动态环境下代际传承对债务融资的影响  

Impact of Intergenerational Inheritance on Debt Financing in Dynamic Environment

作　　者：刘艳博 耿修林[2] Liu Yanbo;Geng Xiulin

机构地区：[1]三江学院法商学院,江苏南京210012 [2]南京大学商学院,江苏南京210093

出　　处：《企业经济》2025年第1期26-35,共10页Enterprise Economy

基　　金：教育部产学合作协同育人项目“基于新文科背景下的智能制造应用型人才培养模式研究”(项目编号:221000669143156);江苏省高校哲学社会科学研究一般项目“江苏省家族企业代际传承中的债务融资决策及影响研究”(项目编号:2022SJYB0699);江苏省社科应用研究精品工程“生产性服务业与制造业协同集聚促进江苏省制造业高质量发展的对策研究”(项目编号:22SYB-109)。

摘　　要：大多数中国家族企业正处在创一代和接班二代交接班的关键节点,这对企业的债务融资决策会产生重要影响。本文以利用2010—2022年中国A股上市家族企业为研究样本,基于代理理论和资源依赖理论,探讨代际传承对债务融资的影响以及内外动态环境对这一关系产生的作用。实证检验发现:二代管理权涉入通过降低企业风险促进了债务融资;家族控制对二代管理权涉入促进债务融资的作用具有增强效应,经济政策不确定性对二代管理权涉入促进债务融资的作用具有削弱效应;当经济政策不确定性较低时,家族控制增强了二代管理权涉入对债务融资的促进效应;经济政策不确定性较高时,这一效应并不存在;进一步研究发现,缺少政治关联和处在竞争激烈行业的家族企业的二代管理权涉入显著促进了债务融资。本文认为家族企业应提高二代权力地位、强化家族控制以及密切关注政策变化,以此改善企业融资环境,促使家族企业长期发展。Most Chinese family businesses are at a critical point of transition between the first generation and the second generation,which will have a significant impact on corporate debt financing decisions.Based on agency theory and resource dependence theory,this paper takes China's A-share listed family enterprises from 2010 to 2022 as samples to explore the influence of intergenerational inheritance on debt financing and the effect of internal and external dynamic environment on this relationship.The empirical test shows that the involvement of second-generation management promotes debt financing by reducing enterprise risk.Family control has an enhanced effect on the involvement of second-generation management power in promoting debt financing,while economic policy uncertainty has a weakened effect on the involvement of second-generation management power in promoting debt financing.When economic policy uncertainty is low,family control enhances the promotion effect of second-generation management power on debt financing.This effect does not exist when economic policy uncertainty is high.Further research shows that the second-generation management in family businesses with little political connection and in highly competitive industries significantly promoted debt financing.This paper holds that family business should improve the financing environment and promote the long-term operation by improving the power status of the second generation,strengthening family control,and paying close attention to policy changes.

关 键 词：二代管理权涉入 债务融资 家族控制 经济政策不确定性 

分 类 号：F270[经济管理—企业管理]