家族企业代际传承影响企业经营绩效的路径*——基于跨代转型创业与继承人社会资本的视角

本文研究了家族企业代际传承对企业经营绩效的影响路径。基于2004—2015年间已完成代际传承的中国上市家族企业，本文从跨代转型创业视角考察代际传承对企业经营绩效的影响路径，并考察继承人社会资本的调节作用。研究发现：代际传承会导致企业经营绩效下降，跨代转型创业在上述过程中发挥中介作用。同时，继承人的社会资本会加强上述消极影响。跨代转型创业对企业经营绩效的消极影响会逐年减弱，且继承人的社会资本对此消极影响有削弱作用。

RESEARCH ON THE INFLUENCE PATH OF INTERGENERATIONAL SUCCESSION IN FAMILY BUSINESS TO OPERATING PERFORMANCE——A Perspective from Trans generational Transformation Entrepreneurship and Successors Social Capital

Based on the Chinese public family firms which have finished intergenerational succession, this paper explores the influence path of intergenerational succession in family businesses to operating performance from the perspective of trans generational transformation, also investigates the moderating role of successors social capitalBy the results, firstly, intergenerational succession will lead to the decline in operating performanceSecondly, trans generational transformation entrepreneurship plays a mediating role in the above processThirdly, successors social capital can enhance the negative impact which intergenerational succession caused to the operating performanceFourthly, the negative impact that trans generational transformational entrepreneurship brings to the operating performance will be weakened year by year, whats more, successors social capital can reduce this negative influence