家族二代何以成为企业创新的推动者?——家族传承异质性对企业创新影响研究

Why does the Second Generation of the Family Become the Promoter of Enterprise Innovation?The Impact of Family Inheritance Heterogeneity on Enterprise Innovation

根据传承异质性水平不同将家族传承模式分为父子共同创业继承和内部培养继承,从企业创新角度理解“代际传承之困”。研究结果表明,与培养继承的接班二代相比,父子共同创业的二代接班后企业的研发投入水平更高、创新绩效更好。进一步研究发现,家族持股比例提高、一代创始人在企业“垂帘听政”缩小了两类传承方式下家族企业创新的差异,此外二代性别和受教育水平对传承异质性与企业创新的关系具有调节作用。机制检验表明,父子共同创业二代继承的家族企业风险承担水平更高,并且能够缓解企业融资约束,从而促进企业创新。本文以新型加转轨经济背景下中国家族企业发展历史为依据,考察不同传承异质性水平下企业创新行为,对家族企业顺利完成代际传承、实现“基业长青”具有一定的启示。

The development of family enterprises is closely related to a country's political and economic reform process.With the deepening reform and opening up,the entrepreneurial generation gradually receded into the background,and family enterprises have entered the peak of intergenerational inheritance.Many studies show that family enterprises will suffer great value loss during inter-generational inheritance,and the R&D level of enterprises will be significantly reduced.Rooted in the historical background and evolution of enterprise development,we divide Chinese family enterprises into two categories:One is restructured from state-owned enterprises or collective enterprises in the privatization process of state-owned enterprises,and the other is generated in the“entrepreneurial wave”.According to the differences in the development stages of family enterprises during the secondgeneration successor training period,we divide inter-generational inheritance into two modes with different heterogeneity levels:father-son joint venture inheritance mode and internal cultivation inheritance mode.Through the research on Chinese family enterprises from 2004 to 2017,the empirical results show that,compared with the second generation of internal cultivation inheritance,the second generation of father-son joint venture inheritance has a higher level of R&D investment and better innovation performance.Further research shows that,the increase of family shareholding ratio and the“blind governance”of the first generation narrow the differences of family enterprise innovation under the two modes.In addition,the gender and education levels of the second generation have a moderating effect on the relationship between inheritance heterogeneity and enterprise innovation.The mechanism test shows that,family enterprises under the father-son joint venture inheritance mode have a higher level of risktaking and ease the financing constraints of enterprises,thus promoting enterprise innovation.In terms of theoretical contributions,this paper deeply analyzes the dynamic relationship between the growth experience of the second generation and the development of family enterprises,and divides inter-generational inheritance into two inheritance modes with different heterogeneity levels,which enriches the research on the second generation of family inheritance.In addition,this paper explains the impact of entrepreneurship on resource allocation and decision-making preference of family enterprises from three aspects:cognitive branding,ability branding,and emotional branding,which is a supplement to the research on the sustained impact of entrepreneurial branding.In terms of practical contributions,based on the development history of Chinese family enterprises in the context of emerging and transitional economies,this paper examines corporate innovation behaviors under different levels of inheritance heterogeneity,which has implications for family enterprises to successfully complete intergenerational inheritance and achieve sustainable foundation.