代际传承、创始人特征与家族企业长期投资  

Intergeneration Succession,Founder Character and Family Firm's Long-term Investment

作　　者：惠男男[1] 许永斌[2] 

机构地区：[1]浙江科技学院经济与管理学院,浙江杭州310023 [2]浙江工商大学财务与会计学院,浙江杭州310018

出　　处：《财经论丛》2016年第12期46-55,共10页Collected Essays on Finance and Economics

基　　金：浙江省社科规划课题(17NDJC249YB);国家社会科学基金重点项目(14AGL009);教育部人文社会科学研究青年基金项目(16YJC630042)

摘　　要：以处于代际传承时期的家族上市公司为研究样本,运用多元回归模型研究代际传承时期控制家族的长期投资政策以及创始人特征的影响。结果显示:与进入代际传承实施期前五年相比,进入传承实施期后五年的长期投资规模显著下降,表明控制家族在代际传承时期通过调低长期投资规模降低风险,帮助企业顺利实现交接班;创始人年龄起到显著的增强作用,即创始人年龄越长,长期投资规模调低的幅度越大。可见,代际传承这一特殊阶段会影响家族企业长期投资决策,而且随创始人特征不同表现出较强的异质性。Using data of listed family firms which are at the stage of intergenerational successio and based on the multivariable regression model,this paper analyzes the controlling family's long-term investment policy in the succession practice period and the impact of the founder characters. The results are as follows:( 1) In order to reduce the risks for the successful intergenerational succession,the controlling family tends to decrease the scale of the long-term investment after the firm enters succession practice period;( 2) The older the founder is,the larger the decreased scale of the long-term investment. The paper concludes that the special period of intergenerational succession does have an impact on the long-term investment of family firms,and there is a quite strong heterogenicity according to the different characters of the founders.

关 键 词：家族企业 代际传承 长期投资 

分 类 号：F276.5[经济管理—企业管理]