资本市场对企业接班人涉入度的反应:基于企业内创业的视角

The Response of Capital Market to Involvement of Enterprise Successors from the Perspective of Intrapreneurship

打破家族企业“富不过三代”恶性循环、走出传承绩效断崖式下降的现实诉求使得企业主愈加关注在代际传承过程中打破传统经营模式,推动创新能力提升,实现转型发展。研究基于委托代理理论、社会情感财富理论、资源基础论等构建出代际传承四阶段理论和有调节的中介效应模型,深入探讨在企业内创视角下资本市场对企业接班人涉入度的反应,并剖析创新投入和跨代创业对代际传承四阶段与企业市场价值这一主效应的影响机制。通过2010—2019年376家上市家族企业的实证研究发现:资本市场对企业接班人涉入度的反应直接体现在企业市场价值上,在接班人担任非核心职位并参与管理的传承初期以及担任核心职位并辅佐父辈、共同管理的传承中期,家族企业市场价值显著提升;创新投入在传承初期和传承中期与企业市场价值的正相关关系中存在中介作用,同时在该阶段选择跨代创业,强化了传承初期和传承中期与企业市场价值间的正相关关系。在接班人部分接收管理的传承后期以及父辈退位由子辈完全接收管理的传承末期,家族企业市场价值则有所折损;而在传承末期进行跨代创业则正向调节了其与企业市场价值间的负相关关系;此外,跨代创业还削弱了创新投入与家族企业市场价值间的正相关关系。以家族企业长短期发展为切入点,以期为传承高峰期家族企业战略选择与创新发展提供理论支撑,并提出探索性建议。

The vicious circle that family business lasts less than three generations and the realistic demands of declining performance of inheritance make entrepreneurs further concern about breaking the traditional business pattern and promoting the innovation ability in order to realize economic transformation in the process of trans-generational transition.Based on the principal-agent theory,social emotional wealth theory and resource-based theory,etc.,the study constructs a four-stage theory of trans-generational transition and a moderated mediating effect model to explore the response of capital market to the involvement of enterprise successors from the perspective of intrapreneurship,and to dissect the influence mechanism of innovation input and the trans-generational entrepreneurship on four-stage theory of trans-generational transition and business market value.Through pool data testing of 376 listed family enterprises from 2010 to 2019,it is found that the response of the capital market to the involvement of the successor is directly reflected in the market value of the enterprise.The market value of the family enterprise increases significantly in the early stage of succession when the successor takes unimportant management position,and in the middle stage of succession when the successor takes core positions and assists the elder and/or co-management.Innovation input plays a mediating role in the positive correlation between the initial and the middle stages of inheritance.Meanwhile,it will strengthen the positive correlation of inter-generational entrepreneurship to the enterprise market value at the initial and the middle stages of inheritance.In the late period of succession and in the end period of succession when the successor took over the management of the family business,the market value of the family business is decreased.The trans-generational entrepreneurship in the late period of succession positively adjusts the negative correlation among enterprise market value and itself.In addition,trans-generational entrepreneurship also weakens the positive correlation between innovation input and the enterprise market value.The study takes the short-term and long-term development of family businesses as the breakthrough point,hopes to theoretical support for the strategic choice and innovative development of family businesses during the peak period of inheritance,and puts forward exploratory suggestions.