本研究主要利用會計資訊系統與統計科學方法，針對家族控制集團業，找出影響公司財務決策之顯著變數，進而提高公司績效。研究樣本選自2000年至2014年間，發生財務危機之台灣上市櫃與興櫃之家族控制集團業，計32家。實證分析上，運用Logistic迴歸分析，勝算比分析，擬定財務決策包括股利、融資、投資決策對公司績效之影響，使用28項財務比率變數與4項公司治理變數，利用Pearson相關檢定萃取變數，消除共線性，並建構信用風險預警模型，找出影響公司績效之顯著因子，透過財務控管的執行，進而避免財務危機之發生。
實證結果發現，影響家族控制集團業公司績效之顯著變數有速動比率(融資決策)、現金再投資比率(股利政策與投資決策)、每股盈餘(股利政策)以及現金流量比率(融資決策)，故財務決策與公司績效有顯著的關連性，值得家族控制集團業參考；提高每股盈餘(EPS)為強化獲利能力之關鍵因素，進而降低財務危機發生之機率，並提升公司績效，值得家族控制集團業之財務決策參考。
This study collected 32 companies from the listed, over-the-counter and emerging family-controlled groups in Taiwan with financial distress during 2000 to 2014 as research samples, employing the Logistic regression model to analyze the impact of financial decisions, inclusive of dividend policy, financing decision, and investment decision on corporate performance. The objective of the study is to establish the credit risk early-warning model to identify significant factors affecting corporate performance by using 28 financial ratios variables and 4 corporate governance variables. Through the implementation of the financial control can avoid the financial distress.
The results showed: (a) The significant variables in corporate performance of family-controlled groups is the quick ratio (financing decision), and the cash re-investment ratio (dividend policy and investment decision), and the EPS (dividend policy), and the cash flow ratio (financing decision). Consequently, the relationship between the corporate performance and the financial decisions is significant. (b) Solvency, operating performance, profitability, and cash flow indicators are the principal financial ratios variables which impact on the corporate performances. The empirical results support the five hypotheses established in this study. Implications, increase the EPS is a key factor enhance profitability of the company. The paper is useful to researchers and managers of family-controlled groups who are focused on financial decision-making implementation.
