家族企業是台商企業普遍的經營型態，隨著近幾年台商第一代創業主接近退休年齡，各個台商家族企業中逐漸掀起一波接班潮，未來能否突破接班的挑戰，是台商家族企業走向永續經營的關鍵。然而，家族企業對各接班規劃關鍵因素的認知，都有可能影響接班的最終成果，因此，本研究以台商家族企業的第一代創辦人及第二代接班人選為對象，分別探討家族企業對傳承與接班、治理、成長、確信性、退場策略、財富管理等六項接班規劃關鍵因素的重要性認知程度及影響力認知程度，以分析台商家族企業對接班相關議題的認知現況，以及重要性和影響力兩者認知的差異。此外，本研究更進一步分析職位、性別、年齡、身份等個人特性，以及產業類別、公司年齡、所在地、員工人數等企業特性對各個接班規劃關鍵因素認知的影響。 本研究以結構性紙本問卷進行調查，採用資料分析方法包含探索性因素分析、信度分析、相關分析、成對樣本T檢定、平均數比較、獨立樣本T檢定、單因子變異數分析等方法進行檢定。研究發現，各個接班規劃關鍵因素認知無論在重要性或影響力上，多數都彼此存在顯著正向相關，且重要性的程度均顯著大於影響力的程度。此外，更進一步發現身份、員工人數、產業類別會對認知的結果產生影響。 / Family business is one of general types of companies in Taiwan. As the first generation entrepreneurs reached the retiring age in recent years, many Taiwanese family businesses gradually tend to prepare for succession planning. Whether those Taiwanese family businesses could go through the challenges of succession in the future will be the key factor of their sustainable operation. However, their perceptions of succession planning related issues could influence the result of succession. With their first-generation founders and second-generation successors as research object, this study explored their perception level of the importance and capability to the key factors of succession planning, including succession and next generation, governance, growth, assurance, exit strategies, and wealth preservation. Then, we could capture the thought of family businesses and figure out the difference between importance and capability of each factors. Besides, this study also analyzed the influence of some individual characteristics（ position, gender, age, and status） and business characteristics（ industrial categories, established year, location, the number of employees）. This study employed a paper-based questionnaire survey with a structured format and tested by explorative factor analysis, reliability analysis, correlation analysis, paired sample t-test, comparison of means, independent-sample t-test, and one-way ANOVA. Through those data analysis, the results showed that almost all factors revealed in the study are significantly positively correlated to each other in the perception level of importance as well as the perception level of capability. And, the perception level of importance is always higher than the perception level of capability. Furthermore, some characteristics, including individual status, industrial categories, and number of employees can significantly influence the result of the perception level.

本研究為了解家族企業第一代傳承給第二代之接班規劃與模式，及第一代在採取此接班模式所考量之接班因素為何。首先以文獻與次級資料進行紮根分析，大致歸納出台灣家族企業在進行接班時所考量之因素為何。再以深度訪談之方式，訪談十家台灣家族企業，在訪談過程中進一步探究現在台灣家族企業在接班時所採取之模式與其所考量之因素。接續次級資料進行紮根研究，以達到理論飽和。 選擇家族內部成員或非家族內部成員的家族接班考慮因素有：血緣或親屬關係、中華文化與家庭倫理、教育學歷背景、基層做起、部門輪調、外部工作經驗、意願、信任、經營權、所有權、股權分配、能力、忠誠度、領導風格、個人特質等因素。選擇企業內部員工或外部專業經理人之能力接班考慮因素歸納出來有：教育學歷背景、資歷、企業文化、引進專業技術能力、管理制度、板凳哲學、關係、基層做起、部門輪調、遠見、領導風格。進一步以紮根理論研究方法將兩部份因素進行主軸編碼與選擇編碼最後歸納出第一部份的核心類別為「家族接班」，第二部份的核心類別為「能力接班」。 本研究相關之研究發現有以下六點： 一、 科技、製造業對教育學歷背景之要求較食品、消費品業明確。 二、 家族成員以各部門歷練為主， 內部員工重在深層培育， 外部專業經理人大 致了解各部門運作。 三、管理導向領導者較適合兄弟共治企業，新一代領導者偏好外部專業經理人。 四、兄弟共治企業要長久 經營，彼此觀念要相契合、少計較，並 清楚分權。 五、年輕二代績效表現主要以改善企業流程或制度為主，尚無法進行重大決策。 六、第二代在規劃未來接班時多以企業內部員工或外部專業經理人為主。 / The objective of this research was to understand how the owner of family business plans his/her succession and what the factors he or she considers. Firstly, following the grounded theory method, I reviewed prior literatures and used the secondary data to categorize the considered factors in the succession of Taiwanese family business. Then, I conducted the in-depth interviews with 10 Taiwanese family business members to further verify the succession factors. Finally, I used these collected data to achieve theoretical saturation. The factors of choosing the successor between family members and non-family members are including: relationship of blood and relatives, Confucian values and Chinese culture, educational background, frontline work experience, functional rotation, outside work experience, willingness, trustiness, governance, ownership, distribution of shares, competence, royalty, leadership and characteristics. The factors of choosing the successor between internal employees and outside professional managers are including: educational background, seniority, business culture, introduce professional skills or professional management, succession system, relationship, frontline work experience, functional rotation, foresight and leadership. I used the axial coding and selective coding to categorize these two kinds of factors into central categories of “Family succession” and “Competence succession”. The study can be summarized as following findings: 1. The requirements of educational background of technology are more specific in the manufacturing industry than the food and FMCG industries. 2. Family members are focused on functional rotation; internal employees are more emphasized on depth training; the outside professional manager come to family business directly. 3. The management-oriented leader prefers co-governance of family business between brothers. The new generation leader prefers outside professional managers. 4. The consistent value of management and clear decentralization are important in brother-cooperative governance business. 5. The main task of the new generation leader’s performance is to improve business processes or systems. They didn’t have the enough authority to make an important decision. 6. The new generation leaders plan their future successions with internal members or outside professional managers.

