摘要
代际传承和创新转型是我国家族企业面临的重大挑战,本文以2008~2021年我国A股上市家族企业为样本,基于社会情感财富理论研究了家族企业接班人创新对企业绩效的影响,得出以下结论:第一,接班人创新水平提高有利于提升家族企业绩效。第二,家族涉入管理程度提高会强化接班人创新对家族企业绩效的促进作用。第三,余资源水平提高会减弱接班人创新对家族企业绩效的促进作用。第四,进一步研究发现,接班人创新通过减少家族企业代理成本提升家族企业绩效;接班人上位后,其提高探索式创新水平与利用式创新水平均有利于提升企业绩效,保持两者的平衡发展更有利于提升企业绩效;上位时间较短的接班人提高创新水平更有利于提升企业绩效。本文的研究结论可为家族企业的创新发展提供借鉴。
Intergenerational inheritance and innovative transformation are major challenge for family firms in China,this paper takes A-share listed family enterprises in China as a sample from 2008 to 2021,studies the impact of family successor's innovation on firm's performance based on the theory of socio-emotional wealth,and draws the following conclusions:First,the level of successor's innovation is conducive to enhancing family-firm's performance.Second,the level of family management strengthens the contribution of successor's innovation to family-firm's performance.Third,redundant resources diminish the facilitating effect of successor's innovation on familyfirm's performance.Fourth,further research finds that successor's innovation enhances family-firm's performance by reducing the agency costs of family firms;after the successor's ascendancy,the degree of exploratory innovation and the degree of exploitative innovation of the successor are both favorable to enhance firm's performance,and the balance dimension between the two types of innovations is favorable to enhance firm's performance;the level of innovation of the successor who has a shorter time in the ascendancy is more favorable to enhance firm's performance.The conclusions of this paper are helpful for the innovative development of family firms.
作者
陈建林
郑嘉华
杨晨一
CHEN Jianlin;ZHENG Jiahua;YANG Chenyi
出处
《财务研究》
CSSCI
2024年第2期80-90,共11页
Finance Research
基金
广东省普通高校创新团队项目(2020WCXTD009)
广东省教育厅科研项目重点领域专项(2022ZDZX4009)
广东省自然科学基金项目(2024A1515011561)。
关键词
家族企业
接班人创新
企业绩效
family firm
successor's innovation
firm's performance
