代际传承与家族企业金融化的实证研究

An empirical study on intergenerational inheritance and financialization of family firms

近年来,越来越多家族企业进入代际传承阶段,二代继承人的接班可能对企业的资产配置决策产生重大影响。文章基于权威理论,选取2008~2019年中国A股上市家族企业作为研究样本,研究代际传承对家族企业金融化的影响。研究发现:代际传承对家族企业金融化水平有显著正向影响,而这种正向影响在家族控制权较大、家族化途径为直接创办、所处市场竞争激烈的家族企业中会被削弱。

In recent years,more and more family businesses have entered the stage of intergenerational inheritance,and the succession of second-generation heirs may have a significant impact on the company’s asset allocation decisions.Based on authority theories,this paper selects China’s A-share listed family businesses from 2008 to 2019 as a research sample to study the impact of intergenerational inheritance on the financialization of family businesses.The study found that intergenerational inheritance has a significant positive impact on the level of financialization of family businesses,and this positive impact will be weakened in family businesses with greater family control,direct family establishment,and fierce market competition.