根據最新統計，全球約有七成以上企業為家族企業，貢獻全球GDP達60%以上。至於亞太地區之企業85%為家族所控制，亞太地區家族企業佔整體市值達32%。本文根據「2015華人家族企業報告」研究發現，就2014年統計數字我國上市櫃公司1587家企業中，家族企業占比74%，且就市值而言，我國家族企業佔整體上市櫃公司市值達63%，平均每個家族企業約有市值5.1億美元水準。然而，據該報告指出，就股權報酬率(ROE)而言，家族企業落後於專業管理之非家族企業，只優於國營企業。且就兩岸三地數據加以比較，我國家族企業不論是企業淨值或成長幅度皆為最落後地區，顯示我國家族企業公司治理仍有待改善之處。 至於引進獨立董事制度是否可有效提升我國家族企業公司治理?按相較於英美兩國企業股權分散之情形，我國家族企業大多數屬於股權相對集中型態。根據2016台灣地區大型集團企業研究可知，台灣前100大集團的主要股東的控制性持股，全體集團主要股東平均持股比率為34.05%。另外，有實證研究顯示，在中華文化下一般人所重視之社會連結(social ties)特別會影響獨立董事之獨立性，且獨立董事傾向維持人際關係(relation) ，以和為貴不願積極監督董事會及管理階層。因此，家族企業引進獨立董事制度恐無預期功效。再者，學者研究結論認為：接班後企業價值平均蒸發了60%。而PwC調查全球家族企業，僅有15%家族企業有完整的接班計劃，43%家族企業甚至無接班計劃安排。我國則只有9%有接班計劃，明顯低於全球平均。 最後，本文分析我國近來發生之長榮集團爭產案與寶成、捷安特等家族企業成功接班實例後，建議除企業接班人計劃應提早準備，以提供更寬空間應對接班計畫可能產生之法律問題(如:遺囑特留分、信託存續期間及遺產贈與稅等規劃)外，非接班計畫內之家族成員的生涯規劃也應被重視，以達成接班計劃所預期的和諧及永續成長的成果。

在選填幼教系的那刻起，我就知道未來要承接母親所經營的兒童教育事業，但 內心卻常有個聲音是「好希望我是願意承接母親經營的事業，但為何我始終沒辦法 也不願意做出這個選擇？」。母親在我童年時期忙碌的景象，使我一直擔憂承接後， 我的孩子也會像我童年時期一樣孤單，但若不選擇承接，母親還會愛我嗎？ 這進退兩難的處境在遇見兩位幼兒園接班人後，開啟了我的探尋之旅。無論是 透過訪談準幼兒園接班人、訪談家人以及接受心理諮商，甚至一年代理經營等等的 探尋行動，我看見過去的自己是依附在母親的期待中與一昧想像他人一樣。藉由自 身不斷行動、敘說與反思，促動原先對他者與自己既定且僵化信念的改變，透過說 也看見自身的生命起伏與演變的意義脈絡，當人能看見此意義脈絡的同時也就能看 見人自身經歷存在的價值，使過往在認回自我的過程中得以平靜安穩的存在，進而 拾回生命的主權為自己做決定，有力量思考承接與否的挑戰。而承接家業對我而 言，成了可以實踐自我理想的選擇。 / In the election of the pediatric system, I know that the future to undertake the mother's children's education business, but the heart is often a voice is "I hope I am willing to undertake the cause of the mother's business, but why I have no way do not want to make this choice? " My mother in my childhood busy scene, so I have been worried about undertaking, my child will be as lonely as my childhood, but if you do not choose to undertake, the mother will love me? This dilemma in the situation after meeting the two kindergarten successors, opened my search trip. Whether it is through the interview kindergarten successors, interviews with family members and to accept psychological counseling, and even one year agency operations and so on the search action, I saw the past is attached to the mother's expectations and ignorant imagine others. By their own action, narrative and reflection, to promote the original and their own established and rigid beliefs of the change, through that also see their own ups and downs of life and evolution of the meaning of the context, when people can see this sense of context at the same time also can see the value of the existence of their own experience, so that in the past to recover the self in the process of calm and stable existence, and then retrieve the sovereignty of life for their own decisions, have the power to think about whether to undertake or not. And to undertake the family business for me, has become a self-ideal choice.

