家族企业传承意愿与社会资本投资

Succession Intention of Family Firms and the Investment in Social Capital

本文基于社会情感财富理论,以全国范围的民营家族企业为样本,实证检验了企业家传承意愿对家族企业社会资本投资的影响。研究发现,为了延续并保存家族的社会关系网络,企业家将企业传给子女的内部传承意愿对企业的社会资本投资有正向影响,其中创始人交班意愿对该项投资的影响比子女的接班意愿的影响更为显著。进一步的研究发现,地区社会资本会对传承意愿与企业社会资本投资的关系产生调节作用,基于特殊信任的以血缘为纽带的商帮文化思想会增强传承意愿对社会资本投资的影响,而基于普遍信任的良好的商业信用环境会削弱这种影响。

Based on the social economic wealth theory and employing the nationwide family firms as samples,this study empirically examines the impact of the owners succession intention on family firm s investment on social capital.The results indicate that in order to preserve the social network of the founding families,the founders intention of family succession is positively related to the family firm s investment on social capital,and that founders willingness to pass down the business has greater impact than the successor s willingness to take over.Additional tests find that the regional social capital also has the moderating effects on the association between succession intention and investment in social capital.The traditional culture of commercial group,which is based on the special trust within the network will enhance the positive impact of succession intention.While the business credit environment,which is based on the generalized trust,will reduce the positive impact of the succession intention.