家族企业代际传承与年报文本信息可读性

摘要/Abstract

摘要： 近年来，中国家族企业陆续步入代际传承阶段。代际传承既是家族企业永续发展的关键，也是实现可持续发展过程中的挑战。随着中国资本市场的发展，特别是全面注册制的实施，企业信息披露内容的丰富以及形式的多样化，企业年报文本信息披露质量越发重要。基于上述背景，本文以2009—2019年中国A股上市家族企业为样本，从多个维度构建年报可读性指标，实证检验了家族企业代际传承后年报可读性的变化。研究发现，家族企业代际传承后年报可读性显著提高。在考虑一系列内生性问题后，研究结论依然稳健。机制检验表明，二代继承人接班后会基于缓解代理问题和维护社会情感财富的双重动机来提升年报可读性。异质性分析发现，当家族企业为创业型家族企业，所处行业的竞争程度越低以及所处地区的市场化程度越高时，家族企业代际传承对年报可读性的提升效应更为显著。对传承阶段的进一步研究发现，相较于代际传承准备期，当二代继承人正式接班上任后，家族企业提升年报可读性的意愿更为强烈。本文的研究结论丰富了家族企业代际传承与年报可读性相关领域的研究成果，为家族企业制定传承决策以及提升信息披露质量提供了一定的政策启示。

关键词: 家族企业, 代际传承, 年报可读性, 代理问题, 家族声誉

Abstract: In recent years, Chinese family firms have gradually entered into succession stages. Family intergenerational succession is not only the key to the sustainable development of family firms, but a challenge during this process. With the China capital market developing, especially the comprehensive registration system implementing, and the content and form of information disclosure diversifying, the annual report text information disclosure quality is increasingly important. Based on the above background, this paper takes Chinese A-share listed family firms from 2009 to 2019 as research samples to study the impact of family intergenerational succession on the readability of annual report text information by means of readability index constructed from different dimensions. The study finds that family intergenerational succession improves the annual report readability. Mechanism test finds that family firms will improve significantly the the annual report readability after family intergenerational succession in order to alleviate the agency problem and maintain family reputation. After considering a series of endogenous problems, the results are still robust. Heterogeneity test finds that the positive impact of family intergenerational succession on annual report readability is more pronounced for entrepreneurial family firms, for family firms operating in less competitive industries and for those located in area with a high marketization degree. Furthermore, relative to the preparatory stage of family intergenerational succession, when heirs formally take charge of their family firm, they are even eager to make annual reports more readable. This paper enriches and develops the research results in the field of family intergenerational succession and annual report readability, and also provides certain policy implications for family firms that are in or about to enter the intergenerational stage.

Key words: family firms, intergenerational succession, annual report readability, agency problem, family reputation

李思飞, 王赛, 邓路. 家族企业代际传承与年报文本信息可读性[J]. 管理评论, 2024, 36(9): 172-186.

Li Sifei, Wang Sai, Deng Lu. Family Firm Succession and the Readability of Annual Reports[J]. Management Review, 2024, 36(9): 172-186.

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