本研究旨在探討家族企業接班與接班人類型對於公司現金來源及現金價值的影響。本研究使用於1992年至2015年被列於S&P 1500指數的公司為樣本進行實證研究。實證結果顯示家族企業接班後將減少使用發行股票為公司現金的來源。此外，當接班人為家族成員時，企業接班後的邊際現金價值會較低；然而於財務限制的家族企業，企業接班將使當年度的邊際現金價值提高。本研究結果顯示資本市場對於家族企業接班投以較高的關注，尤其當接班人為家族成員時程度更為顯著。 / This study examines the effect of succession on the cash saving behavior and the value of cash holdings for family firms. By examining the Standard and Poor 1500 indexed firms from 1992 to 2015, we find that cash savings from equity issuance decrease around successions, and the decreasing effect lasts longer with family related successors. In addition, the marginal value of cash holdings will be lower after succession if the successor is associated with the family. But if family firms are financial constrained, the marginal value of cash holdings will be higher with family firms with succession at the year of succession but not after. These findings indicate that the capital markets are concerned with the succession implication for family firms more than non-family firms, especially when the successors are family members.

隨著二次戰後嬰兒潮的逐漸退休，公私部門都面臨到中高階主管人才短缺的問題。同時，少子化的社會趨勢使得組織中的人力斷層更為明顯。另一方面，我國對公務人力退休制度所進行的變革，也使得許多公務人力屆齡即退甚至提早退休。在這種情形下，我國之公務人力將呈現不斷老化，且後繼人員銜接不及的問題結構。因此，針對中高階主管的培養選拔制度變成了政府人力管理之首要之急。然而我國政府目前並沒有針對中高階文官進行系統性的規劃培訓、選拔的機制，所以近日我國欲成立國家文官學院以及高考一級的變革等措施，都是希望能針對政府高階文官的培育設計出一套有系統且有效果的制度。 政府高階文官的良窳可以說是決定國家競爭力的關鍵因素，由瑞士洛桑國際管理學院（IMD）每年公布的世界競爭力排名可以看出，新加坡能長期居於該排行榜前兩名的位置，與其政府效能有絕對的關係。從該競爭力排行的指標中可以發現新加坡政府在政府效率、政府執行力、政府彈性應對經濟變動、政府制度完整性等四項指標皆名列第一，而這就是他們能有如此優異的政府競爭力的最重要原因。從新加坡立國之初就開始採用殼牌公司的接班人制度作為其公務人力培育、拔擢機制的核心概念，同時在接受菁英主義的社會文化之下，逐漸演變出屬於新加坡的政府接班人計畫。他山之石可以攻錯，因此本研究以新加坡政府接班人制度作為研究分析的個案。並且透過與學者、人事行政局、考選部等單位高階文官進行深度訪談，除了探討新加坡制度在我國推行之可行性分析之外，同時亦為我國未來建構高階文官接班計畫提供參考意見。 經過深度訪談以及利用系統性接班人計畫與管理模型對新加坡制度進行理論檢視之後，新加坡的制度中的菁英文化無法在我國文化系絡中推行，然而其對於文官的潛能評估、培訓制度相當值得我國效法與參考。最後對我國未來若要推動高階文官培育機制，提供以下建議作為參考。包括建立人力資本的觀念，以及從制度、組織、法令、課程等四個面向來規劃系統性的高階文官培育機制，方能使該機制發揮出最大的效能，培育篩選出最佳的政府接班人。

