臺灣家族企業公開發行選擇之探究

Abstract

根據經濟部於2022年所編製中小企業白皮書可知，約有70%中小企業為家族企業。根據安永調查顯示，約有54%的台灣上市和上櫃公司為家族企業。由此可知，家族企業是台灣主要的企業型態，亦是台灣經濟的重要支柱。目前家族企業既有之文獻，大多數針對單一議題進行探究，例如：家族接班、經營績效或財富傳承等，關於家族企業不願意選擇公開發行作為家族接班之方式尚無相關論述，亦無文獻檢視家族企業從無意願上市櫃轉變為擬申請公開發行的原因。本研究目的係探究影響家族企業選擇公開發行的關鍵因素，本研究採用深度訪談的方式，訪談三家家族企業，包括無意願上市櫃的家族企業、規劃公開發行的家族企業、及已經上市櫃的家族企業。本研究結果可提供未公開發行家族企業，做為考量是否公開發行的參考與判斷。According to the White Paper on Small and Medium Enterprises in Taiwan compiled by the Ministry of Economic Affairs in 2022, about 70% of small and medium-sized enterprises are family-owned. According to an Ernst& Young survey, about 54% of Taiwan’s listed companies are family-owned. The primary business type in Taiwan is family firms. Family firms are an important pillar of Taiwan’s economy. Most extant literature on family firms focuses on a single topic, such as family succession, operating performance, or wealth inheritance. There is no prior literature on the unwillingness of family firms to go public as a method of family succession. No studies examine why family firms change from no incentives togo public to planning to apply for a public offering. The purpose of this study is to explore the key factors that influence family firms to choose public issuance. This study uses in-depth interviews to interview three family firms, including a family firm without intention of going public, a family firm that plans to public offerings, and a listed family firm. The results of this study can provide unlisted family companies as reference to consider whether to go public.