二代继任者社会资本与企业风险承担水平——基于家族企业代际传承实施期的分析

Social Capital of Second-generation Successor and Corporate Risk-taking Level——Based on the Analysis of the Implementation Period of Intergenerational Succession of Family Firms

以2005—2016年进入代际传承实施期的上市家族企业为研究样本,考察二代继任者社会资本与企业风险承担水平之间的关系。研究结果表明,在代际传承实施期,二代继任者社会资本对企业风险承担水平有提升作用,但这种作用在政府质量较高的地区有所削弱。无论地方政府质量高低,二代继任者发展非权力性社会资本都会提升企业风险承担水平;但在地方政府质量较低时,二代继任者更加依赖权力性社会资本提升企业风险承担水平。企业风险承担水平与会计绩效之间呈倒U型曲线关系,二代继任者社会资本会加剧这种关联。

This paper takes China’s listed family firms in intergenerational succession period from 2005 to 2016 as research samples, and conducts an empirical analysis of the internal relationship between the social capital of the second-generation successor and the corporate risk-taking.The study find that in the intergenerational succession period, the social capital of the second-generation successor helps to improve the level of corporate risk-taking, but this effect will be weakened in areas with higher government quality.Besides, regardless of the quality of the local government, the second-generation successor’s non-powered social capital will raise the level of corporate risk-taking;but when the local government’s quality is low, the second-generation successor relies more on the power of social capital to improve the level of corporate risk-taking.There is an inverted U-shaped curve relationship between corporate risk-taking and accounting performance, and the social capital of the successor will exacerbate this relationship.