本文探討台灣家族及非家族企業上市後股權分散之路徑及動機是否相同。從初步統計可發現兩類企業內部人持股在初步公開上市後逐漸且穩定地分散。
使用Pobit模型發現，家族之永續傳承考量下，家族成員認定家族企業為家族系統之衍生，因此內部人持股降低因素並非由代理因子所造成。而歸結多種方式分析，可發現市場因子，即企業股票之流動性為主要且一致造成股權分散之因素。文章後段使用不同的家族企業認定方法，我們仍然得到相同地結論。
文章最後階段反向思考家族控制進入及離開企業之決定因素，可發現代理因子在非家族企業轉變為家族企業中扮演主要角色，而另一方面，市場因子則在家族企業轉變為非家族企業扮演主要角色。

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