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    题名: 不同類型的家族企業接班人如何影響公司的投資行為及投資效率
    How Do Different Types of Family Successor Affect Investment Behavior and Investment Efficiency
    作者: 陳奐錡
    Chen, Huan-Chi
    贡献者: 湛可南
    Chan, Ko-Nan
    陳奐錡
    Chen, Huan-Chi
    关键词: 家族企業
    接班人
    社會化過程
    投資行為
    投資效率
    Family firm
    Successor
    Socialization process
    Investment behavior
    Investment efficiency
    日期: 2022
    上传时间: 2022-08-01 17:20:27 (UTC+8)
    摘要: 在本文中我們致力於識別家族企業的家族成員接班人之間的差異。我們收集了臺灣股票市場中2005年至2020年間上市櫃公司的接班人及財務數據，並將其中家族企業的家族成員接班人根據其社會化過程分為兩類，即家族內社會化（IFS）接班人和家族外社會化（EFS）接班人。我們進而研究兩者間經營業績和投資行為之間的差異。
    我們發現EFS接班人相對於IFS接班人而言進行更多投資，並具有更高的投資效率，進而為公司帶來更優秀的營運績效。對於可能產生的內生性問題我們採用了PSM和安慰劑測試來降低這類隱憂。我們的研究結果與過去探討家族成員與非家族成員接班人之間差異的文獻一致。我們主張 EFS 接班人經過家庭之外的社會化過程後會擁有更加優秀的管理及投資能力，並能夠在接班之後比起IFS接班人能使得公司擁有更優秀的績效表現。
    This paper works on identifying the differences among family successors. We collect data of listed Taiwanese companies from 2005 to 2020. We classify family successors in these companies into two types according to their socialization process, namely Intra-Familial Socialized (IFS) successors and Extra-Familial Socialized (EFS) successors. We study the difference between their operating performance and investment behavior.
    We find that EFS successors invest more, and invest more efficiently, and eventually deliver a better performance than IFS successors. We perform the propensity score matching method and placebo test to mitigate the endogeneity concern. The findings are consistent with the literature relative to the comparison of family and non-family successors. We suggest that EFS successors have better management skills and invest more in improving the firm after the socialization process outside the family.
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    描述: 碩士
    國立政治大學
    財務管理學系
    109357031
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0109357031
    数据类型: thesis
    DOI: 10.6814/NCCU202200907
    显示于类别:[財務管理學系] 學位論文

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