台商大陸投資績效與公司治理、股東結構和關係人交易之相關性研究：家族企業v.s.非家族企業

Abstract

中文摘要 本研究旨在探討（1）台商大陸投資績效之優劣與母公司公司治理、股東結構和關係人交 易及財務結構之相關性（2）家族企業之台商大陸投資績效是否優於非家族企業，故本研究篩 選以製造和銷售產品為主之台灣上市櫃公司自1998 年至2007 年共十年期間曾有大陸投資者為 研究對象，進行迴歸模型實證研究，實證結果發現如下： 一、 資本投資報酬率為正者 1. 台商大陸投資績效與大陸子公司持股率和大陸子公司家數呈正相關，但與大陸子公司 規模呈負相關；家族企業樣本比非家族企業樣本更具顯著相關性。 2. 公司治理方面：台商大陸投資績效與監事席次控制率呈正相關；家族企業樣本比非家 族企業樣本更具顯著相關性。 3. 股東結構方面：台商大陸投資績效與董事持股率和經理人持股率呈負相關，但與控制 持股率和外資法人持股率呈正相關；家族企業樣本比非家族企業樣本更具顯著相關性。 4. 關係人交易及財務結構方面：台商大陸投資績效與轉投資占淨值率呈正相關；非家族 企業樣本比家族企業樣本更具顯著相關性。 二、 資本投資報酬率為負者 1. 台商大陸投資績效與大陸子公司家數呈正相關，但與大陸子公司規模和大陸子公司持 股率呈負相關；家族企業樣本比非家族企業樣本更具顯著相關性；電子業之台商大陸 投資績效較非電子業之台商大陸投資績效差。 2. 公司治理方面：台商大陸投資績效與董事席次控制率呈正相關；家族企業樣本比非家 族企業樣本更具顯著相關性。 3. 股東結構方面：台商大陸投資績效與董事持股率呈負相關；非家族企業樣本比家族企 業樣本更具顯著相關性。 4. 關係人交易及財務結構方面：台商大陸投資績效與關係人進貨率、應收關係人帳款票 據率和總負債/總淨值率呈正相關；家族企業樣本比非家族企業樣本更具顯著相關性。

Abstract There are two purposes in the research. One is to explore the correlation of the investment performance、corporate governance、ownership structure and related party transaction of the Taiwanese firms investing in Mainland China, and the other is explore whether the investment performance in Mainland China of the Taiwanese family firms are better than the Taiwanese non-family’s. We select companies making and selling products and listing in the TWSE and OTC as empirical samples. These companies have invested in Mainland China for the period 1998-2007. We use the multi-regression’s method to examine the hypothesis and get some import empirical conclusions or discoveries as below: 一、 Performance is better （The return of the investment is positive） 1. The correlation of the investment performance、the ratio of the held subsidiary’s stocks and the subsidiaries in Mainland China are positive，but the correlation of the investment performance and the subsidiary’s scale in Mainland China are negative；The samples of the family firms show more relevance than non-family firms’. 2. The respect of the corporate governance：The correlation of the investment performance and the controlled seats of the supervisors are positive；The samples of the family firms show more relevance than non-family firms’. 3. The respect of the ownership structure：The correlation of the investment performance、the ratio of the stocks held by directors and the ratio of the stocks held by managers are negative，but the correlation of the investment performance and the ratio of the stocks held by institutions are positive；The samples of the family firms show more relevance than non-family firms’. 4. The respect of the related party transaction and financial structure：The correlation of the investment performance and the ratio of the foreign direct investment / the net value are positive；The samples of the non-family firms show more relevance than family firms’. 二、 Performance is worse （The return of the investment is negative） 1. The correlation of the investment performance and the numbers of subsidiaries in Mainland China are positive, but the correlation of the investment performance、the subsidiary’s scale and the ratio of the held subsidiary’s stocks in Mainland China are negative；The samples of the family firms show more relevance than non-family firms’；the investment performance of the electronic industry is better than non- electronic industry’s。 2. The respect of the corporate governance：The correlation of the investment performance and the controlled seats of the director are positive；The samples of the family firms show more relevance than non-family firms’. 3. The respect of the ownership structure：The correlation of the investment performance and the ratio of the stocks held by directors are negative，but the correlation of the investment performance and the ratio of the stocks held by institutions are positive；The samples of the non-family firms show more relevance than family firms’. 4. The respect of the related party transaction and financial structure：The correlation of the investment performance、the ratio of the purchase to related party、account receivable and note of the related party and total reliability / total net value are positive；The samples of the family firms show more relevance than non-family firms’.