创始团队稳定性对家族企业传承的影响研究：经济后果与影响机理

Research on intergeneration succession is of great value since it largely determines the survival of family firms. Although extant literature has studied the determinants of succession performance from different perspectives, the important role of founding team members in family successions remains unexplored. As co-founders, these members generally enjoy superior status and managerial authority in family firms. Their retention, which refers to founding team stability in this project, and how they cooperate with family descendants after family successions can directly shape the operating strategies and financial performance of family firms after succession. To fill the gap in previous studies, this project intends to collect data of Chinese listed and non-listed family firms, and construct a Succession Database of Chinese Family Firms. Based on this database, we expect to investigate the impact of founding team stability on financial performance of family firms after succession. We will further examine the effect of the characteristics of the family founder, other founding members, and the successor on the above relation. Moreover, this project also aims to figure out whether corporate financing and investment activities act as the mediating mechanisms of the relation between founding team stability and performance after succession in family firms. This project is expected to broaden the framework of research on the succession of family businesses. By responding to the background of a peak succession era in Chinese family firms, conclusions drawn from this project would have high practical value.

代际传承是决定家族企业生死存亡的关键问题，因而具有重要的研究价值。现有文献从不同角度研究了影响家族企业传承效果的因素，但它们普遍都忽略了创始元老这一重要角色的作用。作为与创始人一起“打江山”的一代，创始元老在家族企业中往往拥有较高的地位与权威，其留任与否（本项目称为“创始团队稳定性”）以及与接班人的关系如何会直接影响接班人的经营管理决策，进而影响传承后的绩效。为弥补现有文献的不足，本项目拟收集中国上市和非上市家族企业数据，构建“中国家族企业传承数据库”，以此为基础，系统研究创始团队稳定性对家族企业传承绩效的影响，以及创始人、创始元老与接班人的个人特征如何影响这一关系；同时，还进一步从企业投融资角度研究具体的影响途径。本项目预期将拓展家族传承研究领域的研究框架，弥补现有文献的不足。在我国家族企业正处于第一次代际传承高峰期的今天，本项目的研究内容紧密结合时代背景，研究结论具有重要的实践价值。

公司治理的质量直接影响企业的竞争力，因此本项目重点研究家族企业（民营企业）的公司治理问题。截止目前，本项目共发表13篇文章（其中8篇国际期刊论文，5篇国内期刊论文），从广义上来说，主要是从公司治理角度实证检验企业（尤其是民营企业）财务、审计等行为的影响因素。本项目的研究结论对这一领域的文献进行了拓展，同时对于实践具有重要的借鉴意义。例如，我们发现雇员保护程度越好，民营企业的创新绩效越好；民营企业的政治关联会影响民营企业的股价崩盘风险；拥有本地CEO的民营企业避税程度更低；宗教信仰会影响民营企业的会计稳健性；面对负面媒体报道的压力时，民营企业更倾向于调整战略等等。这些研究结论对于如何提升企业价值具有重要的参考价值。