家族二代继承人的经营表现：基于性别差异的考察

摘要/Abstract

摘要： 随着越来越多家族企业进入代际传承阶段，家族二代继承人，特别是不少女性二代继承人的经营表现情况，引起了大家的普遍关注和热议。基于此，本文以中国家族控股上市公司为研究对象，从性别差异视角分析并检验了家族二代继承人的经营表现。结果发现，相比女性二代继承人继任的家族企业，男性二代继承人继任的家族企业具有显著更高的经营绩效，表明男性二代继承人的经营表现要好于女性二代继承人。使用倾向得分匹配模型、工具变量两阶段回归模型等对内生性问题进行检验后，上述研究结论仍然稳健成立。本文进一步的影响机制检验发现，先天方面，由于男性相比女性具有更强的冒险倾向，使得男性二代继承人经营的家族企业具有更高的风险承担水平，即具有显著更高的研发投资水平和负债水平，从而更有助于提升企业的经营表现；后天方面，由于中国“重男轻女”“传男不传女”等传统文化的影响，男性二代继承人得到了更好的传承培养，即在企业历练的时间显著更长，更可能在本土而不是到海外积累经验和资源，从而有助于其更好地经营企业。此外，本文发现女性“贤妻良母”的社会角色是女性家族二代继承人相比男性继承人经营表现更差的另一个后天因素。本文的研究工作不仅丰富了相关文献，而且相关结论对于家族企业继承人的培养和传承实践具有重要的启示。

关键词: 家族企业, 二代继承人, 性别差异, 企业绩效

Abstract: As more and more family firms come to the stage of generation succession, the question regarding the operation performance of family second generation heirs, particularly those female ones, has drawn intense attention from the public. In this context, based on a data set of 3,135 firm-year observations from Chinese family-controlled listed companies during the period of 2007-2018, this study investigates the performance of family second generation heirs from the perspective of gender differences. We find that compared with family firms succeeded by female second-generation heirs, family firms succeeded by male second-generation heirs display significantly higher performance, indicating that male second-generation heirs perform better than female ones. We employ firm-fixed effects model, propensity score matching model and instrumental variable two-stage regression model to tackle the problem of endogeneity, and find that our findings are robust. Furthermore, the influence mechanism analysis reveals that as males have an inborn nature of risk taking in comparison with females, family firms managed by male second-generation heirs tend to be much more risk-taking, thereby helping improve firms' future performance. Moreover, due to the influence of traditional preference for sons over daughters, male second-generation heirs get better succession training than female ones, that is, male second-generation heirs have significantly longer training time in family firms and are more likely to stay locally instead of going overseas for accumulating experience and resources, which would be critical for firm operation. In addition, we find that female second-generation heirs' social role as a good wife and good mother is another factor that hinders them from performing better than male heirs. This study not only enriches the relevant literature on family business inheritance and the gender heterogeneity of management, but also has important implications for the current inheritance practice of Chinese family firms.

Key words: family business, second generation heirs, gender differences, firm performance

罗进辉, 彭晨宸. 家族二代继承人的经营表现：基于性别差异的考察[J]. 管理评论, 2023, 35(2): 237-251,267.

Luo Jinhui, Peng Chenchen. The Operation Performance of Family Second Generation Heirs: A Study Based on Gender Differences[J]. Management Review, 2023, 35(2): 237-251,267.

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