對於台灣本土企業而言，接班風險往往成為一項獨特的經營管理風險。本研究分析某一家未能有效管理接班風險的金控企業，並以另一家係有效管理接班風險的金控企業做為對照標竿，藉以探索金控家族企業因為傳承所面臨的接班風險。透過訪談資深幹部所得之資訊，本研究歸納金控家族企業接班過程的可能問題為潛在接班人的「培訓過程」與「態度問題」。此外，就彙整報章雜誌的額外則發現，接班風險較高的企業有較多因為內控問題而產生的裁罰案件，而若干裁罰案件顯示係因所有權凌駕經營權造成的企業損失，並損及企業的商譽。具體而言，與對照企業相較，接班風險的金控企業有顯著較高的裁罰案件與媒體負面報導，相信本研究所提供的對比分析將可提供台灣本土企業有效降低接班風險的參考。 / Succession risk is a unique risk management for local Taiwanese companies. This study analyzes a financial holding company which fails to effectively manage succession risk, where another benchmark company with effective succession risk management is used as comparison to probe into the succession risk faced by the family-run financial holding company from inheritance. The study applies information acquired from interview with senior managers to conclude that likely problems in the succession process of family-run financial holding companies could lie on the “training progress” and “attitude issue” of the potential successors. Moreover, additional findings from the compilation of newspapers and magazines suggest that companies with higher success risks tend to face with penalty cases due to internal control issues. Several penalty cases would imply corporate loss as a result from ownership overriding management with damage to the corporate reputation. Specifically, compared with controlled company, financial holding companies with succession risk is associated with significantly higher penalty cases and adverse reports from the media. The study is believed to provide a comparative analysis that will provide reference for local Taiwanese companies to effectively reduce succession risk.

過去許多國內外的研究顯示，由創業者所經營之家族企業公司績效表現與投資決策優於由接班者所經營之家族企業和非家族企業。然而，台灣過去卻鮮少有文獻探討創業者與接班者在投資決策上的主要差異，以及是否在特定的公司治理特性下可以協助創業者和接班者做決策，進一步增加公司價值。 本研究主要以2010年至2014年間台灣上市櫃家族企業作為樣本，並將樣本分為由創業者所經營之家族企業與接班者所經營之家族企業，探討由創業者經營之家族企業與接班者所控制之經營企業在併購決策上是否有所不同，在何種公司治理特性或是公司特色可使併購宣告效果增加。本研究以兩階段迴歸和事件研究法作為研究方法，第一部分分析創業者與接班者在公司經營績效上之差異，第二部分分析創業者與接班者在併購宣告效果上的差異，最後進一步分析，何種公司治理特性或是公司特色可使併購宣告之累積異常報酬增加。實證結果顯示，創業者所經營之公司經營績效較佳，且由創業者所作之併購決策，能夠顯著提升併購宣告之累積異常報酬。此外，本研究發現外部董事比例越高，對於投資人預期之累積異常報酬顯著負向效果;然而外部股東持股對於併購宣告之累積異常報酬則有正向之加強效果。 / Past studies indicate that founder-family firms exhibit better firm performance and investment decisions than successor-family firms and non-family firms. However, little research has examined the difference in investment decisions across generations (founders and successors) in Taiwan. Moreover, it is unclear whether there exist some specific firm characteristics or corporate governance structure arrangements that can improve the decision-making of corporate investment to enhance firm value. This study employs the family firms and M&A data during the period of 2010 to 2014 in Taiwan to examine whether M&A decisions differ across family generations in Taiwan. Through the two-stage least squares regression analysis and the event study analysis, we find that the founder-family firms have better firm performance than successor-family firms. The founder-family firms also earn higher acquisition announcement returns than successor-family firms. Besides, we show that the percentage of outside directors has a negative effect on the acquisition announcement returns while the largest outside ownership is positively correlated with the acquisition announcement returns.

