本研究利用 2013 年到 2022 年的台灣上市櫃公司資料，探討了家族企業和董事會特徵與公司風險之間的關聯性，也探討在 Covid-19 期間變數是否會有不同的表現。本研究使用 Altman 所提出的 Zscore 模型來衡量公司風險，透過最小二乘法(OLS)、羅吉斯迴歸(logit model)以及公司固定效果進行估計。同時，我們也依據產業別、Zscore 落入範圍以及公司型態區分子樣本，進行異質性分析。 實證結果顯示，家族企業與公司風險呈負向關係；在董事會特徵方面，僅有獨立董事占比呈正向關係，Covid19 虛擬變數與公司風險並未呈現顯著關係，但考慮交互作用後可發現在危機時期，獲利能力較好的公司其風險較低。在解釋變數部分，槓桿比率、公司規模及公司年齡呈負向關係；資產周轉率及獲利能力呈正向關係。若進一步使用logit 模型(應變數為公司破產機率)，若由董事長兼任總經理會降低公司破產機率。此外，在公司固定效果模型下，女性董事占比的增加能減少公司風險。;This study utilized data from Taiwanese listed and over-the-counter companies spanning from 2013 to 2022 to investigate the relationship between family businesses and board characteristics with company risk. Additionally, we explored whether these variables exhibited different behaviors during the Covid-19 pandemic. Thisstudy employs Altman′s Z-score model to measure company risk, and estimation is conducted using Ordinary Least Squares (OLS), logistic regression (logit model), and fixed-effects models. Additionally, we categorize the data into differentsub-samples based on industry、Z-score ranges and company type to conduct heterogeneous analysis. The empirical results indicate a negative relationship between family businesses and corporate risk. Regarding board characteristics, only the proportion of independent directors shows a positive relationship. The Covid-19 dummy variable does not exhibit a significant relationship with corporate risk. However, considering the interaction effect, it is observed that companies with better profitability have lower risk during crises. As for the explanatory variables, leverage ratio, company size, and company age show negative relationships, while asset turnover ratio and profitability show positive relationships. When further utilizing the logit model (with the dependent variable being the probability of bankruptcy), having the chairman also serve as the CEO reduces the probability of bankruptcy. Additionally, under the firm fixed effects model, an increase in the proportion of female directors can reduce corporate risk.
