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標題: | 台灣家族股權集中度與公司價值關係研究 A study on the Relationship between Family Ownership and Firm Value in Taiwan |
作者: | Jie-Wei Chen 陳捷為 |
指導教授: | 郭震坤 |
關鍵字: | 家族企業,股權結構,股權集中度,公司價值,公司治理, Family Firms,Ownership Structure,Ownership Concentration,Firm Value,Corporate Governance, |
出版年 : | 2011 |
學位: | 碩士 |
摘要: | 本研究欲驗證家族經營是否對公司價值有正面影響以及家族經營權的集中度是否和公司價值呈現非線性相關。Pindado, Requejo and de la Torre (2008) 的研究指出,家族企業在全球有其重要性,其研究的主要目標是研究是否所有權集中在家族經營者手中對於公司價值的增加有所貢獻。他們發現家族經營對公司價值有正面影響。然而,當所有權”過度”集中於家族手中時,公司價值會隨之下降;所以家族股權的集中度和公司價值呈現非線性關係。Pindado, Requejo and de la Torre (2008) 的研究以西歐家族企業為樣本,得出以上之結論,而本研究以台灣家族企業為樣本,研究家族經營是否對公司價值有正面影響以及家族經營權的集中度是否和公司價值呈現非線性相關。本研究所得出結果顯示以家族經營的型式並未能對公司價值有正面影響,且家族股權的及中度並未和公司價值呈現非線性關係。 This research intends to test wheather family ownership has positive impacts on firm value and if there is linear or non-linear relationship between family ownership concentration and firm value. Pindado, Requejo and de la Torre(2008) points out the importance of family firms all over the world in their research. Using eastern European family firms as samples in their research, they find family ownership positively impacts on firm value. Nevertheless, when ownership concentration in the hands of the family is too high, firm value decreases. Thus, they concludes that there exists a non-linear relation between family ownership concentration and firm value. This research uses Taiwan family firms as samples to test that if family ownership positively impacts on firm value and if there is a non-linear relation between family ownership concentration and firm value. The outcomes of this research show that family running does not positively impacts on firm value and there is no non-linear relationship between family ownership and firm value. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/23702 |
全文授權: | 未授權 |
顯示於系所單位: | 國際企業學系 |
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