“逐利”还是“重情”:家族企业代际传承中的目标研究

“To Pursue Profit”or“To Value Emotion”:Research on the Goals of Family Firms in the Intergenerational Succession

“逐利”还是“重情”,寓意着家族企业在代际传承过程中更加重视财务目标还是更加重视社会情感财富目标。这是家族企业在目标决策中经常面临的一个困境。然而现有研究对这一现象及其背后的影响机制缺乏足够的重视,因此文章区分家族企业代际传承的不同阶段,研究企业目标问题。利用2006—2021年A股上市家族企业样本,实证研究发现:在代际传承期间,家族企业对不同目标的重视程度具有动态性,即接班准备阶段更偏向SEW目标,随着二代接班上位则更偏向财务目标。这一结论在经过一系列稳健性检验之后依然成立,并且证实企业风险承担水平是代际传承中目标决策的影响机制。进一步检验发现,在代际传承的不同阶段,创始人任职情况也会对企业目标产生影响。最后,文章发现家族企业对于SEW目标的偏向是有代价的,表现为企业绩效折损。

To pursue profit or to value socioemotional wealth(SEW)implies that family businesses place greater emphasis on financial goals or socioemotional wealth goals in the process of intergenerational succession.However,the existing research lacks due attention to this phenomenon and its influence mechanism.Therefore,this paper distinguishes the different stages of intergenera-tional succession of family firms and studies the enterprise goals.Using the sample of A-share listed family firms from 2006 to 2021,the empirical study finds that:during the intergenerational succession period,family firm’s goal preferences are dynamic,that is,the SEW goals are preferred before the second generation takes over the family firm,and the financial goals are preferred after the second generation becomes a real leader.This conclusion is still valid after a series of robustness tests,and it is confirmed that the level of enterprise risk bearing is the impact mechanism of goal decision-making in intergenerational succession.Further examination finds that at different stages of intergenerational succession,the tenure of founders also has an impact on family firms’goals.Finally,this paper finds that the preference of family firms for SEW goals comes at a cost and will lead to some loss in business performance.