制度环境、二代涉入与目标二元性——来自中国家族上市公司的证据

Institutional Environment, Second-generation Involvement and Objective Duality: An Empirical Study from Chinese Listed Family Firms

目前,中国家族企业代际传承高峰已经到来,但鲜有研究关注二代涉入后家族企业的目标导向将会如何随之变化,本研究试图填补这一缺憾。本研究以2010-2016年进入代际传承阶段的中国上市家族企业为样本,根据中国家族企业的实践与特点,选取经济目标和家族和谐目标的二元视角,探讨家族二代成员所有权和管理权涉入程度对这两类目标的影响,并结合中国情境考虑制度环境在其中的调节作用。研究发现,二代成员的所有权涉入程度与经济目标正相关,与家族和谐目标负相关;二代成员的管理权涉入程度与经济目标负相关,与家族和谐目标正相关;制度环境在其中起到一定的调节作用。

In China's 40 years of reform and opening up, the private economy has made great progress, family businesses have gradually become an important part of Chinese private enterprises. As the first generation of entrepreneurs gradually became close to the flower, the peak of intergenerational inheritance of Chinese family businesses has arrived. The impact of the involvement of second generation members on family businesses has become a topic of concern. From the perspective of the duality of objectives, this paper selects data of Chinese listed family companies from 2010 to 2016 period to explore how the involvement of family members and management rights in the second generation of the family affects corporate economic goals and family harmony goals, and introduces the institutional environment as a moderator variable. The study finds that there is a positive correlation between the ownership of the second-generation members and the economic goals, and there is a negative correlation between the ownership of the second-generation members and the goals of family harmony. There is a negative correlation between the management rights of the second-generation members and the economic goals, and there is a positive correlation with the family harmony goals. The institutional environment moderates the negative relationship between the second-generation management rights and the economic goals, and also moderates the positive relationship between the second-generation management rights and the goal of family harmony. Considering that the management rights of the second-generation members may have a reverse causal relationship with economic goals, this paper selects the sex ratio of male and female births in the region where the sample enterprise is located as the instrumental variable of the management rights of the second-generation members. Using 2SLS regression, the regression results further strengthen the research conclusions that the negative correlation between the management rights of the second-generation members and the economic goals, to some extent, alleviate the endogenous concerns of the conclusions of this study. The research conclusions of this paper can provide reference for the establishment and adjustment of family business goals during the intergenerational transmission stage.