家族式經營是台灣企業普遍的治理模式，而在台灣高科技產業中也不乏由家族所掌控的科技公司。由於高科技產業是競爭強度高、技術不斷在進步的產業，家族企業勢必要依賴專業經理人來協助公司經營，卻也因此衍生出所有權與經營權分離之代理問題。過去討論主理－代理人的代理問題，大多從績效－獎酬著手來激勵經理人，以避免其做出違背公司之自利行為，然而過去研究卻鮮少談論其他非金錢上的獎酬方式。本研究從代理理論觀點，以台灣30家電腦與周邊設備產業中的家族企業為對象，嘗試從長期角度，分析在這30家家族企業當中，給予高階經理人內部董事職位，對家族直接持股、間接持股與績效之間的關係。研究結果顯示，給予高階經理人內部董事職位，對家族直接持股與績效之間關係，不具有顯著調節效果；但是，給予高階經理人內部董事職位，對家族間接持股與績效之間關係，具有顯著弱化家族間接持股對公司績效負向影響之效果，代表專業經理人擔任公司核心決策職務，能夠充分發揮其專業能力，調和家族間接持股所帶來的可能負向績效意涵，並且對高科技家族企業，與其所屬集團企業間的網絡關係建立，有正向影響。研究結果對於家族企業獎酬專業經理人議題，具有相當之意義與價值。

Family-owned governance is a typical governance structure in Taiwan’s companies, including those ones engaged in high-tech industry. For those family-owned companies in high-tech industry, they need to assign professional managers in key decision-making roles in order to compete in this industry characterize by fast-moving, rapidly changing, and highly competitive. Thus, the mechanism to solve the possible agency problem caused from separation of ownership and management is a rather tough issue for those high-tech family-owned companies. Utilizing the over-five-year data, this study examines the possible relationships between the assignment of professional managers in key decision-making roles, the family sharing, and the performance in Taiwan’s family-owned companies in personal computer industry. The results indicate that assigning professional managers in key decision-making roles will negatively moderate the negative relationship between family indirect sharing and performance. However, the assignment of professional managers in key decision-making roles will not significantly influence the relationship between family direct sharing and performance in high-tech family-owned companies. The finding highlights the importance of giving professional managers decision-making positions to solve the agency problem besides the typical compensation mechanism in family-owned company context. Furthermore, it also provides referable values in agency issues in family businesses.

論文審定書 i
誌謝 ii
中文摘要 iii
英文摘要 iv
第 一 章
緒論 1
第一節 研究背景與動機 1
第二節 問題陳述與目的 3
第三節 研究重要性 5
第四節 研究流程 7
第 二 章 文獻探討 8
第一節 家族企業集團 8
第二節 高科技產業 13
第三節 家族企業專業化管理 25
第四節 家族企業中的代理問題 29
第五節 假說推導 36
第六節 研究架構 40
第 三 章 研究方法 41
第一節 資料蒐集 41
第二節 研究變數 43
第三節 Panel Data 模型 49
第 四 章 資料分析與實證研究 59
第一節 相關分析 60
第二節 迴歸分析 62
第三節 研究限制 66
第 五 章 結論與建議 67
第一節 研究結論 67
第二節 理論與實務意涵 69
第三節 後續研究建議 74
參考文獻 75

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