隨著創辦人年紀漸增，創始企業逐漸面臨接班的問題，為了維繫企業永續經營，如何規劃並順利完成接班成了相當迫切的議題。過去研究多針對單一企業深入探討接班過程與結果，有別於此，本研究從創辦人的角度，歸納出多數企業在面臨接班時，將如何透過股權結構改變，以及人力資源調度，營造權力與資源傳承的氛圍，替後續接班奠定良好基石。 本研究以1990年至2010年間台灣上市上櫃創始企業中，經歷CEO接班之企業為研究樣本，研究期間為接班時點之前後各3年，共計6年時間。採用水準模型(level model)檢測跨公司間的接班佈局對接班後的企業績效之影響；以及變動模型(change model)分析年度間各企業趨勢變化的影響。 研究結果發現，接班人持股比率越高，接班後的企業績效越好，且越接近接班時點，提高持股的效果越為明顯，對績效的影響具有持續性。但提高核心經理人持股率則不利於接班後的企業績效，此負向關係在接班後依舊存在。再者，接班人具有核心經理人資歷，有益於接班後的企業績效；而接班人兼任董監事越多，接班後的企業績效越低，在接班前一年的效果最明顯，且持續影響接班後的企業績效。最後，企業的核心經理人異動能顯著並持續裨益接班後的企業績效。 When the founders are getting old, the founding firms face the problem of succession gradually. To maintain business constantly, how to plan and complete the succession became immediate issues. Previous studies focus on succession’s process and results with a single corporate. Is different from the past, this study summarized the majority of firms in the face of succession through the founder’s perspective. The founding firm should change ownership structural and human resource to lay the foundation for the subsequent succession. Samples are selected from listed companies which had been CEO succession in Taiwan during 1990 to 2010. The period of research is each three years in the succession before and after. This study used the level model to observe that cross-company succession arrangement effects on the performance of firm after succession. In addition, the change model analyzes the impact of performance by each year. The empirical results show that Successors get more shares, which has positively effects on the performance of firm after succession. However, manager’s ownership has negative effect on the performance of firm after succession. When successors had been managers, firm performance after succession will be better. The performance of firm after succession will be poor with successor’s director interlock frequency. Finally, manager’s change has positively effects on the performance of firm after the succession.
