已開發國家的企業發展歷程通常是由創業家資本主義社會(entrepreneurial capitalism)進化至專業經理資本主義社會(managerial capitalism)。在這進化過程中，當企業規模逐漸成長，事業種類愈趨複雜，企業的經理人將愈趨專業，企業的經營權也將與所有權逐漸分離。我國經濟發展正步入關鍵階段，企業也逐漸由規模小的創業型家族企業，走向更大型、複雜的集團型企業。在這過渡過程中，台灣企業的組織結構與統御結構是否也會如Chandler所預測，產生經營權與所有權分離的變化，而非家族化？此為本研究關切的主題。由於上市是台灣企業在成長過程中一個重大事件，公司藉由上市可解決資金與組織專業化的問題，逐漸地從規模小、制度不健全的傳統家族企業，走向具競爭力、合理化的專業型企業。因此，本研究利用定性方法與定量方法研究(1)公司為何上市，(2)上市過程中組織如何變革，及(3)上市後董監事關係網絡及總經理關係的變化，由這三個部份來探討台灣企業在這轉型過程中，是否有家族色彩降低？經營權與所有權逐漸分離的現象？主要的研究發現如下：1.公司上市決策有七個正面因素，除了如大股東欲實現資本利得等經濟因素的考量之外，還包括非經濟理性因素，如欲利用上市提高知名度，獲取正當性、或同業的刺激等。這些上市正面因素中，多數是為了公司未來發展，希望企業能永續經營。因此，在這種決策本質下，不利於企業成長的家族控制方式可能減低。該論點可與公司上市負面因素中之經營權考量、企業主的保守心態，相互印證。2.公司上市是個體制化、專業化的過程。在上市過程中，透過政府的脅迫、專業機構的規範、及模仿其他公司上市成功的行為，進行組織改造，使得組織的結構更有制度、更能有效運作。多數訪談樣本公司在此變革過程中，擴及再思層次。這個專業化的變革過程，降低家族未來掌控企業經營權的能力，而必須逐漸仰賴專業經理人。3.企業最高統御結構-董監事會，上市後也趨向非家族化。董監事會中，親屬與朋友關係連結的比重，在上市後降低了，而且這種非家族化的現象仍持續進行中。除此，總經理為非家族成員之專業經理人的比例也增高了。

As Taiwan''s economy is moving from entrepreneurial capitalism to managerial capitalism, it is important to know whether the management of the family business becomes separated from its ownership. In order to become public companies, private firms have to fulfill strict regulative requirements which require the companies to follow certain managerial professional standards. To understand how the IPO process forces companies to transform from traditional family-managed system to a modern professional-operated business system, this research employs qualitative and quantitative methods to answer three questions: (1) Why a private firm wants to become a public company? (2) How a private company evolves into a public company? (3) Have the governance structures of firms, which reflect the compositions of board and CEO, moved from traditional to professional after IPOs? The research finds that there are seven positive factors contribute to corporations'' decisions to go public. These factors include rational issues such as demand of capital, realization of major shareholders* capital gains, and diversification of capital-funding sources. Nevertheless, in the IPO decision process, non-rational issues also play key role, such as increasing the legitimacy of companies, raising the companies'' image, and increasing owners* faces. In Taiwan, the IPO is an institutionalization process that increases the legitimacy, and thus survival chances, of companies. It is found that all three institutionalization mechanisms- coercive, normative, and mimetic have been imposed upon firms during their preparatory stages for IPOs. Thus, IPOs can be a very important event or opportunity for organizational changes or developmental processes.Although most firms are still family controlled, it is found that public companies have become more professional by including non-family members (e.g. professional managers and institutional investors) in their boards. The trend towards professionalization continues even after firms have successfully carried out IPOs.