從實質選擇權理論觀點看家族企業於新創公司之股權變化決策

Abstract

如何透過投資追求成長亦適當處理風險已成為企業經營的重要議題。實質選擇權理論於策略管理領域的研究已廣泛應用於國際合資、企業研發、創投投資等情境中，然而其研究脈絡中對於成長選擇權價值及選擇權之執行決策間的關連仍屬片斷。為彌補該理論文獻的缺口，本研究以家族企業為背景，擬主張企業的主導家族在透過投資新事業追求成長時，內嵌於新事業的選擇權價值除受市場不確定性之影響外，也牽動執行選擇權的決策。 本研究以204家來自109個台灣家族企業集團的新事業為樣本，觀察其自IPO起十年內股權結構是否產生從母公司股權到控制家族間的股權轉換決策。實證結果顯示市場不確定性正向影響新事業的成長選擇權價值，致使控制家族做出股權轉換的自利行為。家族企業集團的多角化程度也會強化市場不確定性對新事業的成長選擇權價值。本研究亦發現企業社會責任強度有抑制控制家族進行自利行為的傾向。

The real options literature on the strategic actions under uncertainty has been burgeoning. Although prior research identifies the growth option value of various forms of strategic investment through the samples of international joint ventures, new ventures of venture capital or R&D projects, the linkage between growth option value and the odds of exercising the option remains elusive. Through the lens of the real options theory, this study views a family firm’s new ventures as options created for growth, and explores the rationale behind a family firm’s self-serving decision on changing from corporate ownership to family ownership in the post-IPO period of a new venture. To bridge the gap of real options literature, this study argues that a family firm’s choice to exercise its growth options in the face of uncertainty not only depends on the option value but also becomes a situation-bound decision. Based on a sample of 204 IPO firms of 109 family business groups in Taiwan, the result shows that market uncertainty drives the growth option value embedded in the new venture and, in turn, leads to the family firm’s self-serving decision of ownership change. Also, the scope of a family business group augments the influence of market uncertainty on the growth option value. Furthermore, the quality of corporate governance, CSR intensity, is found to reduce the propensity of a family firm’s ownership change decision.