基于TobinQ的上市家族企业后代涉入管理绩效分析

Analysis of enterprise performance of listed family firms in China with descendants involvement in management

针对中国家族企业面临代际传承的现象,选择2003-2016年上市家族企业为样本,用面板数据进行最小二乘法回归,实证考察家族企业代际传承对公司绩效的影响。该回归以企业托宾Q为因变量,一代和后代的任职情况为自变量,进一步研究后代进入企业任职,一代在企业担任不同职务的情形。结果表明,后代参与管理与TobinQ存在负相关性,创始人不同任职有着不同程度消极影响,结果在选择不同年份数据和更改控制变量后通过稳健性测试,ROE和ROA作因变量的检验结果不显著。

In response to the phenomenon that Chinese family firms are facing intergenerational transition, we examine the impact of family descendants involvement in management on performance of listed family firms. Using a sample from the period of 2003 to 2016, we have an OLS regression with panel data. TobinQ is the dependent variable while the positions of descendants and founders are independent variables. We further investigate the situation that family descendants involve in management while founders serve in different positions. The findings suggest that family descendants involvement in management have negative correlation with TobinQ of firms. Different positions served by founders influence performance of family firms diversely. The results are robust to different variables or data in diverse years. The results of ROE＆ROA are not noticeable.