代际传承进程与商业信用融资——基于中国家族上市公司的研究

摘要/Abstract

摘要： 本文基于传承进程视角考察了家族企业代际传承对商业信用融资的影响。研究发现，在代际传承参与管理阶段，二代担任非关键职务，话语权和影响力低，代际传承对获取商业信用融资没有显著影响。在代际传承共同管理阶段，代际传承对家族企业获取商业信用融资有显著的负向影响，并且这种影响在二代继任者是非独生子女的家族企业中更为明显。在代际传承接收管理阶段，代际传承对家族企业获取商业信用融资有显著的正向影响，并且这种影响在二代继任者具有海外经历的家族企业中更为明显。进一步研究发现，上述影响在制度环境较好的地区和市场地位较强的家族企业中更为明显。本文选取对家族企业具有重要意义的商业信用融资为研究对象，为家族企业领导人制定针对代际传承各个阶段的融资策略提供参考。

关键词: 家族企业, 代际传承, 商业信用融资

Abstract: The paper investigates the impact of intergenerational succession on family firms' trade credit financing based on the perspective of succession process. We find that:(1) in the period of new generation's initial involvement in management, the new generation plays non-critical role in family firms and thus family succession has no significant effect on trade credit financing. (2) in the period of co-management by both old and new generations, intergenerational succession has a negative impact on trade credit financing, and this effect is especially significant in family firms that have more than one successors in the new generation. (3) in the period of takeover by new generation, intergenerational succession has a positive impact on trade credit financing, and this effect is especially significant in family firms whose successors have overseas experience. Further analysis shows that both the negative effect in the period of co-management and the positive effect in the period of takeover are more significant in firms located in areas with better institutional environment and in firms with stronger market power. The paper focuses on the trade credit, which plays a significant role in the financing activity of family firms, providing reference for family leaders to make financing strategies aimed at the specific succession stage.

Key words: family business, intergenerational succession, trade credit financing

吴思锐, 龚光明. 代际传承进程与商业信用融资——基于中国家族上市公司的研究[J]. 管理评论, 2021, 33(7): 261-273.

Wu Sirui, Gong Guangming. Intergenerational Succession Process and the Trade Credit Financing: Empirical Evidence from Chinese Listed Family Companies[J]. Management Review, 2021, 33(7): 261-273.

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