家族企業傳承所有權、控制權與經營權之探索研究

Abstract

家族企業在世界各國的經濟活動中均占有重要的地位，過去文獻也顯示出，家族企業與股權分散的一般企業有非常大的不同。家族企業之影響力乃透過所有權、控制權與經營權表彰。而因為該配置會影響企業的最終價值，家族企業面臨傳承問題時，如何及早規畫、安排所有權、控制權與經營權，避免傳承過程中企業及家族價值減損，是家族企業的一大議題。 本研究首先以管家理論與代理成本探討家族企業不同於非家族企業的價值來源；並藉由六個歐美的家族企業個案，探討家族企業在傳承上，於所有權、控制權與經營權上的佈局作法；另外，由於台灣之家族企業，正是面臨世代傳承的時機，加上本身文化及產業等外部因素，與歐美不盡相同，故本研究又以兩個台灣家族企業傳承的個案，希望結合歐美及台灣經驗，提供台灣家族企業面臨當前傳承問題時，可供思考的通則。 綜合各個案，本研究發現三個主要家族企業在傳承規畫上的結論： 一、家族價值定位決定家族是否須做企業傳承佈局，只有家族追求家族企業價值極大化時才需要做所有權、控制權及經營權的傳承規畫，否則僅須對家族財富做出最適配置即可。 二、家族須決定以高股權控制或以低股權控制企業，高股權控制，家族擁有高所有權，自然獲得相對應之控制權；低股權控制，因家族所有權少，則須搭配控制權強化機制，獲取足以控制企業之控制權。 三、家族依企業及家族背景決定介入經營權的方式。被動式經營，家族在經營權上僅需對策略規劃上做出大方向的決定；主動式經營，家族成員則必須深入參與公司營運活動中。

Family-owned companies play a significant role in the world economies. Despite its importance, previous literature paid little attention on how family-owned companies build up their institutional framework for their succession, especially the institutional arrangements on ownership position, corporate control, and business operations. The purpose of the present research is to undertake a case-based qualitative study on these issues so that we could draw implications for Taiwanese companies that is going to face succession issues soon. To achieve this goal, we first review and apply stewardship theory and agency theory to unravel reasons of how family-owned companies create differential values with regard to their counterparts.. We then undertook six family-owned company cases pertaining to the European and American context to inductively conclude their heritance practices. Then, two Taiwanese cases that are recently undergoing succession announcement are detailed studied and compared with those western companies. Combined the study from the cases, we have the following conclusions： 1. Family value orientation would be the key factor for whether a family needs to plan the inheritance for the family-owned company. 2. A family should define the level of its ownership and control appropriately. If high level control is required while its ownership level is low, some control-enhancing mechanism shall be adopted. 3. A family should decide how to involve in the management system based on the company and family background. Active management means that a family member will need to deeply involve in the company operation while passive management means that a family member will only need to make sure the strategy and key decisions of the companies are in line with family expectations.