A Case Study of the Dividend Announcement Effect of Taiwan’s Traditional Food Family Firm

[[abstract]]本研究旨在探討傳統食品家族企業於股票公開發行上櫃前後經營績效與股利宣告效果之關係，恆義公司為台灣區豆腐市場領導廠商，雖然公司上櫃增加證券主管機關、投資人與大眾媒體等外部管制監督，以致上櫃成本的增加，本研究實證結果恆義公司股票上櫃是明智之舉，或許家族成員財富未因上櫃而增加，但是上櫃最主要的貢獻是企業營收及獲利的成長，利於家族企業的永續經營，根據國內外文獻記載，家族企業傳承不易；家族企業的董事會及經營階層一般為家族成員掌握，故家族企業的公司治理較為複雜，如何增加外部獨立董監及專業經理人乃是家族企業面臨的難題。本研救建議為突破困境邁入企業新的里程碑，恆義公司可組成專案團隊，引進新的管理觀念如Porter的競爭策略(五力分析)、Kaplan的平衡計分卡及Handy的酢漿草組織，以及作業基礎成本制等，掌握核心競爭能力，擬定關鍵績效指標，從而進行企業變革及改善作業。[[abstract]]The purpose of this research is to discuss the relationship between management performance and dividend annoucement effect after Initial Public Offering(IPO) of a traditional family-owened food enterprise,The Herng-Yih co.ltd takes a leading role in Taiwan traditional do-fu market,although the company’s IPO on the OTC market increased monitoring cost due to external survellance and control from security authorities,private investors and public media.This research confirmed that the IPO was a wise decision to make.The wealth of family members may not benefit greater from IPO,but IPO action contributed a significant portion of capital to the company which increased sales revenue,profit and the chance of long-term operation,According to documents and foreign literature,transitional inheritance is always difficult for family-owned business.Family firm's board of directors and the management level generally are all assigned by the family members.The difficult problem faced by family firm is the corporate governance on how to increase outside independent board of directors and professional managers.This research suggests that Herng-Yih co,organize a special task force,introduces new management idea like Porter the competition strategy, the Kaplan balanced Scorecard and Handy creeping oxalis organization,as well as the Activity-Based cost system , focus on the core competitive ability,and install key performance indicators, in order carries on the enterprise evolution and improvement work