家族企业公司创业:海归继承人的影响效应  

Corporate Entrepreneurship of Family Businesses:The Impact of Second-generation Returnees

作　　者：傅颖[1,2] 方汉青 薄秋实 窦军生 斯晓夫[4] Fu Ying;Fang Hanqing;Bo Qiushi;Dou Junsheng;Steven Si(Center for Economic and Social Development of Central China,Nanchang University;School of Economics and Management,Nanchang University;Missouri University of Science and Technology;School of Management,Nanchang University;School of Management,Zhejiang University)

机构地区：[1]南昌大学中国中部经济社会发展研究中心 [2]南昌大学经济管理学院 [3]密苏里科技大学 [4]南昌大学管理学院 [5]浙江大学管理学院

出　　处：《南开管理评论》2021年第6期129-139,I0025,I0026,共13页Nankai Business Review

基　　金：教育部人文社会科学基金项目(19YJC630036);国家自然科学基金项目(71672173、71962019)资助。

摘　　要：家族所有权(权力涉入)和企业长期导向(意愿涉入)构成了家族企业的本质内涵,对这两个维度同公司创业的关系,学界一直存在争议。为缓解这一理论争议,本文基于2015年全国范围私营企业大样本调查数据,从代理理论特别是激励和监督视角研究了海归继承人涉入对上述关系的调节效应。实证结果表明,海归继承人涉入促进了家族所有权与公司创业之间的关系,抑制了企业长期导向与公司创业之间的关系。更换自变量的测量方案后,研究结论依然稳健。通过引入普通代际涉入替换海归继承人作为调节变量发现,前者不能影响上述两个自变量对公司创业的影响;通过路径作用分析发现,海归继承人任职层级越高,海归继承人促进家族所有权与公司创业之间的关系越显著。本文的研究结论对家族企业公司创业、代际涉入及海归创业具有重要理论贡献,提出了海归继承人涉入下家族企业实施公司创业的管理启示。Corporate entrepreneurship aims to enable the enterprise to be forward-looking through a series of internal innovation activities,and to pursue new market opportunities through corresponding risk-taking behaviors.The first-generation family businesses in China are now at a period of overlap of transformation and inheritance.It is critical for them to ur-gently use corporate entrepreneurship to enhance their vitality and stimulate their profit in-crease,and ultimately contribute to the companies’growth and devel-opment.The core con-notation of a family business includes:(1)the involvement of family governance factors,such as family share-holdings,family CEOs,which is known as the involvement of family ability;(2)family’s long-term control over the business,which is deemed the involvement of family willingness.In short,family ownership(ability involvement)and enterprises’long-term orien-tation(willingness involvement)constitute the essential connotation of fam-ily businesses.However,the relationships between these two dimensions and corporate entrepreneurship tend to have conflicting results.In order to alleviate the above contradic-tory results,based on the large-scale and multisource survey data of private enterprises in China in 2015,this paper studies the moderating effect of second-generation returnees on the above relationship from the perspective of agency theory,especially from the perspec-tive of incentive and supervision.In this paper,we define the second-generation returnees are those who have worked or studied overseas for more than one year and have already worked in family enterprises.The Hurun Report shows that more than 80%of the second-generation of family business-es choose to study abroad,and 40%of the successors or potential heirs have overseas educa-tion or work experience.Considering that China’s one-child policy has resulted in limited choices of successors for Chinese first-generation entrepreneurs,it is reasonable to say that the group of second-generation returnees will be a key fo

关 键 词：海归继承人 公司创业 家族企业 委托代理 家族所有权 长期导向 

分 类 号：F276.5[经济管理—企业管理] F272[经济管理—国民经济]