代际传承、培养模式与私募股权投资

Intergenerational Succession,Training Mode and Private Equity Investment

代际传承对家族企业的影响受到了各界的关注。以我国上市家族企业为研究样本,基于资源观理论和资产专用性理论,实证分析了代际传承对家族企业接受私募股权投资的影响。研究发现,与未完成代际传承的家族企业相比,已完成代际传承的家族企业接受私募股权投资显著减少。进一步研究发现,代际传承中接班人的培养模式同样会对家族企业接受私募股权投资产生影响,在代际传承后,相对于内部培养,外部培养接班人的家族企业更倾向于接受私募股权的投资。研究结论可为资源观理论和资产专用性理论的争论提供实证证据,为家族企业选择接班人培养模式提供参考。

The influence of intergenerational succession on family business has attracted attention from all walks of life.Taking the listed family enterprises in China as the research samples,based on Resource-Based View and Asset Specificity Theory,this paper empirically analyzes the influence of intergenerational succession on family enterprises acceptance of private equity investment.It is found that compared with the family enterprises that have not completed intergenerational succession,the family enterprises that have completed intergenerational succession receive significantly less private equity investment.Further research shows that the training mode of successors in intergenerational succession also has an impact on family enterprises acceptance of private equity investment.After intergenerational succession,compared with family enterprises whose successors receive internal training,family enterprises that cultivate successors with external training are more likely to accept private equity investment.The conclusion of the paper can provide empirical evidence for the arguments of the Resource-Based View and Asset Specificity Theory,and provide suggestions for the family business on the training mode for their successors.