家族跨代创业中的外部股权投资者投资激励指数的构建与测量

Construction and Measurement of External Equity Investors' Incentive Indexes of Investment on Transgenerational Entrepreneurship of Family Business

外部股权融资已逐渐成为我国家族企业跨代创业的一种重要的新兴融资渠道。本文基于创业家族接班人的外部股权融资视角,应用PLS-SEM路径建模方法,构建了一个激励外部股权投资者进行股权投资的层次构念评估指数系统。应用Smartpls2.0M软件进行PLS-SEM路径建模分析,结构模型的统计结果表明:外部股权投资者投资意愿程度依次受接班人能力与市场前景;家族凝聚力与支持程度;投资者预期投资回报与项目前景以及投资者新企业涉入程度等4类指数显著性的正向影响。而构成型测量模型的统计结果表明:除了观测指标"新企业战略规划"显著性地负向影响其潜变量外,其他12个观测指标都综合构成并显著性地正向影响其潜变量。本研究构建了一个不同于西方的,反映我国家族企业跨代创业中的外部股权投资者投资激励程度的四分类层次构念模型,为我国创业家族接班人如何能够成功地进行过渡期和成长期外部股权融资,提供了有效的理论指导和实践启示。

External equity financing has gradually become an important new financing channel for our family business transgen- erational entrepreneurship. From the external equity financing perspective of entrepreneurial family successors, this paper adopts PLS-SEM path modeling and constructs a second-order formatively hierarchical construct model of motivating external equity inves- tors. Using smartpls2.0 software to analyze the structure mode, the statistics show that the degree of equity investing willingness to investors is strongly sequent affected by its expected level of returning on investment and project prospect, the level of involvement in the new enterprise, the successor＇s capabilities and market prospect, family cohesion and the degree of supporting. Analysis of the measurement model shows that except for the strategy planning of new enterprises negative impacts on its latent variable, all of the 12 observed indicators comprehensively constitute and positively impact on their latent variables. This study provides effectively theoret- ical and practical inspiration for external equity financing of family business successors.