家族企业代际传承与数字化转型:激励还是抑制?  

Family Firm Succession and Digital Transformation:Promotion or Inhibition?

作　　者：李思飞[1] 李鑫 王赛 佟岩[2] Li Sifei;Li Xin;Wang Sai;Tong Yan(International Business School,Beijing Foreign Studies University;School of Management and Economics,Beijing Institute of Technology)

机构地区：[1]北京外国语大学国际商学院 [2]北京理工大学管理与经济学院

出　　处：《管理世界》2023年第6期171-187,共17页Journal of Management World

基　　金：国家自然科学基金面上项目“企业集团的债券管理模式:影响因素与经济后果”(基金号:72072012);教育部人文社会科学研究一般项目“去杠杆政策对民营企业融资决策的影响研究”(项目号:20YJ630035);北京市社会科学基金项目“数字化转型对京津冀企业ESG的影响及路径研究”(基金号:22GLC057)的资助。

摘　　要：在新发展格局下,我国家族企业面临着代际传承和转型升级的双重挑战。代际传承的顺利进行是家族企业建立现代企业制度、弘扬企业家精神、实现可持续发展的关键;把握数字经济发展浪潮,积极推进数字化转型,是促进企业高质量发展的重要驱动力。在此背景下,本文以2010~2020年沪深两市家族企业为样本对代际传承与数字化转型的关系进行了研究,实证结果发现,代际传承会显著抑制数字化转型,而降低风险承担和加剧融资约束是产生上述效应的两个路径。通过比较数字化转型与企业传统创新的差异,本文发现,家族企业代际传承对数字化转型的影响要显著强于对企业传统创新决策的影响。进一步地,当家族企业规模较小、家族冲突较大、家族企业为直接创办,以及行业竞争激烈、货币政策紧缩、地区知识产权保护较弱时,代际传承对数字化转型的影响更为明显;而男性继承人,继承人的海外背景、数字化专业及金融背景则会弱化代际传承带来的影响。本文为代际传承影响家族企业战略变革的相关研究提供了新的经验证据,对家族企业科学制定数字化转型决策以及政府制定民营经济高质量发展和推动数字经济与实体经济深度融合的相关政策也具有一定的参考价值。Within the new development paradigm,Chinese family firms face the dual challenges of succession and transformation and upgrading.The smooth progress of family succession is the key to establish a modern business system,promote entrepreneurship and realize the sustainable development for family firms.Seizing the wave of digital economy and advancing digital transformation are the key driving forces to promote the high-quality development of Chinese enterprises.Given above institutional settings,this paper investigates the association between family succession and digital transformation with the sample of Chinese listed family firms from 2010 to 2020.We find that family succession significantly restrains corporate digital transformation,while reducing risk-taking and aggregating financial constraints are two channels through which family succession restrains digital transformation.By comparing the discrepancies between digital transformation and traditional innovation of enterprises,we find that family succession has more pronounced effect on digital transformation than on traditional innovation.Furthermore,the cross-sectional analyses show that the inhibiting effect of family succession is more pronounced when family firms have smaller sizes,greater family conflicts,and are entrepreneurial types,and when firms are in more competitive industries,face tight monetary policies and are in the area with weaker property right protection.Meanwhile,the male successors and the heirs overseas background,digital related professional and finance backgrounds weaken the negative effect of family succession on digital transformation.This paper provides new evidence for related literature on whether family succession affects corporate strategic decisions,and also provides implication for the family firms to make scientifically digital transformation decisions and for the authorities to enact policies to promote the high-quality development of private sectors and the deep integration of digital economy and real economy.

关 键 词：家族企业 代际传承 数字化转型 风险承担 融资约束 

分 类 号：F276.5[经济管理—企业管理] F832.51[经济管理—国民经济]