公司治理與進入模式之關係研究─以產業及地主國特質之調節效果為例

Abstract

本研究關注家族持股比例以及董事持股比例對於公司投資時所選的進入模式之關係研究。根據研究結果表示，家族持股比例以及董事持股比例對於獨資型態的進入模式有不同方向的影響：家族持股比例與獨資型態的進入模式存在反向的直線關係; 董事持股比例則相對與獨資型態的進入模式存在正向關係。本篇研究認為，代理人理論所提出的代理人問題可以用於解釋相左的這兩種關係。另外，產業環境以及子公司當地環境的特質在此關係中將扮演具有調節作用的角色，展現在不同情境下家族持股比例以及董事持股對獨資進入的關係變化。 本篇研究以台灣的上市電子公司為樣本，並利用台灣經濟新報所提供的次級資料進行迴歸分析。結論部份會提供本篇研究的管理意涵、研究限制與未來研究方向的建議。

This study focuses on the relationship between family share ownership, directors share holding and the entry mode choice when facing an oversea investment. According to the research results, family share owners and directors hold exactly different attitude toward the wholly-owned entry mode choice: family share ownership possesses a negatively direct effect toward the wholly-owned entry mode, while the directors share holding gives a positive influence on the entry mode choice. This paper suggests agency theory can provide an explanation on the diversified behavior of the principal and agent. In addition, industry characteristics as well as host country characteristics play a moderating role in the relationship of corporate governance issue and entry mode choice. This portrays contingencies that family share owners and directors would face when deciding the equity investment. Comprehensive secondary data on all electronic companies listed in the Taiwan Stock Exchange supports the prediction. This article also discusses the managerial implications and highlights future research directions in the end.