探討家族企業與公司治理對於上市櫃觀光產業經營績效之影響

Abstract

隨著公司治理的重要性逐漸提升，企業開始思考導入公司治理的必要性，而在全球企業又以家族企業為最主要之營運形態，促使企業必須思考在原有家族企業的框架下，能否在實施公司治理的同時，一併提升企業的經營績效。本研究考量過去文獻較少針對觀光產業進行家族企業與公司治理的探討，因此選定2010年到2020年間台灣上市櫃觀光產業共389個樣本，透過敘述性統計以及迴歸分析，以ROA、ROE以及EPS作為依變數，探討家族企業與公司治理對於上市櫃觀光產業經營績效之影響。研究發現在家族企業變數中，董事席次的控制比例、外部個人董事席次、外部未上市公司董事席次比例三個變數，對於ROA以及EPS有正向顯著影響，而控制持股比例對ROA、ROE以及EPS有正向顯著影響；而在公司治理變數中，獨立董監席次對於ROA有負向顯著影響，而外部法人持股比例則是對於ROE有正向顯著影響。As the importance of governance issue rises, corporates are trying to implement the corporate governance. Family owned businesses are the majority of global corporates, they have to adopt corporate governance while existing family owned framework sustains, while growing business performance. Considering the scarcity of empirical studies surrounding Taiwan tourism industry and corporate governance, this study aims to explore the impact of corporate governance adoption to family owned tourism business by analyzing 389 listed tourism companies’ ROA, ROE, EPS data from 2010 to 2020 with descriptive statistics and regression analysis. This study shows that among these variables, the controlled percentages of board members, external board members, and external non-public company board members have positive impacts on ROA and EPS. Within the corporate governance variables, the independent board member has a significant negative impact on performance, while the percentages of outside shareholding has a positive impact on ROE. The managerial implications are also discussed.