权、财是“放”还是“收”?——传承背景下家族企业创新中的父爱纠葛  

Whether Power and Wealth Should be"Released"or"Retained"?The Paternal Entanglement in Innovation of Family Firms under the Context of Succession

作　　者：吴炯[1] 黄钧瑶 Jiong Wu;Junyao Huang(Clorious Sun School of Business and Management,Donghua University)

机构地区：[1]东华大学旭日工商管理学院

出　　处：《管理学季刊》2024年第2期86-110,164,165,共27页Quarterly Journal of Management

基　　金：教育部哲学社会科学研究后期资助重大项目“面向企业断续成长的组织秩序调适——基于家族企业代际传承的观察”(23JHQ023);国家社会科学基金“社会嵌入理论视域下家族企业跨代创业团队的关系治理研究”(21BGL010);中央高校基本科研业务费专项资金(CUSF-DH-T-2023054)的资助。

摘　　要：创始人卸任给家族企业的传承转型带来复杂影响,关于其对接班人的爱究竟是推动还是阻碍创新,答案莫衷一是。为此,本文以2007~2019年已完成代际传承的A股上市家族企业为样本进行实证检验。结果显示,围绕权力和财务的代际传递,存在两条实证上互悖的逻辑,即创始人所有权下放通过财务柔性正向促进企业创新,而控制权转移则在财务柔性与创新间发挥负向调节作用。进一步有关两逻辑相互作用及接班人掌权情况的对比研究说明,权力转移存在滞留现象,正式权力之外的剩余控制权是主导企业创新选择的关键。本文将亲子关系中的放手问题延伸至家族企业治理,深入剖析创始人既支持又抑制的父爱纠葛,为理解家族企业传承与创新间的争议问题提供全新视角。The inheritance of family firms is a distinctive process of socialization,wherein founders must navigate the delicate balance between ensuring intergenerational control and preserving family ownership,while also taking into account the divergent emotional orientations.In this context,the founders may present diversified role characteristics,which are positive,negative or both.The multiple motivations behind this complexity have a profound impact on the development direction and long-term stability of the family firms.However,current research on this phenomenon is not comprehensive enough,as it primarily focuses on descriptive or unidimensional analyses and fails to fully explore the underlying factors and multi-dimensional trade-offs behind behavior,leading to controversy surrounding the role of founders in family firm succession innovation.This has led to ongoing controversies regarding the role of founders in the inheritance and innovation of family firms.Addressing the limitations of existing theories,this article focuses on the interplay between power structures,wealth management,and decision-making behaviors within family firms.It attempts to construct a comprehensive analytical framework that encompasses two key dimensions:"explicit care based on resource granting"and"implicit control based on behavioral inhibition",from a dual perspective of paternalism.This framework aims to deepen our understanding of the internal mechanisms of the paradoxical effects and emotional dilemmas faced by founders during the process of business inheritance.This study employs a sample of A-share listed family firms that have undergone intergenerational inheritance from 2007 to 2019.Utilizing stepwise regression and the Bootstrap method,it aims to investigate the mediating and moderating effects of intergenerational transmission of power and wealth on enterprise innovation.Furthermore,it examines the moderating mediating effects and the actual situation of succession power operation.The findings reveal that founders,influenced b

关 键 词：代际传承 家族企业创新 父爱主义 资源配置 

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