家族企業是台灣最主要的組織型態之一，台灣董事學會指出台灣上市櫃公司中73％是家族企業，其營業額占台灣GDP的90%以上，而家族企業之領導人大多由家族內部產生，其具有管家治理傾向較高，故本研究以台灣上市企業做為研究主體，研究高階經理人具管家理論傾向的強弱對於企業績效之影響，並以人力資本及員工流動率做為管家治理與企業績效間的中介變數。 本研究之樣本取自台灣經濟新報資料庫，以AMOS統計套裝軟體進行結構方程模型（SEM）針對2016年637家上市企業進行統計分析驗證模型之配適度，並以路徑分析（Path Analysis）之標準化路徑參數估計值及顯著程度來驗證本研究之假說是否成立，最後以2014年及2015年之資料進行比對，藉以了解此模型是否具有跨年度之穩定性。研究結果顯示直接影響效果的部分管家治理程度對組織績效具有顯著之影響、管家治理程度對員工流動率具有負向影響、員工流動率對於組織績效具有負向影響、管家治理程度對於人力資本具有正向影響、人力資本對組織績效具有負向影響；間接影響的部分，人力資本及員工流動率均對於管家治理程度及組織績效間具有顯著之中介效果。 ;Family businesses are the most prevalent organization form in Taiwan. Study of Taiwan Institute of Directors has shown about 73% of Taiwanese publicly traded companies are family businesses, whose revenue accounts for over 90% of Taiwan′s GDP. A lot of family businesses’ top managers come from within the family. They may have the tendency of stewardship. In the light of this, this study attempts to investigate the impact of the strengths and weaknesses of stewardship on organizational performance, and take turnover rate and human capital as the mediator. In this study, collect data from Taiwan Economic Journal. Use structural equation modeling (SEM) approach to test the model fit of the listed companies at stock exchange market in Taiwan at 2016, including 637 firms. To verify the hypothesis of this study by using Path Analysis′s standardized path parameter estimates and significance levels. Research results are summarized as follow: 1. Stewardship tendency has an obvious and positive influence on organizational performance. 2. Stewardship tendency has an obvious and negative influence on organizational turnover rate. 3. Organizational turnover rate has an obvious and negative influence on organizational performance. 4. The relationship between stewardship tendency and organizational performance is mediated by organizational turnover rate. 5. Stewardship tendency has an obvious and positive influence on human capital. 6. Human capital has an obvious and negative influence on organizational performance. 7. The relationship between stewardship tendency and organizational performance is mediated by human capital.