家族企業是台灣企業的重要組織型態，近年來全球化市場競爭帶給台灣家族企業主及其後代極大的挑戰，而這些企業主後代之生活條件和教育程度迥異於創業業主，企業後代的接班狀況是否會因環境與個人條件的變化而與過去不同，進而產生有別於傳統的生涯選擇？為瞭解上述問題，研究者曾經以質性研究方法針對某本土組織為對象完成「台灣家族企業中三代業主經營理念之變遷」的探索性研究。此個案分析結果顯示該家族三代信念相同，完全建構出該企業的特色，且傳承使命感強烈，不分世代都顯示出利家、護家的行為。因此本研究之目的是以量化研究方式來驗証「家族主義認同與後代接班行為之密切關係」是否也存在於一般台灣家族企業中，即針對企業後代探討「家族主義的認同」與接班行為(意願與結果)的關係，並欲進一步瞭解「個人評估」和「環境評估」如何調節這兩者間的關係。 本研究採問卷調查法進行，樣本為台灣上市公司及規模近似之企業主之後代94人。結果分析所得的重要結論為：(一)企業家後代「家族主義認同」和「接班行為」有正相關。(二)「家族主義認同」與「個人評估」、「環境評估」對於「接班行為」並無交互作用效果。(三)「個人評估」中之「資源利益」因素對「接班意願」最具解釋力，「環境評估」中之「家族支持」因素對「接班結果」最具解釋力。(四)年齡層在四十歲以上者，在「家族主義認同」和「接班意願」上，均高於較年輕的企業家後代。(五) 不同性別在「家族主義認同」、「接班意願」以及「家族支持」上有所差異，但在「接班結果」上並無差異。 / Family business is an important organizational context among Taiwan entrepreneurs. Global competition brings a huge challenge to owners and the succession across generations for the family business. The second or third generation has a different living standard and educational background than the original business founder. Will the succession be influenced by environmental and personal characteristics? Will the family business heirs not follow the traditional career choices of the family business founder? A pilot study used a qualitative research methodology to explore these questions in a local family business organization in Taiwan, interviewing three generations of family members. Based on the family member’s characteristics and beliefs this business developed its own culture. Because of their commitment to the family, every generation protects and profits the family. The purpose of this research is to use a quantitative method to understand how familism and succession across generations are closely related among Taiwan entrepreneurs. Will personal and environmental assessment influence the relationship between familism and succession? This research uses a self-report questionnaire completed by 94 younger generation members of the family business stock companies. The findings of this research are: 1) Identification of familism and succession behavior is positively related. 2) Familism, personal assessment and environmental assessment are independent from succession and showed no interaction. 3) In the dimension of personal assessment, the resource-benefit can best explain the will to succeed and in the dimension of environment assessment family support can best explain the result of succession. 4) Those above 40 years of age were more likely to identify familism and had more willingness to succession. 5) Males and females are different in identifying familism, the will to succession, and family support, but not much different in the result of succession.

「中小企業」一直以來都是我國商業經濟的根基命脈，這些企業大多是以家族企業的形式經營，因此「父傳子、子傳孫」是相當普遍的接班形態。但發展至今，許多企業主開始面臨膝下無子或子女不願接班的窘境，且隨著產業變遷，中小企業在用人與留才上也遭遇到困境。這些因素都使得台灣的中小企業在近年來發生了嚴重的「接班問題」。 「接班人計劃」(Succession Plans)已逐漸成為企業相當重視的人才議題；正如許多企業在面臨領導人驟逝或因故離職時，因為無法迅速推舉出新任的接班人，進而導致組織動盪甚至影響到企業營運。因此，透過制定接班人計劃，預先培養未來所需的領導者，已成為企業間普遍的做法。 考量到中小企業的獨特性，在發展接班人計劃時無法完全因循大型企業的做法。本文旨在透過探究以下三個問題，試圖發掘中小企業在發展接班人計劃時應注意的重要議題： 1.中小企業接班人計劃發展的結構性困難。 2.中小企業接班人計劃所應具備的內容與特質。 3.中小企業接班人計劃得以成功的關鍵因素。 本文將以個案研究的方式，實際建構一套中小企業的接班人計劃，並將研究結果作一整理與綜合性之討論。 / “Small and medium enterprises” have been foundations of economy in our country for a long time. Most of these enterprises are family-owned, so passing on from generation to generation is a usual type of succession. However, there are some entrepreneurs who don’t have any offspring or finding their coming generation have no willingness to take over the business. It’s a troublesome problem that many small and medium enterprises have no idea about how to pass on the business. “Succession Plans”start to be paid attention by many entrepreneurs in recent years. In the past, many dominant enterprises collapsed in a flash just because of failure in succession when last conductor quitted or passed away. Now, it’s very common for enterprises to formulate a proper succession plan in order to incubate some backup talents for future needs. To consider about the uniqueness of small and medium enterprises, it’s hard to follow up the major industries totally. In this paper, we want to investigate the succession question of small and medium enterprises by dealing with three point: 1. What are the structural difficulties about succession plans in small and medium enterprises? 2. What are the contents and characteristics should be possessed by succession plans in small and medium enterprises? 3. What are the key success factors (KSFs) or key performance indicators (KPIs) for succession plans in small and medium enterprises? In this paper, we’ll have a case study research and try to build a succession plan for case company. The final goal is to make this issue prominent and then find the way to resolve the question.