家族企业代际传承、金融化及业绩  

Intergenerational Succession,Financialization and Performance of Family Firms

作　　者：何理 唐艺桐 He Li;Tang Yitong

机构地区：[1]中国社会科学院大学应用经济学院 [2]北京大学光华管理学院

出　　处：《财经科学》2022年第10期1-15,共15页Finance & Economics

基　　金：北京市社会科学基金重点项目“京津冀协同发展中的区块链与供应链金融应用研究”(19JDYJA008)的资助。

摘　　要：近些年来,中国的家族企业正经历着代际传承的高峰期。同时,越来越多的实体企业投资金融资产,导致金融化程度上升。本研究基于2007—2019年中国A股上市家族企业的数据,对家族企业代际传承过程中金融化程度的变化规律,以及最终对未来业绩的影响进行了实证分析。主要研究结论如下:第一,家族企业二代传承后,其金融化程度显著上升;第二,随着金融化程度的上升,家族企业的未来总业绩没有显著变化、未来主业业绩显著下降、未来金融业绩显著上升;第三,不同程度的家族控制权比例很可能是家族企业二代传承后选择推动金融化程度上升的重要因素。本研究为企业金融化这一现象补充了新的理论解释,并深化了关于家族企业代际传承过程及二代权威合法性的理论认识。In recent years,Chinese family firms are facing the peak period of the second generation’s succession.At the same time,more and more entities invest in financial assets,which leads to an increase in financialization.Based on the data of China’s A-share listed family firms from 2007 to 2019,this paper empirically analyzes the changing law of the degree of financialization in the process of family firms’intergenerational inheritance,and ultimately the impact on future performance.The main research conclusions are as follows.First,the degree of financialization of family enterprises has increased significantly after the second generation succession.Secondly,with the increase of financialization,the future total performance of the family business will not change significantly,the future performance of the main business will decrease significantly,and the future financial performance will increase significantly.Thirdly,the proportion of family control rights in different degrees is likely to be the mechanism to promote the degree of financialization after the second-generation succession of family enterprises.This paper adds a new theoretical explanation to the phenomenon of the financialization of enterprises,and deepens the theoretical understanding of the intergenerational succession process of family enterprises and the legitimacy of the second generation authority.

关 键 词：家族企业 代际传承 金融化 权威合法性 控制权 

分 类 号：F832.5[经济管理—金融学]