家族传承、负债增长与创新——企业第二代接班人趋于保守吗？

林海波 315175[1]周希禛 130177[2]

摘要：一般认为传承事件在家族企业生命周期中有重要影响，负债指标作为研究其发展行为的中间指标，更能够体现其具体行为。首次使用姓氏提取方法，基于浙江、江苏、广东数千个企业的面板数据样本用匹配倍差法研究了家族传承事件对于家族企业债务结构和业绩表现的影响，研究结果表明从第一代到第二代的家族企业传承对于长短期负债增长有大体负面的影响。三个民营企业大省的状况略有差异，出口增长是减缓传承后短期融资下降的一个主要因素,。但是，负债下降不能说明中国家族企业二代继承人趋于保守。因为出口增长显示了继承者的精细化努力，新产品的销售增长也显示了继承者的进取，这可能和40年来的独生子女政策有关。

关键词：家族传承负债增长匹配倍差法

Family Business Succession, Liability Increase and Creativety

——Did the Family Enterprises Successor Tend to be Conservative？

Abstract: Passing down the family business to next general is an important event for family-owned firms. Indicators of indebtedness are better able to reflect their specific behavior as study on the development of intermediate indicators. Based on Nearly 9,000 enterprise’s panel dates from Jiangsu, Guang dong, Zhejiang,This research investigates some succession cases of family-owned Bussiness by using matching difference–in-differences Estimation method. Impact on the family-owned enterprise financing structure and performance, Research results show that from the first to the second generation of the family business generally have negative implications for long term/short term liabilities. the situations of three provinces are slightly different, Heritage events not adversely affect export.and exporthave helped to increase debt ratio However, debt declined does not mean heir to the second generation of Chinese family firms tend to be conservative.

Key word: Family Business Succession Liability Increase PSM Difference–in-Difference Method

[1]宁波大红鹰学院

[2]吉林华桥外国语学院