本研究欲探討家族企業與非家族企業在IPO後一年內是否會有不同的績效狀況表現以及何者表現較佳。過去文獻多探討家族企業與非家族企業在長期經營上的績效差異，且台灣之家族企業長期而言表現較差。但在近十年公開上市的企業中卻有過半為家族企業，因此，本文透過研究2009至2018十年間公開上市之台灣企業，分別使用以稅前息前折舊前衡量的ROA、以淨利衡量的ROA與Tobin’s Q三者作為公司績效衡量標準，研究公司上市後一年的表現差異。
實證結果顯示，是否為家族企業在IPO後一年內以稅前息前折舊前衡量的ROA和以淨利衡量的ROA都無顯著差異，無法說明家族特性對於公司ROA增長有影響。但對於家族企業的Tobin’s Q表現有正向顯著，考量到公開上市後可能被稀釋股權或控制權減弱等對家族企業影響較大的因素下，家族企業選擇公開上市對市場投資人提供一個較積極正向的訊號，使市場對於家族企業上市的反應較為熱絡與強烈。

Public listing is a way for a company to obtain development funds, and it can also increase its strategic position and market share; but it also makes the company responsible to shareholders and investors and may be merged by competitors.
In the past, research mostly discussed the performance difference between family and non-family businesses in the long-term operation, and family businesses in Taiwan performed poorly in the long term. However, it is interesting that more than half of the companies that have been publicly listed in the past ten years are family companies. Therefore, this article intends to study whether family characteristics will cause family companies and non-family companies to have different performance status within one year of IPO.
This article studies the publicly listed Taiwanese companies from 2009 to 2018, and use ROA measured before tax, interest and depreciation, ROA measured by net profit, and Tobin’s Q as the measurement standards. The empirical results show that whether it is a family business, there is no significant difference in ROA within one year after the IPO. However, the performance of Tobin's Q for family companies is positive and significant. Considering the factors that may have a greater impact on family companies such as dilution of equity or weakening of control rights after public listing, family companies choose public listing to provide a more positive effect for market investors. The positive signals have made the market stronger in response to the listing of family companies.

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