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本研究探讨我国台湾纺织与建筑投资家族集团的金字塔结构,以及股份所有权与盈余分配权的偏离情形。纺织集团的代表为中兴、华隆、台南与远东,长亿、润泰、威京及太平洋则为建筑投资集团之代表,研究年度横跨12年度,为1992年至2004年。从代理理论角度,本研究发现,随着集团规模与营运范畴的扩张,两产业家族集团运用金字塔结构来强化家族控制的情形非常普遍,其平均比例高达80%～90%。值得注意的是,建筑投资业家族集团的金字塔结构呈现递增的趋势,平均金字塔结构高于纺织业家族集团约15%,显示该产业家族集团运用交叉持股的情况明显较纺织业家族集团严重。另外,在偏离程度方面,两产业家族集团之偏离程度非常接近,其变动情形也十分类似,似乎偏离的程度与规模扩增速度有关。本文研究结果可为关心家族集团协调与控制议题者提供初步的讨论起点;同时亦为关心大中华区域家族集团发展者提供具有价值的参考依据。
This study explores the pyramid structure of China’s Taiwanese textile and construction investment family group, and the deviation of share ownership and surplus distribution rights. Representatives of Textile Group are Zhongxing, Hualong, Tainan and Far East. Changyi, Runtai, Weijing and Pacific represent representatives of the Construction Investment Group. The research year spans 12 years from 1992 to 2004. From the perspective of agency theory, this study finds that with the expansion of the group size and business scope, it is common for two-industry family groups to use the pyramid structure to strengthen family control. The average ratio is as high as 80% to 90%. It is noteworthy that the pyramid structure of the family-owned construction investment industry is showing an increasing trend. The average pyramid structure is higher than that of the textile industry family group by about 15%. This shows that the use of cross-shareholding by the industry-family group is significantly more serious than that of the textile family-owned group. In addition, in the degree of deviation, the degree of deviation of the two industry family groups is very close, and the changes are similar. It seems that the degree of deviation is related to the speed of scale expansion. The results of this study can provide a preliminary starting point for those concerned with the family group’s coordination and control issues. At the same time, it also provides valuable reference for the development of family groups in Greater China.