台灣集團企業家族控股、公司治理與國際化之攸關性研究

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Title:	台灣集團企業家族控股、公司治理與國際化之攸關性研究
Other Titles:	Family Control, Corporate Governance and Internationalization: Evidence from Business Groups in Taiwan
Authors:	張籃云 Chang, Lan-Yun
Contributors:	謝俊魁;林灼榮 Hsieh, Chun-Kuei;Lin, Jwu-Rong 東海大學國際貿易學系
Keywords:	家族控股、公司治理、國際化 Family-Controlled, Corporate Governance, Internationalization
Date:	2010
Issue Date:	2011-01-05
Abstract:	本研究旨在探討台灣集團企業家族控股能力、公司治理與國際化之攸關性研究；本文採多構面國際化指標，包括(1)廠商對大陸地區海外投資比率(2)廠商對非大陸地區海外投資比率(3)外銷比率(4)廠商在大陸地區海外營運據點數(5)廠商在非大陸地區海外營運據點數。以2002?與2007?台灣上市櫃集團企業共二年之橫斷面資料(cross-section data)，鎖定集團企業為樣本群組。在實證模型上，首先透過成對差異性t檢定，檢定2002年與2007年兩個年度之國際化指標、家族控股能力與公司治理變數，是否有顯著差異，據以佐證分年估計與比較之必要性。其次，由於海外投資比率與外銷比率之迴歸式可能存在異質變異(heteroskedasticity)問題，故本文擬利用普通最小平方法(OLS)或一般化最小平方法(GLS)，評估家族控股能力與公司治理對國際化之影響；另外，海外營運據點數為整數計數資料(integer count data)，故本文採用計數模型(Count Model)，以Poisson或Negative Binomial方法，推估家族控股與公司治理對海外營運據點數之影響。實證結果主要發現，包括： (1)透過成對差異性t檢定，2002年與2007年兩個年度，國際化指標、家族控股變數與公司治理變數，呈現顯著差異。因此，本研究將樣本分年度進行估計與比較有其必要性。(2)家族控股若為單一家族控制型態、強勢家族控股能力、次強家族控股能力，對國際化指標會有正向或負向的影響；家族持股率與家族控股股權集中度與國際化指標呈負向關係。(3)公司治理變數中，董事會規模越大及CEO具有雙重性，與國際化指標呈負向關係。外部董事比率越高與機構法人持股率高，與國際化指標呈正向關係。 This study examines the relationships among the family controlled ability, corporate governance and internationalization in Taiwanese business group. This study contains multiple internationalization index including：The Foreign Assets to Total Assets in China and other areas, Export Sales to Total Sales and The numbers of foreign subsidiaries in China and other areas. Cross-section data from various industries which are listed on the Taiwan Stock Exchange (TSE) and Over-the-Counter (OTC) in 2002 and 2007 are collected, and we take business groups as sample groups. On the empirical model, first, we use unpaired t test to test whether there is significant difference in internationalization index, the family controlled ability, and corporate governance. Moreover, since the regression of Foreign Assets to Total Assets in China and other areas and Export Sales to Total Sales possibly exist in the Heteroskedasticity, therefore we use OLS or GLS to estimate the influence of the family controlled ability and corporate governance on internationalization. Besides, the numbers of foreign subsidiaries are integer count data, thus we use the Count Data Model by taking the Poisson or Negative Binomial method to estimate the influence of the family controlled ability and corporate governance on the number of foreign subsidiaries. The empirical findings show that: (1) There is significant difference in internationalization index, the family controlled ability and corporate governance. (2) The family controlled ability, such as strong family-controlled and weak family-controlled are significantly positive or negative associated with internationalization index. Family ownership and the concentration of family-controlled are significantly negative associated with internationalization index. (3) Board size and CEO duality are significantly negative associated with internationalization index. The higher the ratio of outside directors and institutional holding will be more significantly positive associated with internationalization index.
Appears in Collections:	[Department of International Business ] Master's Theses

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