传承之惑——基于长、珠三角洲家族企业接班行为的评价

The Puzzle of Succession——An Evaluation on Enterprise Behavior in Yangtze River Delta and Chu Chiang Delta of China

传承被认为是家族企业生命周期中的重要环节,以往文献关于传承效果的评估由于缺乏数据而不能深入,本文通过中国工业企业数据库挖掘出1999-2007年浙江、江苏、广东三省家族企业发生传承和未发生传承的样本进行对比,利用倍差法发现由传承带来的产出和利润增长都不尽如人意,但是第二代继承人也有积极的行动,对于新产品和出口的追求,以及在公司内部管理的其他改革举措,有积极效果。这个结论和其他经济体中家族传承对业绩负向的理论支持和实证结论不尽相同,本文认为教育和新观念在家族企业的传承中起到了积极作用,当然还需要加强代际沟通、互相学习,并对第二代的进取意识进行有效保护。

Passing down the family business to next general is an important event for family-owned firms. Due to lack of data, little broad and in-depth research on the performance of transitioning a family business to next generation had been done in Chinese literature. This research investigates some succession cases of family-owned business by usingdifference-in-differ- ences Estimation method. Samples and controls examined are some family enterprises in Zhejiang, Jiangsu and Guangdong provinces ; data were extracted from ＂Chinese industrial enterprises database＂ in the period of 1999-2007. Even though during and after the transitioning of the succession, few family business succession cases were successfully in terms of productivity and profit increase, our examination shows a negative results that the second generation had been taking actions on facilitating new management, innovation and marketing strategy including expanding market to overseas, as opposed to the performance theory and empirical findings on other economy environment. Authors believe that education and new ideas may be critical during the family business succession, in the meantime, strengthening communication and collaboration in generations and protecting of second generations ambitious idea and strategy are also key to a successful succession.