家族持股、財務決策與組織績效

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题名:	家族持股、財務決策與組織績效
其它题名:	Family Ownership, Financial Decisions, and Organizational Performance
作者:	鄭秀惠 Cheng, Hsiu-Hui
贡献者:	李秀英;陳育成 Lee, Grace H. Y.;Chen, Yu-Cheng 東海大學會計學系
关键词:	家族持股;財務決策;組織績效 Family ownership;Financial decisions;Organizational performance
日期:	2007
上传时间:	2011-03-23T06:24:17Z (UTC)
摘要:	家族企業在商業活動中一直扮演相當重要的角色，而台灣企業亦普遍由家族所控制。由於過去研究較少從家族企業之觀點對其財務決策與組織績效進行全面性探討。因此，本研究以台灣上市櫃公司中有家族控制者為研究對象，分別從財務決策與組織績效，檢測其與家族持股之關聯；並進一步探討企業在家族控制下，其財務決策是否會影響組織績效。本研究期能有助於家族企業作出最佳的財務決策並達到組織績效最大化的效果。本文研究結果發現：(1)在財務決策方面，家族持股愈高的公司，現金股利發放率愈高，資金成本、股票股利支付率和研發費用率則愈低。(2)在組織績效方面，家族持股愈高的公司，組織績效愈高。(3)在家族持股與財務決策之交乘效果與組織績效方面，現金(股票)股利支付率與組織績效呈正(負)相關，而高家族持股企業此關聯性較低；研發費用率與組織績效呈正相關，但高家族持股企業未有明顯差異。因此，當家族企業能適當的運用股利和投資決策時，較能創造更好的經營績效。 In worldwide commercial activities, family firms always play an important role. A large portion of Taiwan’s firms are characterized by family ownership. Previous literature lacked a comprehensive survey of the relationship among family firms, financial decisions and organizational performance. This study tends to use Taiwan’s listing corporations controlled by families to investigate the family ownership from the perspectives of financial decisions and organizational performance. Besides, the study further examines whether financial decisions will affect organizational performance in family firms. I expect to help firms make the best financial decisions and maximize the firm performance. The results are following. First, on the financial decisions, the higher family ownership indicates the higher cash dividend payout ratio, the lower cost of capital, stock dividend payout ratio and R&D ratio. Second, on the organizational performance, the higher family ownership indicates the higher performance. Third, on the relationship between financial decision controlled by family firms and organizational performance, cash (stock) dividend payout ratio are positively (negatively) correlated with performance, and cash (stock) dividend payout ratio and family ownership interactively are negatively (positively) correlated with performance; R&D ratio are positively correlated with performance. However, R&D ratio and family ownership interactively correlates insignificantly with performance. Consequently, when family firms manipulate dividend and investment decisions appropriately, they could create higher organizational performance.
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