兩岸家族傳承對企業績效之影響

Abstract

家族企業無論在市值規模或數量方面，都緊緊掌握著全球經濟命脈，同時，企業主多已屆退休年齡，表示全球家族企業正共同面臨「傳承接班」的艱鉅挑戰。然而，大多家族企業缺乏憂患意識，鮮少事先制定書面接班計畫，更遑論落地執行，因而成為未來企業經營的一大隱憂。 過往文獻中，多將研究重心放在資產規模、股權結構等因素對企業價值與績效的影響，然而，針對傳承過程中，兩岸家族企業的企業績效受到哪些因素的影響，是否訂定接班計畫、擁有特殊資產與否等因素，又扮演何種角色及產生何種程度的影響性，卻是較少探討的議題。 因此，本研究以2010年至2016年曾因董事長過世或退休而發生傳承事件的兩岸家族企業為樣本，探討不同傳承因素對於企業長期績效的影響力。 實證結果發現，當傳承事件發生，一方面，事先訂定接班計畫的臺灣家族企業，比缺乏計畫的績效好；其中，有接班計畫且董事長因退休而離任者，績效最佳。另一方面，離任董事長為創始人的臺灣家族企業，績效也比非創始人的企業好；其中，董事長為創始人且因退休交棒者，績效表現最佳。 以中國家族企業為研究樣本的迴歸分析未有顯著結果，建議後續可考量其政經環境、文化體制等獨特性作延伸研究。而因接班計畫的執行未必在傳承事件發生年就有成效，亦可考慮延長績效期間，更深入分析接班計畫落實的效果。

Family firms have played a key role in the global economy. Many family business owners are near retirement age, which implies that challenge of succession planning also shows up. However, few of them have been aware of this urgent threat and had anything resembling a succession plan in place. Thus, this paper aims to investigate whether different factors would have impact on firm performance when family business owners transition their business to successors, in a sample of cross-strait family firms. The empirical result shows that developing a succession plan has a positive impact on the firm performance in Taiwan, especially when old owners announced their retirement. The results also indicates that a Taiwanese family firm outperformed when its founder-chairman announced his/her retirement. Since the results based on a sample of Chinese family firms are not statistically significant, we suggest that further research could take the political and economic environment in China into account, or measure the effect of implementing succession plans in a longer period.