本研究主要探討集團企業控制型態轉變與公司價值及財務績效之關聯性。研究對象以台灣上市櫃非金融業之集團企業為對象，研究期間為2002年至2019年，研究樣本共計27,552筆觀察值。實證結果發現，集團企業控制型態轉變與公司價值有顯著正向關聯性；而集團企業控制型態轉變與短期財務績效有顯著負向關聯性。研究目的希望能提供企業做為是否需推動集團企業控制型態轉變的相關證據，以及做為企業永續經營之參考。
本論文的主要貢獻為：過去對於所有權型態的研究，大多皆是強調經理人持股比率如何影響公司績效，較少探討集團企業控制型態轉變對公司價值與財務績效的影響。因此，探討不同型態的轉變是否影響公司價值及財務績效，實具有實務與學術的參考價值。此研究具有的管理意涵為：企業可以將集團企業控制型態轉變列為重要的治理評估參考，以達到永續經營。
關鍵字：集團企業、控制型態、公司價值、財務績效。

This study mainly discusses the relation between business groups and firm value and financial performance. Using 27,552 observations from Taiwan Economic Journal during the years from 2002 to 2019, the empirical results show that the change of control types of business groups has a significant positive correlation with firm value.
However, the change of control types of business groups has a significant negative correlation with short-term financial performance. This study provides evidence for the enterprises to promote the change of control types of business groups and to provide references for the sustainable operation of enterprises. In the past, the research on ownership patterns mostly emphasizes how the ratio of managers' shareholding affects the performance of the company, but less discusses the influence of the change of control types of group enterprises on the firm value
and financial performance. Therefore, it is of practical and academic reference value to explore whether different types of changes affect the firm value and financial performance. The management implication of this study is that the enterprise can make the change of control types as an important reference for governance evaluation, so as to achieve sustainable operation.
Key words: Business Groups, Control Types, Firm Value, Financial Performance.

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