多角化與家族企業對公司價值及外資持股之影響

Abstract

本研究以2010年至2023年間之臺灣上市櫃公司為樣本，探討企業多角化程度、家族企業與否及兩者交互作用對公司價值與外資持股比率之影響，並進一步區分電子業與非電子業進行比較。整體實證結果發現，多角化程度對公司價值及外資持股呈現正向關聯，支持「多角化溢價」之觀點，顯示企業透過多角化可達到資源共享與分散風險的目的，進而提升競爭力與投資吸引力。然而產業差異分析指出，電子業中多角化對公司價值及外資持股具有正向顯著影響，非電子業則可能因異質性高與核心競爭力不足，呈現負向效果。 家族企業部分，實證結果顯示家族企業與公司價值整體呈正向顯著關聯，支持家族資本優勢的觀點；進一步區分產業後發現，電子業中家族企業對公司價值的影響同樣為正向，顯示家族企業的特性可能有助於保護技術以鞏固競爭優勢，而非電子業則可能因保守管理風格而限制其成長，呈現負向效果。至於外資持股部分，無論整體樣本或是區分產業，家族企業對外資持股皆呈負向影響，顯示外資普遍對其封閉式治理與高度集中控制抱持疑慮。 此外，在交互作用的分析顯示，當企業同時具備家族控制與高度多角化特性時，對公司價值與外資投資意願皆產生顯著負面影響，顯示家族企業在多角化過程中可能因管理資源有限或是面臨控制權衝突而削弱整體表現。綜合以上，本研究能反映近年臺灣與外國企業對多角化及家族企業經營特徵之態度，對企業未來擬定策略時具有參考價值。

This study uses a sample of Taiwan’s listed companies between 2010 and 2023 to examine the effects of diversification, family business status, and their interaction on firm value and foreign ownership, further comparing outcomes between the electronic industry and non-electronic industries. The overall empirical results reveal that diversification shows a positive relationship with both firm value and foreign ownership, supporting the “diversification premium” perspective, indicating that diversification enables firms to achieve resource sharing and risk diversification, thereby enhancing competitiveness and investment attractiveness. Furthermore, industry-specific analysis reveals that in the electronic industry, diversification has a significant positive impact on firm value and foreign ownership, whereas in non-electronic industries, the effect is negative, possibly due to higher heterogeneity and weaker core competitiveness. Regarding family businesses, the results show an overall significant positive relationship with firm value, supporting the family capital advantage perspective. When further divided by industry, family businesses in the electronic industry still show a positive impact on firm value, possibly because their characteristics help protect technology and strengthen competitive advantages, whereas in non-electronic industries, their conservative management style may limit growth, leading to negative effects. As for foreign ownership, across the full sample and by industry, family businesses show a negative relationship with foreign shareholding, indicating that foreign investors generally have concerns about the closed governance and highly concentrated control typical of family businesses. Additionally, the interaction analysis shows that when a firm combines both family control and high diversification, there is a significant negative impact on both firm value and foreign investment willingness, suggesting that family businesses may face limited management resources or control conflicts during diversification, weakening overall performance. In summary, this study reflects the attitudes of Taiwanese and foreign investors toward diversification and family business characteristics in recent years and offers valuable insights for companies in formulating future strategies.