不同股權結構下二代接班對於企業投資影響─ 以新北市為例

Abstract

本論文主要是瞭解中小型製造業公司在不同股權結構下二代接班對於企業投資產生之影響。爰此，本論文在搜尋相關文獻分析後認為，由於華人社會以血緣、親緣之關係為核心的關係網絡，並藉由組織生命週期理論各階段特性，進而影響企業主投資的決策。在家族二代接班意願高的情況下，一代企業主對於未來前景更具信心，因此二代接班意願會增加一代企業主對未來企業投資的意願，另外，股權結構對於強化此關係並不明顯。 為驗證本論文以上之假設，本研究以對新北市201家中小型製造業以電話訪問方式進行資料收集。使用敘述性統計以及次序回歸模型進行分析，本論文發現：(1) 二代接班意願對於企業投資意願造成影響具顯著性，且為正向影響；(2)股權結構對於二代接班對企業投資之調節效果並不顯著；(3)過去投資經驗將影響未來投資意願，為正向影響。

This paper aims to determine the willingness of the small and medium sized manufacturing enterprises second generation to be the successor impacts the willingness of the entrepreneur of the first generation to invest the enterprise in the future. Analysis of the related literature indicates that consanguinity and affinity relationships are valued in Chinese social network. Thereby, the properties of each stage in the theory of organizational life cycles would further affect entrepreneurs’ investment decisions. In the case that the higher the willingness of the second generation to be the successor is, the more confident of future prospects the entrepreneur of the first generation would be. Therefore, the willingness of the second generation to be the successor raises the willingness of the entrepreneur of the first generation to invest the enterprise in the future. The ownership structure, however, is not significant on enhancing that relationship. In order to verify the abovementioned assumptions proposed in this paper, in this research, phone interview was conducted to collect data from 201 small and medium sized manufacturing companies in New Taipei City. The results from descriptive statistics and ordinal regression indicate that the influence of the willingness of the second generation to be the successor on enterprise’s willingness to invest is significant and positive, but conditioning effect of enhancing ownership structure is not significant on the willingness of the second generation to be the successor and on corporate investment. Furthermore, there is a positive effect of previous investment experience on the willingness to invest in the future.