二代涉入、政治关联和家族企业长期债务融资

Second Generation Involvement, Political Connections and Long-term Debt Financing of Family Businesses

在家族企业普遍迎来代际传承的背景下,其融资难的问题更显突出。基于我国上市家族企业样本,实证检验了二代涉入对上市家族企业长期融资的影响。实证结果表明,在家族企业的代际传承前期,二代涉入企业管理层有助于企业获得长期借款;而在代际传承后期,亦即当家族第二代成为企业董事长则会阻碍企业获得长期债务融资;同时,当创一代政治资本强于第二代时,在二代主导控制家族企业后,企业能获得的长期债务融资下降幅度更加显著。

In the context of the family-owned enterprises generally ushered in intergenerational inheritance,the problem of financing difficulties is more prominent.Based on the sample of listed family enterprises in China,the empirical analysis of the impact of the second generation involvement on the long-term financing of listed family businesses.The empirical results show that in the early stage of intergenerational inheritance of family businesses,which the second generation involved in the management of the enterprise helps the company to obtain long-term loans;and in the later period of intergenerational inheritance,when the second generation of the family becomes the chairman of the company,it will hinder the enterprise.At the same time,when the generation of political capital is stronger than the second generation,after the second generation dominates the control of the family business,the long-term debt financing that the enterprise can obtain is more significant.