| Summary: | 碩士 === 國立中興大學 === 高階經理人碩士在職專班 === 104 === According to the statistics, the companies listed on the Taiwan Stock Exchange up to Nov-30, 2015, excluding Taiwan depositary receipts, Taiwan''s stock market to foreign traded and financial stocks, more than 80% of their corporate governance patterns leading to a single family or two or more family cooperative management, and mostly base on family business patterns to start up and under family business operating model. Whether domestic or foreign, family businesses are not only a large number but also extremely important. In particular, many of Taiwan''s corporate governance patterns belong to the family business operating model. Not only SMEs, even the listed companies also have the strong sense of family. The characteristics of the influence of corporate performance are worth researching.
This study focuses on companies listed in Taiwan with different governance variables and examines the relationship with its operating performance and characteristics of the company. Research methods include the t-test for independent samples and regression analysis, and select 757 listed companies in Taiwan between 2006 to 2014 as the research object. I use rate of return on assets (ROA), Tobin''s Q and stock price volatility (standard deviation) as operating performance index. The empirical result of this study shows, compared with non-family businesses, family businesses have longer employee seniority and company operation period, and lower research and development expense ratio. But both the interest-bearing liabilities interest rates in the loan market are not significantly different. In terms of operating performance, the ROA’s of family businesses are much lower than non-family businesses, but it shows no significant difference on Tobin''s Q and stock price volatility. Independent directors representing the ratio of seats and directors’ remuneration have significantly positive correlation with ROA, Tobin''s Q and stock price volatility. Duality of chairman and general manager have significantly positive correlation with ROA, Tobin''s Q and stock price volatility, meaning that the businesses with the duality of chairman and general manager exhibits lower operating performance and stock price volatility.
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