家族企业代际传承及二代推动战略转型的绩效研究

本文将家族企业代际传承分为参与管理、共同管理和接收管理三个阶段，探究了处于不同阶段家族企业的绩效情况以及二代推动的家族企业战略转型对企业绩效的影响。利用2010－2012年我国A股主板上市公司中家族企业的样本展开实证研究，得出如下结论：二代进入家族企业高管，参与家族企业的日常经营和战略决策，或者与一代共同管理家族企业，对企业业绩产生正面影响；由于样本数量较少的客观原因，接收管理后企业绩效的经济后果关系未能得到证实；二代推动的战略转型对共同管理和企业绩效的关系起反向调节作用，在代际传承的共同管理阶段实施战略转型会降低原有真实绩效。

Performance Study of Intergenerational Succession and Strategic Transformation Driven by the 2nd Generation of Family Business

This paper divides the intergeneration succession of family business into three phases, including Involvement Management, Co-management, and Takeover Management, then researches the performance of intergenerational succession and strategic transformation driven by the 2nd generation.The empirical study of the listed family firms in China's A-share main market in the years of 2010-2012 finds that the family firms with the 2nd generation involvement management and co-management have a better performance, that there is no proof of relationship between takeover management and firm perform-ance due to the lack of enough samples.Besides, the strategic transformation driven by the 2nd generation has a reverse effect on the relationship between the co-management and firm performance, and the strategic transformation will reduce the o-riginal real performance in the co-management phase.