Fan, Jian and Yeh (2014)指出公司傳承將會造成公司價值的減損，其原因是由於傳承公司擁有難以跨代、跨組織傳承與難以分割出售之特殊資產。然而，在公司經歷多次傳承後（創辦人傳承事件下降），是否對傳承決策與風險有所影響？再者，若公司的經營體質較佳，即使發生傳承事件，是否可避免公司價值下跌？ 本文旨在探討傳承決策的決定因素，以及傳承決策對公司價值的影響。蒐集台灣上市公司1997至2012年間之傳承事件，篩選出307筆樣本，利用傳承公司特殊資產變數、接班人學經歷與公司經營體質（公司毛利率、成長率），衡量這些變數對傳承決策的影響。計算傳承前四年之累計異常報酬，藉以分析傳承決策對公司價值的影響。 我們觀察到創辦人或創辦人家族成員傳承事件、傳承時董事會家族化程度越大、員工關係越大，越傾向家族傳承。但是公司有共同創辦人、屬於電子產業、控制股東已架構集團控股結構者，則較易發生家族外部傳承。 在研究傳承過程之累計異常報酬(CAR)，以傳承公司CAR中位數觀之，發現CAR呈現下降的趨勢，但若以CAR平均數觀之，CAR又呈現上漲的趨勢。此現象代表傳承過程會增加公司報酬的風險，但是個別傳承公司最終仍未有負的CAR，代表公司已發生多次傳承或其經營體質已有改善之故。 並且，家族傳承確實會降低公司價值。創辦人傳承、創辦家族傳承事件、董事會家族化程度越大亦會造成公司價值的減損。再者，也發現到特殊資產難以跨代傳承的現象，若公司特殊資產越多，將造成公司價值下降較大。但傳承並非必定造成公司價值的減損，公司可透過增強本身體質來避免價值減損的問題。

Bennedsen, Fan, Jian and Yeh (2014) pointed out that each firm has the difficulties in transferring specialized assets to their successor. Because of the specialized assets hard to be transferred, they found an average negative 56% stock return during a 5-year period in Taiwan, Hong Kong and Singapore. However, we are concerned about whether the succession decisions will be affected by succession times. Whether the firm having better physical construction will avoid from decreasing of firm value. This paper investigates whether there are any effects for the succession characteristic variables on succession decisions and the succession decisions on firm value. We examine 307 succession cases in Taiwan during 1997 to 2012. We use succession characteristic variables, specialized asset variables and firm physical construction variables to examine which variable will affect succession decisions. Besides, we calculate cumulative abnormal return(CAR) from month -48 to month -1 to examine whether succession decisions will affect firm value. We found that if the successors are founder or founding family members, higher controlling power or better relationship with employees, they will be more likely to be succeeded by family member. By contrast, co-founded firms, electronic industry and the controlling shareholder already constructing the ownership structure are more likely to choose outsider succession. In view of the median CAR during succession period, we found a downward trend. However, in view of the average CAR during succession period, we found an upward trend instead. This means that the risk will increase in succession period. Finally, most firm has succeeded many times and improved its physical construction so that we can't find negative CAR in succession year. We found dissipation of firm value in the succession to family members. Founder as a successor, founding family member succession and higher controlling power of the firm will decrease its firm value. We also found that the firms have more specialized assets, the value of firms would decline more. However not all succession events will destroy firm value. If the firm with better performance and physical construction, they might avoid having poor succession performance.