本文利用實務面的方式衡量2013-2022年台灣上市公司之親屬連結比率，探討家族成員在單一公司的滲透度對於公司績效表現波動度的影響。基準 OLS 估計結果顯示，較高的親屬連結比率與月度股票報酬率波動及公司價值波動呈現負相關，但對資產報酬率（ROA）波動沒有一致的影響，僅在 t+3期時出現例外。然而，進一步針對內生性問題的分析顯示，在 OLS 下觀察到的公司價值波動與親屬連結比率之間的負向關聯性，並未具有一致性的持續效果，反而在採用其他處理內生性的方法後轉為不顯著。相較之下，營運績效波動的估計結果則對方法的選擇較為敏感。額外的穩健性檢驗則以不同分位數的相對連結比率建立虛擬變數，確認研究發現並非由特定臨界值所驅動。;This study empirically measures the kinship-based relative links ratio of publicly listed companies in Taiwan from 2013 to 2022 and examines the effect of family member penetration within a single firm on the volatility of firm performance and value. Baseline OLS estimations indicate a higher relative links ratio is associated with lower volatility of monthly stock returns and firm value but has no consistent effect on the volatility of return on assets (ROA), except during the t+3 period. However, further analyses addressing potential endogeneity show that the negative association with firm value volatility observed under OLS does not consistently persist and instead becomes statistically insignificant once alternative endogeneity-addressing methods are applied. In contrast, the estimated effects on operational performance volatility are sensitive to the choice of method. Additional robustness checks construct dummy variables based on different percentiles of the relative links ratio confirm that the findings are not driven by specific cutoff definitions.
