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題名:家族企業、公司治理、管理者學歷與公 司績效之關係
作者:謝隆發
作者(外文):HSIEH,LUNG-FA
校院名稱:逢甲大學
系所名稱:金融博士學位學程
指導教授:劉炳麟
林昆立
學位類別:博士
出版日期:2021
主題關鍵詞:家族企業公司治理管理者學歷公司績效Family businessCorporate governanceManager educationCorporate performance
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家族企業扮演臺灣經濟發展之重要角色,Joseph Astrachan 在Family Business Review 提及超過百分之三十之家族企業可以順利將公司傳承至第二代,然而,能夠順利傳承至第三代的卻只有百分之十二,甚至能夠傳承到第四代的只有百分之三。永續經營成為了家族企業的一大課題,本文透過研究比較家族企業和非家族企業對於公司績效之影響,再深入探討公司治理以及管理者學歷是否與公司獲利有所關聯性。
本文將研究樣本區分為全部產業、電子產業以及非電子產業,針對2004年至2018年之樣本期間內進行研究,共計1,690家公司,採用迴歸模型進行分析。實證結果表明電子產業中董事長學歷愈高對於電子產業之經營績效呈現顯著負相關,總經理學歷愈高對公司經營績效則呈現顯著正相關。然而,非電子產業則相反,其兩者研究結果因產業特性而截然不同。此外,當企業負債比率愈大,其經營績效愈差,領導者應注意舉債情況,實證結果亦顯示在金融危機期間,企業之績效相對於其他年份較差。
Family businesses is an important role in Taiwan economic development. Joseph Astrachan mentioned that more than 30% of family businesses can be passed on to the second generation. However, only 12% can be passed on to the third generation and only 3% can be passed on to the fourth generation. Sustainable Operation has become a major topic for family businesses. This article compared the impact of family businesses and non-family businesses on company performance, and then further explored whether corporate governance and manager education are related to company performance.
This paper divided the research sample into all industries, electronic industries, and non-electronic industries. The sample period from 2004 to 2018. There are total of 1,690 companies, which is mainly analyzed by the regression models. The empirical results show that the higher the education background of the chairman has a significant negative correlation with the operating performance in the electronics industry, and the higher the education background of the general manager has a significant positive correlation with the operating performance. However, the non-electronic industry is quite opposite. In addition, the empirical results show that the higher the debt ratio of the company has negative correlation with the operating performance. The leader should pay attention to debt ratio. and that the performance was worse than in other years during the financial crisis.
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