本研究主要探討家族所有權與董事會特性對國際化程度的影響，並以2001年至2006年臺灣上市、上櫃公司為樣本，利用追蹤(panel data)資料分析方法，探討變數間相互之關係，其中家族樣本共3240 個觀察值，非家族樣本共3792個觀察值。結果發現，當以外國營運的國家數為國際化的代理變數時，和非家族企業比較，家族企業的國際化程度較低，而在家族企業中，若其控制權與現金流量權偏離越大，則營運國家數越多；若外部董事比例越高，則營運國家數越多；若董事平均任期越長，則營運國家數越少；若董事長兼任總經理的情形越多，則營運國家數越多；若外部董事的外部連結數越多，則營運國家數越少。當以外銷比例為國際化的代理變數時，家族企業和非家族企業的國際化程度沒有顯著差異，而在家族企業中，若雇用家族CEO，則外銷比例越低；若董事會規模越大、則外銷比例越低；若外部董事的經歷越多樣化，則外銷比例越高。整體研究結果顯示，家族所有權與董事會特性是決定國際化程度的重要因子。 The purpose of this paper is to examine the impact of family characteristics and board characteristics on internationalization. We collect data from listed firms in Taiwan between 2001 and 2006, and use panel data regression models for analysis. The results, with the numbers of operational country as the proxy of internationalization, show that compared with non-family business, family business has lower level of internationalization; firms with higher deviation between control right and cash flow right is, higher outside director percentage, duality have more operational countries. By contrast, firms with longer average tenure of directors and higher external connections of outside directors have fewer operational countries. When using foreign sales/ total sales as the proxy of internationalization, we find that family businesses with family CEO, larger board size have lower the foreign sales. To the contrary, those with more abundant outside directors have higher foreign sales. The overall research results show that family ownership and board characteristics are important factors to decide the level of internationalization.
