二代接班与家族企业战略惯性——基于动态接班视角

Second-Generation Succession and Strategic Persistence of Family Companies——Based on the View of Dynamic Succession

以2005—2022年中国家族上市公司为样本,实证研究二代接班对家族企业战略惯性的动态影响,并进一步考察中国传统文化的调节作用。研究发现:二代部分接班显著提升家族企业的战略惯性,二代完全接班则显著降低家族企业的战略惯性。企业嵌入浓厚的地方宗族文化氛围会削弱二代部分接班对于家族企业战略惯性的下降效应;较强的地方投机文化嵌入则会增强二代部分接班以及完全接班后战略惯性的延续程度。对二代接班人个体特征的异质性分析表明,二代性别、出生世代和教育背景也会对其接班后的企业战略惯性产生一定影响。

Using Chinese listed family companies from 2005 to 2022 as the samples,the paper empirically investigated the dynamic impact of second-generation succession on the strategic persistence of family companies,and further examined the moderating role of traditional Chinese culture.The study found that:the partial succession of second-generation has significantly strengthened the strategic persistence of family companies,while the complete succession has dramatically weakened the strategic persistence.Strong local clan culture atmosphere in family companies would impair the effect of second-generation's partial succession.Meanwhile,stronger local speculative culture in family companies might enhance the continuation degree of strategic persistence after both partial and complete succession.Heterogeneity analysis revealed that,some other factors also had a certain effect on the strategic persistence after second-generation succession,like gender,birth cohort,and educational background.