代际传承与家族企业ESG表现——基于传承多阶段演进视角  

Intergenerational Succession and ESG Performance of Family Firms:Based on the Perspective of Multi-stage Evolution in Inheritance

作　　者：马凌远[1] 尤航 MA Lingyuan;YOU Hang(School of Economics,Zhengzhou University of Aeronautics,Zhengzhou 450046,China;School of Finance,Zhejiang Gongshang University,Hangzhou 310018,China)

机构地区：[1]郑州航空工业管理学院经济学院,河南郑州450046 [2]浙江工商大学金融学院,浙江杭州310018

出　　处：《财经论丛》2025年第3期99-111,共13页Collected Essays on Finance and Economics

基　　金：国家社会科学基金青年项目(20CJY026);河南省高等学校青年骨干教师项目(2020GGJS176);河南省高等学校重点科研项目(23A790014)。

摘　　要：中国家族企业已进入代际传承的高峰期,在新发展理念和“双碳”目标下,代际传承对家族企业ESG表现的影响是一个值得关注的问题。本文基于社会情感财富理论,以代际传承阶段演进为切入点,探究家族企业ESG表现的影响机制。利用中国家族上市公司的数据进行实证检验,结果表明,代际传承对家族企业ESG表现的影响具有显著的阶段性特征,二代接班准备期的家族企业ESG表现相对更好,而二代接班上位治理对家族企业ESG表现具有显著的抑制作用;两代认知差异既削弱了接班准备的正向影响,也削弱了接班上位的负向影响,而女性继承人则强化了代际传承两个阶段对企业ESG表现的作用。进一步的分析表明,当家族企业规模、家族冲突水平较大时,二代接班上位对ESG表现的抑制效应更为明显。此外,创始人完全退出后,二代自治对ESG表现具有显著的消极影响。本文为家族企业代际传承的影响提供了新的经验证据,同时也对政府推动民营企业ESG发展和经济转型升级具有一定的参考价值。Chinese family firms have entered a peak period of intergenerational succession,and under the background of the new development philosophy,the impact of intergenerational succession on ESG performance is a noteworthy issue.Based on the theory of Socioemotional wealth,the article takes the evolution of intergenerational inheritance stages as the starting point to explore the influencing mechanisms of ESG performance in family firms.Using data from Chinese family listed companies as empirical testing,the results show that intergenerational inheritance at different stages has a completely different impact on ESG performance.Family firms in the preparation period for the second-generation succession have better ESG performance,while the second-generation succession governance has a significant inhibitory effect on ESG performance.The cognitive difference between two generations not only weakens the positive impact of succession preparation,but also weakens the negative impact of succession leadership,while female heirs strengthen the role of intergenerational succession on ESG performance.Further analysis shows that with the large scale of the family firms and the high level of family conflict,the inhibitory effect of the second-generation succession on ESG performance is more significant.In addition,after the founder's complete withdrawal,the second-generation autonomy has a significant negative impact on ESG performance.This article provides new empirical evidence for the impact of intergenerational succession of family firms,and has certain reference value for the government to promote the ESG transformation of private enterprises and high-quality economic development.

关 键 词：家族企业 代际传承 ESG表现 社会情感财富 

分 类 号：F276.5[经济管理—企业管理]