家族企业代际传递促进了企业创新吗？ ——来自创业板市场的经验证据

摘要：家族企业代际传承究竟会给企业创新带来什么样影响是一个重要且仍具争议的话题。本文试图从人力资本视角，发掘家族企业二代接班者对企业创新行为的重要影响。结果显示：家族企业二代接班者更倾向于激励企业创新行为，这一激励不仅有利于促进企业加大内部研发投入而且还会通过资本运作来实现企业外延式创新，上述研究结论在削弱内生性问题又依旧保持稳健。本文的研究发现为家族企业代际传递与创新问题提供理论验证，对家族企业创新实践和人力资本管理具有一定的启示意义。     

当期产出、转移支付与继任博弈

各种组织都存在职位的继任。在任者需要决定当期产出以及留给继任者的转移支付。通过博弈分析可以发现,存在转移支付占个人总贡献的比例为常数的均衡策略,但要同时满足组织总产出最大化目标的难度较大。当参与人只参与一次博弈,则不同类型的参与人策略选择不同,博弈的解是贝叶斯均衡。当某些参数因人而异时,每个参与人的转移支付比例也不一样。如果在任者对于未来贡献的效用评价很低或者无法获得相应的回报时,将出现短视行为、政绩工程和组织中的利他行动提供不足。而在家族式组织的继任中,参与人效用函数受家族关系的影响并且对于继任者人选的限制使得个人和组织最优化目标的偏离扩大。     

Management succession and financial performance of family controlled firms

This paper examines the immediate and long-term impacts on financial performance of 124 management successions within Canadian family controlled firms. When family successors are appointed, stock prices decline by 3.20% during the 3-day (−1 to +1) event window, whereas there is no significant decrease when either non-family insiders or outsiders are appointed. However, a cross-sectional analysis indicates that the negative stock market reaction to family successors is related to their relatively young age which may reflect a lack of management experience rather than their family connection per se. Investors are uncertain about the “management quality” of family successors who have less established reputations than more seasoned non-family insiders and outsiders. Non-family member appointments tend to follow periods of poor operating performance implying that there might be more scope for improvement when a non-family successor is appointed. Unlike the US sample in McConaughy et al. [McConaughy, D.L., Walker, M.C., Henderson, G.V., Mishra, C.S., 1998. Founding family controlled firms: efficiency and value, Review of Financial Economics 7, 1–19.], which indicates that the median percentage of votes held by controlling families is less than 15%, the Canadian sample indicates a more concentrated ownership with the median percentage of family controlled votes exceeding 51%. Of the firms in our sample, 62% use dual class capitalization to maintain control within the family.     

Structural change in the presence of network externalities: a co-evolutionary model of technological successions

The paper uses a two-stage, multi-agent simulation model to examine the conditions under which technological successions can occur in the presence of network externalities. Data is used to identify a robust econometric model of the probability of succession. Four key factors are identified. First, the trade-off between higher direct utility from new technology goods and the network utility of old technology goods. Second, the relative innovative performance of new and old technology firms. Third, cost (price) differentials due to increasing returns in production. Fourth, the time old (new) firms have to develop their product designs prior to entry.JEL Classification: O30, C15 Correspondence to: Paul WindrumThe authors would like to thank Richard Nelson and Uwe Cantner for their helpful comments on an earlier draft of the paper, and for the comments provided by the anonymous referees. The usual disclaimers apply. The authors gratefully acknowledge supportive funding through SEIN-Project, European Commissions Framework 4 Programme (contract# SOEI-CT-98-1107) and through the Policy Regimes and Environmental Transitions (PRET) project funded by the Dutch Scientific Research Council (NWO).     

浅论经济学研究中的继承性和创新性

当前对经济学有两种极端,一是对马克思经济学的全盘否定,是对西方经济学的全部接受,而这些都严重违背了经济学作为一门科学本身所具有的继承性和创新性。文中以经济学领域的科尔奈的"预算软约束"和林毅夫教授的"自生能力假说"以及"比较优势战略"为例,探讨了科研方法论的继承性和创新性。     

二代继任方式、家族权威与家族企业创新投入

代际传承背景下家族企业创新投入是家族企业治理研究领域的重要问题。分析和检验了差异化二代继任方式如何影响家族企业创新投资水平,以及二者关系是否会依赖于家族权威差异而发生变化。研究结果发现：与渐进型二代继任相比,激进型二代继任会削减家族企业创新投入;二代继任方式与家族企业创新投入关系受到家族权威的影响。在家族成员权威和非家族创业元老权威较重的企业,激进型继任者对家族企业创新投入的削弱效应更显著。进一步研究发现,二代继任3年后,激进型继任者对家族企业创新投入的负面影响显著下降,且其削弱效应在规模较大企业以及创立时间较长的企业中更显著。     

生态视角下协同创新网络构建及演替研究

创新驱动已成为社会经济发展的主要驱动力,而以多元主体为基础的协同创新网络正成为创新模式的发展趋势。首先,通过对生态群落和协同创新网络的构成要素及要素间关系进行比较发现,二者具有较强相似性,因而成熟的生态群落理论可以为协同创新网络的构建和发展提供理论借鉴。然后,在生态群落多样性、层次性、协同竞争性、开放性和动态性等特征的指导下构建了协同创新网络。在此基础上,结合生态群落的演替进程,阐述了协同创新网络演替的5个阶段。最后,提出了加速协同创新网络演替的政策建议。     

代际传承对家族企业创新投入的影响

基于社会情感财富理论,以2009-2015年394家中国A股上市家族企业为有效研究样本,就代际传承对家族企业创新投入的影响进行实证研究,考察组织环境特征变量--环境不确定性与家族企业治理主体个体特征变量--二代继承人受教育程度对该影响的调节作用。研究发现：①代际传承会降低家族企业创新投入水平;②环境不确定性会强化代际传承对家族企业创新投入的负向影响;③二代继承人受教育程度会减弱代际传承对家族企业创新投入的负向影响。由此提出,家族企业应将延伸型社会情感财富纳入战略决策考量,并切实加大创新投入,重视对二代继承人多维能力的考察与培养;政府应着力为家族企业代际传承与创新战略实施创造良好的金融、法制与经营等制度环境,提供智力资本与企业家网络平台等支持。     

“民企二代”接班透析

中国改革开放三十年,民营企业从无到有、由小变大、由弱而强,已经成为国民经济持续发展不可忽视的力量。由于我国＂民企第一代＂创业者们的年龄不断增大,越来越多的＂民企二代＂顺理成章地接过了父辈的重担,他们承上启下成为企业举足轻重的决策者、经营者和管理者。＂民企二代＂肩负着企业变革的重任,他们在厚望中成长,是继往开来的一代。在他们稚嫩的肩膀上,扛着的不仅仅是富豪榜名号,他们的素质事关企业的发展前途,他们将接掌相当比例的社会资源支配权,也会影响到未来中国一段时间内的经济和社会发展。民企传承,是家事,亦是国事。接班质量好坏,攸关企业未来,事关社会发展。     

Interim succession: Temporary leadership in the midst of the perfect storm

The corporate governance environment has changed. The rate of CEO successions is naturally trending up, succession planning is in dire need of repair, and boards are under increasing pressure to focus on oversight. This confluence of events creates a ‘perfect storm.’ Within this new environment, interim successions are on the rise. But is it all bad news? This article explores the decision of corporate directors to use temporary chief executive officers (CEOs) and the roles served by these interim leaders. We include a typology of interim CEOs and prescribe the contexts in which organizations can strategically pursue this type of succession. We conclude with a list of recommendations for how boards can most effectively manage interim leadership in the new corporate governance environment.