家族企業長期資產配置保守嗎?

Abstract

[[abstract]]本研究以家族企業與非家族企業作為對照，採用迴歸進行實證分析。長期經營的成功家族企業，其關鍵在於專業管理的能力，及有效控股的權力。本研究結果發現，家族企業的長期資產配置趨向積極；董事兼任經理人越多、企業規模越大，長期資產配置趨向積極；而本國金融機構持股越多，長期資產配置趨向保守。另外，鋼鐵工業、航運業、觀光事業及文化創意業中的家族企業規模越大，固定資產佔股東權益比率越大；電子通路業、資訊服務業、建材營造及金融業中的家族企業規模越大，固定資產佔股東權益比率越高。家族企業的電腦及週邊、電子通路業、資訊服務業、建材營造及金融業對固定資產佔長期資金的影響為負，電子通路業、資訊服務業、建材營造及金融業中的家族企業對固定資產佔股東權益的影響為負，固定資產佔股東權益比率越高，固定資產佔股東權益比率越低。 In this research, family owned enterprises and non-family owned enterprises were selected for comparison. Regression analysis was conducted to provide an empirical study. It is found that the key to long-term success of family owned enterprises lies in its professional management abilities and effective control of the board. Data collected shows that long-term asset allocation for family owned enterprises tend to be positively correlated as the business operation increases and when directors are more involved in managerial activities. However, long-term asset allocation tends to be more conservative when there are more domestic financial institutions involving. In addition, the larger the scale of family owned enterprises in the steel, shipping, tourism, cultural and innovative industries, the greater the ratio of fixed assets to shareholders' equity. This has also been observed in electronic retail, information services, construction and financial services industries, where the larger the scale of family owned enterprises the higher the ratio of fixed assets to shareholders' equity. This has also been observed in electronic retail, information services, construction and financial services industries, where the larger the scale of family owned enterprises the higher the ratio of fixed assets to shareholders' equity