台商大陸投資績效與公司治理、股東結構和關係人交易之相關性研究：家族企業v.s.非家族企業

Abstract

Abstract There are two purposes in the research. One is to explore the correlation of the investment performance、corporate governance、ownership structure and related party transaction of the Taiwanese firms investing in Mainland China, and the other is explore whether the investment performance in Mainland China of the Taiwanese family firms are better than the Taiwanese non-family’s. We select companies making and selling products and listing in the TWSE and OTC as empirical samples. These companies have invested in Mainland China for the period 1998-2007. We use the multi-regression’s method to examine the hypothesis and get some import empirical conclusions or discoveries as below: 一、 Performance is better （The return of the investment is positive） 1. The correlation of the investment performance、the ratio of the held subsidiary’s stocks and the subsidiaries in Mainland China are positive，but the correlation of the investment performance and the subsidiary’s scale in Mainland China are negative；The samples of the family firms show more relevance than non-family firms’. 2. The respect of the corporate governance：The correlation of the investment performance and the controlled seats of the supervisors are positive；The samples of the family firms show more relevance than non-family firms’. 3. The respect of the ownership structure：The correlation of the investment performance、the ratio of the stocks held by directors and the ratio of the stocks held by managers are negative，but the correlation of the investment performance and the ratio of the stocks held by institutions are positive；The samples of the family firms show more relevance than non-family firms’. 4. The respect of the related party transaction and financial structure：The correlation of the investment performance and the ratio of the foreign direct investment / the net value are positive；The samples of the non-family firms show more relevance than family firms’. 二、 Performance is worse （The return of the investment is negative） 1. The correlation of the investment performance and the numbers of subsidiaries in Mainland China are positive, but the correlation of the investment performance、the subsidiary’s scale and the ratio of the held subsidiary’s stocks in Mainland China are negative；The samples of the family firms show more relevance than non-family firms’；the investment performance of the electronic industry is better than non- electronic industry’s。 2. The respect of the corporate governance：The correlation of the investment performance and the controlled seats of the director are positive；The samples of the family firms show more relevance than non-family firms’. 3. The respect of the ownership structure：The correlation of the investment performance and the ratio of the stocks held by directors are negative，but the correlation of the investment performance and the ratio of the stocks held by institutions are positive；The samples of the non-family firms show more relevance than family firms’. 4. The respect of the related party transaction and financial structure：The correlation of the investment performance、the ratio of the purchase to related party、account receivable and note of the related party and total reliability / total net value are positive；The samples of the family firms show more relevance than non-family firms’.