“去家族化”如何影响家族企业战略？——基于跨国并购视角的动态分析

›› 2020, Vol. 32 ›› Issue (3): 238-251.

“去家族化”如何影响家族企业战略？——基于跨国并购视角的动态分析

于晓东¹, 李宇萍¹, 刘刚²

1. 中央财经大学商学院, 北京 100081;
2. 中国人民大学商学院, 北京 100872

收稿日期:2019-02-26 出版日期:2020-03-28 发布日期:2020-04-08
通讯作者: 刘刚(通讯作者),中国人民大学商学院教授,博士生导师,博士
作者简介:于晓东,中央财经大学商学院讲师,中央财经大学中国家族企业研究中心助理研究员,博士;李宇萍,中央财经大学商学院博士研究生
基金资助:
教育部人文社会科学研究规划青年基金项目（19YJC630207）；国家社会科学基金重点项目（17AJY012）；教育部人文社科规划基金项目（18YJA630067）。

How does “De-familization” Influence a Family Firm's Strategies?——A Dynamic Analysis Based on International Acquisition

Yu Xiaodong¹, Li Yuping¹, Liu Gang²

1. Business School, Central University of Finance and Economics, Beijing 100081;
2. School of Business, Renmin University of China, Beijing 100872

Received:2019-02-26 Online:2020-03-28 Published:2020-04-08

摘要/Abstract

摘要：

本研究基于跨国并购的视角，关注了家族企业"去家族化"如何影响企业战略。借助人工收集获取的研究样本，本研究发现，进行"去家族化"的家族企业更愿意实施跨国并购。并且，这种影响具有明显的动态特征：跨国并购与董事长年龄之间具有先扬后抑的"倒U型"关系，与家族持股比例间具有"正U型"关系。本研究跳出了"家族企业与非家族企业间有何不同"的传统研究范畴，基于跨国并购的角度阐述了家族企业与非家族企业之间可能的身份转换对于企业战略的影响，并以动态的视角加以审视。在此基础上，本研究进一步总结归纳得出了"‘去家族化’情境下的家族企业跨国并购分析矩阵"，为现阶段中国家族企业的跨国并购提供了分析工具与理论依据。

关键词: 家族企业, 去家族化, 跨国并购, 动态分析

Abstract:

This study focuses on how the international acquisition intentions of family firms changes after they are faced with "de-familization" situation. Using hand-collected data, this study finds that, de-familized family firms are more willing to implement international acquisitions. Meanwhile, such motivation has an inverted "U shape" relationship with the chairman age and a positive "U shape" relationship with family ownership. This studies pays attention to the influence of identity changes from family to nonfamily firms from the perspective of international acquisition, investigates the influence of de-familization on international acquisition from a dynamic perspective, and proposes the international acquisition analysis matrix under "de-familization" context for family firms, aiming, for practical application, to provide intellectual support and theoretical foundation for current Chinese family firms.

Key words: family firms, de-familization, international acquisition, dynamic analysis

于晓东, 李宇萍, 刘刚. “去家族化”如何影响家族企业战略？——基于跨国并购视角的动态分析[J]. , 2020, 32(3): 238-251.

Yu Xiaodong, Li Yuping, Liu Gang. How does “De-familization” Influence a Family Firm's Strategies?——A Dynamic Analysis Based on International Acquisition[J]. , 2020, 32(3): 238-251.

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