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| 研究生： |
吳婉禎 Wu, Wan Chen |
|---|---|
| 論文名稱： |
家族企業世代併購決策:以台灣上市櫃公司為例 M&A decisions across generations:the evidence of Taiwanese family firms |
| 指導教授： | 湛可南 |
| 口試委員: |
湛可南
王衍智 沈信漢 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2016 |
| 畢業學年度： | 105 |
| 語文別： | 英文 |
| 論文頁數： | 34 |
| 中文關鍵詞： | 家族企業 、創業者 、接班者 、經營績效 、併購 、公司治理 |
| 外文關鍵詞： | Family firm, Founder, Successor, Firm performance, M&A, Corporate governance |
| 相關次數： | 點閱：119 下載：37 |
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過去許多國內外的研究顯示，由創業者所經營之家族企業公司績效表現與投資決策優於由接班者所經營之家族企業和非家族企業。然而，台灣過去卻鮮少有文獻探討創業者與接班者在投資決策上的主要差異，以及是否在特定的公司治理特性下可以協助創業者和接班者做決策，進一步增加公司價值。
本研究主要以2010年至2014年間台灣上市櫃家族企業作為樣本，並將樣本分為由創業者所經營之家族企業與接班者所經營之家族企業，探討由創業者經營之家族企業與接班者所控制之經營企業在併購決策上是否有所不同，在何種公司治理特性或是公司特色可使併購宣告效果增加。本研究以兩階段迴歸和事件研究法作為研究方法，第一部分分析創業者與接班者在公司經營績效上之差異，第二部分分析創業者與接班者在併購宣告效果上的差異，最後進一步分析，何種公司治理特性或是公司特色可使併購宣告之累積異常報酬增加。實證結果顯示，創業者所經營之公司經營績效較佳，且由創業者所作之併購決策，能夠顯著提升併購宣告之累積異常報酬。此外，本研究發現外部董事比例越高，對於投資人預期之累積異常報酬顯著負向效果;然而外部股東持股對於併購宣告之累積異常報酬則有正向之加強效果。
Past studies indicate that founder-family firms exhibit better firm performance and investment decisions than successor-family firms and non-family firms. However, little research has examined the difference in investment decisions across generations (founders and successors) in Taiwan. Moreover, it is unclear whether there exist some specific firm characteristics or corporate governance structure arrangements that can improve the decision-making of corporate investment to enhance firm value.
This study employs the family firms and M&A data during the period of 2010 to 2014 in Taiwan to examine whether M&A decisions differ across family generations in Taiwan. Through the two-stage least squares regression analysis and the event study analysis, we find that the founder-family firms have better firm performance than successor-family firms. The founder-family firms also earn higher acquisition announcement returns than successor-family firms. Besides, we show that the percentage of outside directors has a negative effect on the acquisition announcement returns while the largest outside ownership is positively correlated with the acquisition announcement returns.
1.Introduction 5
2.Literature Review and Hypotheses 8
2.1 Family Firms Performance 8
2.2 Mergers and Acquisitions performance 9
2.3 Hypotheses 10
3.Data and Methodology 11
3.1 Data and Classifications 11
3.2 Event Study 12
3.3 Two-Stage Least Squares Regression Analysis 14
4.Empirical Results 17
4.1 Descriptive Statistics 17
4.2 Two-Stage Least Squares Regression of firm performance 18
4.3 Event Study of Acquisition Returns 18
4.4 Two-Stage Least Squares Regression of Acquisition Returns 19
5.Conclusion 20
Reference 22
Appendix 24
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