家族企業是國內外最主要的一種經營型態，過去研究指出家族企業同時具有向心力強的優點與公司治理機制較弱的缺點，且認為家族企業之特性與和管理行為常受規模變動影響。故本研究以1998 至2003 年我國上市公司家族企業為樣本，採用門檻迴歸模型分析作為規模水準之區分，進而探討不同規模水準的家族企業特性與公司治理對經營績效之影響。 研究結果顯示：1.大規模家族企業之家族持股比例與家族總經理對經營績效呈顯著正相關，營運年數則呈顯著負相關；2.小規模家族企業之家族持股比例、家族董事長與營運年數對經營績效呈顯著正相關，家族董事比例與家族總經理則呈顯著負相關；3.大規模家族企業之公司治理較佳但對經營績效無顯著影響，顯示公司治理未發揮功能；4.小規模家族企業之公司治理對經營績效呈顯著正相關，顯示在小規模家族企業之公司治理良窳是績效的影響因素。綜言之，大規模與小規模之家族企業特性與公司治理對經營績效之影響有所不同。 Many firms in the world are family controlled, the prior papers show that the advantage of family-owned business is high centrality and poor corporate governance, business characteristics and management are affected by firm scale level. Our samples are family-owned business listed in Taiwan Stock Exchange from 1998 through 2003, and panel threshold regression model to identify scale level to explore the effect between the business characteristics and corporate governance on the operating performance in different scale level. The results show that: 1. In large family-owned business(LFOB), higher family ownership, family member serve as CEO and fewer operating year, performance is better; 2. In small family-owned business(SFOB), higher family ownership, fewer family director, not family member serve as CEO, family member serve as Board Chairman and more operating year, performance is better; 3. In LFOB, corporate governance is better than small but it’s not significantly correlated with operating performance because of it’s nugatory; 4. In SFOB, corporate governance is significantly correlated with operating performance. Finally, explore the effects of the business characteristics and corporate governance of family-owned business on the operating performance in different scale level are different.
