本文以2001年至2020年台灣上市家族企業血親接班人為研究對象，運用最小平方法(OLS)，探討血親接班事件與家族企業現金持有政策以及自由現金流與投資敏感度的關聯。本研究實證結果如下：(1) 企業血親接班與否並不會顯著的影響企業的現金持有狀況。(2) 血親接班事件不會顯著影響企業自由現金影響投資的敏感度。以上結果皆顯示並無顯著證據證明家族企業血親接班者有過度自信的傾向。

This study takes relatives' successors in the family business listed on Taiwan Stock Exchange (TSE) from 2001 to 2020 as research samples to examine the relationship between relatives' succession events and the cash holding policy and investment–free cash flow sensitivity. The main findings list as follows：(1) Whether the relative's succession event happens or not, it does not affect the cash holding policy of the business. (2) The relatives' succession event does not significantly affect free cash flow-investment sensitivity. The findings above show no evidence that the relatives' successors may be overconfident.

目 錄
論文審定書…………………………………………………………… i
中文摘要……………………………………………………………… ii
英文摘要………………………………………………………….….. iii
第 一 章 緒論………………………………………………………. 1
第 二 章 文獻回顧與假說建立……………………………………. 4
第 三 章 樣本描述與研究設計……………………………………. 9
3.1家族企業與血親接班人定義……………………………...... 9
3.2接班事件定義…………………………….............................. 9
3.3資料來源與樣本選取…………………………….................. 9
3.4實證模型……………………………...................................... 11
第 四 章 實證結果……………………………………..................... 16
4.1敘述性統計與相關係數檢定……………………………...... 16
4.2血親接班前後現金持有狀況迴歸分析結果……………….. 17
4.3企業自由現金流對於投資敏感度受血親接班事件影響結果… 21
4.4區間變化測試…………………………….............................. 24
4.5迴歸結果討論…………………………….............................. 26
第 五 章 結論……………………………………............................. 31
參考文獻……………………………………………………….…….. 32

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