多子多孫多福氣？創辦人離世之觀察

Is Having Many Descendants a Sign of Good Fortune? A Natural Experiment of the Passing of Founder

10.6538/TAR.202007_16(1).0004

林秀鳳(Hsiu-Feng Lin)；陳岳鴻(Yueh-Hung Chen)；林育陞(Yu-Sheng Lin)

家族 ； 創辦人 ； 離世 ； 子嗣 ； family ； founder ； death ； sons/daughters

中華會計學刊

16卷1期（2020 / 07 / 01）

135 - 165

繁體中文;英文

企業創辦人離世，其家族之內部結構攸關家族資源移轉與分配的接班傳承過程，亦可能對其所控制的企業價值產生影響。本研究發現，子嗣效果存在於家族創辦人離世前後，且子嗣規模效益之發揮與創辦人房室複雜度有關。單一婚配創辦人的子嗣愈多，其離世初期之企業價值愈高，且創辦人初離世之子嗣規模效益更高於生前。單一婚配創辦人擁有正面子嗣效果可反映俗諺之「多子多孫多褔氣」；反觀創辦人婚配複雜則將減弱子嗣規模對離世初期企業價值的效益，在複雜婚配下之子嗣規模反不利於企業價值，吞噬了子嗣規模所帶來的「福氣」。本研究提供了子嗣規模與房室效果影響企業價值的相關實證結果，能提供家族管理與機制設計的參考。

The intra-structure of family affects the family's resources transference and allocation and business groups' performance when the founder of the group is dead. We find a positive association between founder's sons/daughters size and group's performance before and after the founder's decease. The founder's wives play a key role in substantial succession period, especially when the founder is bigamy. During this period, greater sons/daughters size is associated with higher firm-level performance when the founder is monogamy. In contrast, the founder had bigamous marriage, greater sons/daughters size is associated with lower firm-level performance. An idiom ＂having many descendants is a sign of good fortune＂ emerging from our empirical analysis indicates that part of the decay of family-run groups over time is due to the dilution of the founder's bigamous marriage.

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