家族企业代际传承:创新精神的延续抑或断裂?

Intergenerational Succession of Family Firms: A Continuation or Rupture of the Innovation Spirit?

利用中国2003-2013年上市家族企业数据样本,本文试图检验代际传承对企业创新的影响,以提供有利于解释中国家族企业基业长青阻碍因素的经验证据和分析思路。研究发现,家族企业代际传承抑制了企业创新,原因在于继任者的短视行为倾向。进一步地,对于经历了代际传承的家族企业而言,具有较少控股家庭内部冲突、良好的控股权设计及公司治理的企业,代际传承对于创新的破坏作用相对较弱。我们检验了代际传承过程中不利于创新的制度困境,发现较差的信息环境会导致代际传承中企业创新能力更为急剧的下降。同时,中国家族企业的代际传承对创新的负面影响产生了显著的价值损失。本文不仅从新的视角推进了家族企业的研究,对企业如何更好地创新、提升经济发展质量也具有重要的政策启示意义。

Using China＇s 2003-2013 listed family firms as our sample,this paper attempts to test family firm intergenerational succession effects on firm innovation to provide empirical evidence and a new insight to explain the hindering factors of family firms＇ long-term duration. It is found that the intergenerational succession of the family firm has restrained firm innovation and the reason lies in successors＇ myopia preference. Further,for a family firm that has experienced the intergenerational succession,if it has less holding family inner conflicts and a better ownership design and corporate governance,its innovation will suffer less from intergenerational succession. We test the institutional dilemma which is not conducive to firm innovation in family firms experiencing intergenerational succession,and find that poor information environment is harmful to the intergenerational succession of family business,leading to a sharper decline of firm innovation when intergenerational succession occurs. Meanwhile,the intergenerational succession of the family firm has brought about a significant loss of value. This paper not only extends the research on the family firm,but also provides policy implications for promoting firm innovation and even economic growth quality.