家族企业二代接管经营困境的理论与实证研究——来自中国上市家族企业的经验数据  

The Theoretical and Empirical Study on the Business Dilemma of the Second Generation Succession in Family Firms——The Empirical Data from Listed Family Firms in China

作　　者：万伦来[1,2] 汪琴[1,2] 陈浴新[3] 

机构地区：[1]合肥工业大学经济学院,安徽合肥230061 [2]合肥工业大学工业信息与经济研究中心,安徽合肥230601 [3]安徽省电力公司,安徽合肥230061

出　　处：《华东经济管理》2017年第8期168-175,共8页East China Economic Management

基　　金：国家社会科学基金项目(13BSH024)

摘　　要：文章基于沪深A股上市家族企业的经验数据,运用倾向得分匹配法研究考察家族企业二代接管三年内管理成本、获取社会关系资本的成本以及经营绩效的变动趋势,并与同期发生高层领导权变换的上市非家族民营企业进行了对比分析。研究结果显示:家族企业二代接管3年内,企业管理成本呈现先升后降的趋势,为获取社会关系资本付出的成本平均增加85.87%,经营绩效平均下降48.89%;进而,通过对比同期发生高层领导权变更的上市非家族民营企业经营状况,揭示家族企业二代接管的亲缘利他行为本质。The paper, based on the empirical data of A-share listed family firms in Shanghai and Shenzhen Stock Exchange, applies thepropensity score matching to study the change tendency of family firms in the management costs, the costs of acquiring social capital andthe corporate performance in three years after the second generation succession. Moreover, the paper makes a comparative analysis on thelisted non-family private enterprises that the top management has changed during the same period. The study results show that： In thethree years after the second generation succession, the management costs of family firms have shown a tendency from rise to decline, thecosts of acquiring social capital have increased by an average of 85.87%, and the corporate performance has dropped by an average of48.89%; Furthermore, the paper, by comparing the operating conditions of the listed non-family private firms in which the top manage-ment has changed during the same period, reveals the essence of relative altruism behavior contained by the mode of second generationsuccession inside family firms.

关 键 词：家族企业 非家族民营企业 二代接管 经营困境 倾向得分匹配法 

分 类 号：F276.5[经济管理—企业管理]