传承者特征调节作用下代际传承阶段对家族企业创新投入的影响研究  

The Impact of Intergenerational Succession Stages on Innovation Investment of Family Businesses with the Moderating Effects of Inheritor Characteristics

作　　者：严若森[1] 吴梦茜 李浩[1] 袁婧 YAN Ruosen;WU Mengxi;LI Hao;YUAN Jing(Wuhan University,Wuhan,China)

机构地区：[1]武汉大学经济与管理学院,武汉市430072

出　　处：《管理学报》2021年第11期1659-1670,共12页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(72072137);教育部人文社会科学研究规划基金资助项目(18YJA630126)。

摘　　要：基于社会情感财富理论,以2012~2018年中国沪深两市A股上市家族企业为样本,实证研究代际传承阶段对家族企业创新投入的影响,并考察传承者特征变量父辈创始人身份和二代内部历练时长对此影响的调节作用。研究发现:(1)较之于未发生代际传承的家族企业,处于二代参与管理阶段的家族企业的创新投入水平会更低;较之于处于二代参与管理阶段的家族企业,处于二代接收管理阶段的家族企业的创新投入水平会更高。(2)父辈创始人身份对二代参与管理与家族企业创新投入之间的关系,具有显著的负向调节作用;二代内部历练时长对二代接收管理与家族企业创新投入之间的关系,具有显著的正向调节作用。This study uses the listed family businesses in China from 2012 to 2018 as the research samples to empirically research the impact of the intergenerational succession stages on the innovation investment of family businesses. The moderating effects of two inheritor characteristic variables, namely the founder status of parents and internal training time of second-generation, are discussed in two stages respectively. The results show that:(1)compared with the family businesses without intergenerational succession, the family businesses in the second-generation involvement management stages have lower innovation investment, and compared with the family businesses in the second-generation involvement management stages, the family businesses in the second-generation takeover management stages have higher innovation investment;(2)the founder status of parents has a significantly negative moderating effect on the relationship between the second-generation involvement management and innovation investment, while internal training time of second-generation has a significantly positive moderating effect on the relationship between second-generation takeover management and innovation investment.

关 键 词：代际传承阶段 二代参与管理 二代接收管理 企业创新投入 社会情感财富 

分 类 号：C93[经济管理—管理学]