本研究主要探討企業所有權型態、公司治理與公司績效間之關係。研究樣本為2001 年到2007 年，台灣1199 家上市（櫃）公司共8260 筆資料，進行驗證。研究結果發現，台灣家族企業經營績效較非家族企業差。家族企業控制權與現金流量權偏離越大，則績效越好。在家族企業中，家族投入程度越高，績效越好。在家族所有權與公司治理機制對經營績效影響方面，結果顯示，在家族企業中，董事會中外部董事席次比例愈多，公司績效愈好。整體而言，本研究結果顯示，台灣家族企業經營的潛在成本仍大於潛在利益，使得經營績效呈現較差的結果，而公司治理機制，可以緩和家族所衍生的經營成本，使績效向上提升，尤其是引進外部董事，將可以帶給家族企業不同的經營思維，提升經營的競爭力。

This paper examines the effect of family ownership and corporate governance on firm performance. We Use the Panel Data Regression model to investigate a sample of listed firms (1199 firms) in Taiwan from 2001 to 2007, totally 8260. The results show that (1) family ownership is associated with lower firm performance in Taiwan; (2) when the family controlling shareholders who hold a majority of the cash flow rights in their companies and involved deeply,firm performance are better. In addition, in family business, the higher of proportion of outside
directors tend to better performance. Finally, the evidence indicates that the strategy and finance in family businesses are different from non-family businesses. Family companies need to increase more outside directors to their board.