本研究之目的在於探討家族集團企業政商關係、多角化以及集團績效之間的關連性。以往關於政商關係的研究，多著重在探討政商關係與多角化之間的關連性，然而多角化策略往往會對集團績效產生影響。本研究透過社會資本論點，檢視家族集團政商關係建立，對於其多角化策略與集團績效之影響。
本研究以金融產業為樣本，透過長達二十餘年的綜橫資料，針對七間台灣金控家族集團進行分析。研究結果顯示，政商關係在金融集團成立金控前後有顯著的變化，尤其是正式政商關係。而正式政商關係確實會對集團多角化產生正面的影響，顯示正式政商關係有助於集團多角化擴張策略之進行。在政商關係、多角化與集團績效三者關係上，實證結果顯示，對台灣金融業家族集團，建立愈多正
式政商關係，會顯著有高程度的多角化策略，但是會有愈低的集團績效表現，說明金融業家族集團的多角化策略，會在其正式政商關係與績效間，具有中介影響。研究結果說明，正式政商關係會對於多角化策略以及集團績效產生不同方向與程度之影響。研究結果對於探討政商關係在亞洲家族集團擴張與成長議題上，提供具有理論與實務意涵的討論價值。

The study aims to analyze the impact of political linkage on diversification strategy and firm performance. Previous studies indicate that firm’s political linkages will generate performance impact in emerging economies. However, whether firm’s political linkages will generate performance implications are underestimated. By utilizing
longitudinal data in financial family business groups in Taiwan, this study tries to examine the relationships among political linkages, diversification strategy, and family business group’s performance from the social capital viewpoint. The results indicate that in the current database, the higher level of formal political linkages, the higher degree of diversification in family business groups. Moreover, diversification strategy will
generate mediated impact on the relationship between formal political linkages and performance in family business groups. In that, the consideration of diversification will lower the performance implications by formal political linkage in family business
groups. The family business group’s formal political linkageswill generate distinctive impact on diversification strategy and performance in emerging economies. The results provide referable value in addressing political linkages issues in family business groups in Asia.

目 錄
第 一 章 緒論 1
第一節 研究背景與動機 1
第二節 問題陳述與研究目的 4
第三節 研究的重要性 7
第四節 研究流程 8
第 二 章 文獻探討 9
第一節 金融產業的沿革與變化 9
第二節 家族集團企業 16
第三節 社會資本與政商關係 22
第四節 政商關係、多角化與績效 28
第五節 假設推導 31
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 樣本集團介紹 42
第三節 研究變數介紹 50
第四節 Panel Data 模型 54
第 四 章 資料分析與實證研究 66
第一節 成對樣本T檢定 67
第二節 相關分析 69
第三節 迴歸分析 71
第 五 章 結論與建議 84
第一節 研究結論 84
第二節 理論與實務意涵 86
第三節 後續研究建議 91
第四節 研究限制 92
參考文獻 93

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