代际传承对家族企业金融投资的影响研究

Research on the Influence of Intergenerational Succession on Family Firms’Financial Investment

近年来,实业企业特别是广大民营家族企业的金融投资水平快速攀升引致的“脱实向虚”问题,引起了社会各界的广泛关注。利用中国A股家族控股上市公司数据,本文实证检验了二代接班对家族企业金融投资水平的影响关系,结果发现:(1)相比没有二代接班的家族企业,有二代接班的家族企业具有显著更高的金融投资水平;(2)相对而言,有实业背景的二代接班人更不倾向于进行金融投资活动。进一步本文发现,二代接班对金融投资水平的正向影响集中于二代接班的准备和上位阶段,同时家族创始人子女数量的增多会增强二代接班人对金融投资的偏好。而家族企业的金融投资特别是长期金融投资挤出了企业的实业投资,最终损害了企业未来的主业业绩。

In recent years,the financial investment level of enterprises particularly family firms has increased rapidly.This phenomenon has drawn intense attention from both government regulators and academia.In this study,we argue that the second-generation succession is an important specific reason for family firms’preference for financial investment.Using 9,701 firm-year observations of Chinese family listed firms from 2007-2018,we find that the second-generation succession has a positive effect on financial investment in family firms,while successors with professional background have less preference for financial investment.Further,the positive effect exists mainly in both preparation and epistasis stages of second-generation succession.The number of family founders’children will enhance successors’preference for financial investment.Finally,financial investment especially long-term one reduces real investment,and damages future performance.