家族企业代际传承新视角

家族企业的代际传承是其成长的关键,本文从利益相关者理论和有计划的行为理论等新视角对家族企业的企业代际传承进行分析和论述,以期为家族企业的传承发展提供有益的指导。     

代际传承对家族企业创新绩效的影响研究

家族企业一直以来都是我国私营经济的重要组成部分,近几年一代创始人纷纷步入年迈阶段,家族企业也迎来了代际传承的高峰期。家族企业如何突破代际传承带来的发展不确定性,是亟须解决的重要问题,也成为学术研究热点。创新作为家族企业提升竞争优势的关键来源,是否会受到代际传承的冲击研究结论对于激发家族企业创新动力,助推其成功实现代际传承具有一定的理论意义和现实价值。     

家族企业代际传承计划及其特征分析

通过浙江省235个家族企业在任者的匿名问卷调查,实证研究了在任者对家族企业代际传承的影响。研究结果表明,家族企业代际传承对象以家族成员为主,传承时间以中长期为主,传承标准首选德才兼备,接班人培养重在能力锻炼;在任者的学历、年龄对传承计划存在显著影响,学历较高的在任者,在传承对象、接班人培养上更加具有远见,并较早做出代际传承的制度性安排;从传承时间来看,年轻在任者接班人计划以中长期为主,并在接班人培养上更加注重基层锻炼,年长在任者在接班人培养上存在急躁现象。     

女性角色对家族企业代际传承的影响研究

传承已经成为家族企业持续成长所面临的严峻挑战,为了实现传承过程中领导权的成功交接,大量学者聚焦于传承领域,但是传承问题至今仍没有得到有效解决。缺乏家庭视角的分析被认为是导致传承问题无法深入研究的关键所在。本文从女性的不同家庭角色入手,通过对已有研究的回顾,探析母亲、妻子和女儿这三种不同角色对家族企业代际传承的影响,其中涉及母亲对接班子女的教育以及母亲对接班子女的性别倾向;妻子角色在代际传承中的正面影响,以及带来的负面作用;女儿的接班意愿,以及女儿的领导管理能力在代际传承中发挥的作用。     

我国家族企业权力代际传承的绩效研究

本文以深市中小板63家发生代际传承的家族企业为研究样本,通过因子分析和多元线性回归分析,考察我国上市家族企业权力代际传承对企业绩效的影响。结果表明,选择外部传承、长期传承,企业绩效越好;继承人的学历和年龄与企业绩效呈显著的正相关关系。     

家族企业代际传承时机选择研究

家族企业传承时机选择不仅影响到家族企业的经营绩效和管理团队的稳定,还会关系到整个传承的成败。与公众公司不同,家族企业传承时机选择并不仅仅以掌门人的能力为标准,而是受到外部环境因素、公司治理状况、企业规模以及利益相关者的综合影响。为确保传承时机选择的合理性,家族企业应制定科学的传承计划,注重对继任者的培养,建立权力传承的协调机制并充分考虑传承时机选择的交易成本。     

基于RBV的温州家族企业代际传承研究

资源基础理论认为,企业持续发展的关键是企业拥有异质性资源.文章从这一理论出发,结合温州家族企业的特点,通过在代际传承过程中面临的知识传递的困境分析,提出了相应的解决策略,为温州家族企业保持竞争优势提供的借鉴思路.     

浅析家族企业代际传承意愿的影响因素

家族企业在我国企业中扮演着重要的角色,深入挖掘其代际传承意愿对家族企业的顺利传承和我国社会经济的稳定发展具有重要作用。本文首先从社会环境和行业背景两个宏观视角进行了分析,接下来从利益相关者之间、在任者和接班人之间、企业内部因素之间的因素进行了讨论,最后对家族企业代际传承意愿的影响因素进行了展望,以期为家族企业代际传承意愿的影响因素的研究提供参考和借鉴。     

论家族企业的代际传承与企业发展的关系

我国从20世纪80年代开始,家族企业如雨后春笋一般涌现。随着第一代创业者逐渐步入晚年,代际传承问题已经成了迫在眉睫必须考虑的问题。改革后的上辈企业家们能否做出适当的传承模式的选择,这关系到家族企业未来能否持续健康发展的问题,不仅仅是单个员工、单个家庭以及单个企业的社会问题,更是关系到国家发展、民族复兴的重大问题。本文研究家族企业的代际传承与企业发展的关系问题,旨在针对不同家族企业的共同点,寻求最适合企业发展的家族企业的内部传承模式。     

代际传承、创始人特征与家族企业长期投资

以处于代际传承时期的家族上市公司为研究样本,运用多元回归模型研究代际传承时期控制家族的长期投资政策以及创始人特征的影响。结果显示：与进入代际传承实施期前五年相比,进入传承实施期后五年的长期投资规模显著下降,表明控制家族在代际传承时期通过调低长期投资规模降低风险,帮助企业顺利实现交接班;创始人年龄起到显著的增强作用,即创始人年龄越长,长期投资规模调低的幅度越大。可见,代际传承这一特殊阶段会影响家族企业长期投资决策,而且随创始人特征不同表现出较强的异质性。     

家族企业代际传承与债务特征

代际传承前充分的制度安排有助于降低权杖交接的事后成本,债务政策如何支持代际传承构成传承前财务安排的重要内容。文章利用正处于代际传承实施期的家族企业十年的面板数据,检验了代际传承前家族企业债务特征变化。研究表明进入代际传承实施期后家族企业表现出更低的资产负债率、更大的长期债务比重以及更高的流动比率,研究还表明控制权与现金流权的分离程度对进入代际传承实施期的家族企业债务特征起到干扰作用。家族企业进入代际传承实施期后倾向于实施风险更低的债务政策。     

Information Sharing,Price Negotiation and Management Buy-outs of Private Family-owned Firms

Perspectives relating to agency theory, information asymmetries and game theory were utilized to explore two outcomes associated with the management buy-out (MBO) or management buy-in (MBI) of former private firms: whether information was shared equally between vendors (i.e., family firm owners) and purchasers (i.e., MBO/I management teams) and whether a mutually agreed price was achieved. With reference to the themes of company ownership structure, governance structure and company objectives several hypotheses were derived. Survey evidence was gathered from the managers of 114 former private family-owned firms located across Europe that recently reported an MBO/I. Multiple logistic regression analysis detected that respondents in founded (first generation) family firms and those reporting a high focus on the strategic importance of the market value increment were more likely to report that ‘information was shared equally between vendors and purchasers’. Respondents reporting no suitable family successor had been identified, a high focus on the strategic importance of the market value increment, and the involvement of venture capitalists in succession planning were more likely to report that a mutually agreed sale price had been achieved. Implications for practitioners and researchers are discussed.      

Large Firms and Business Groups in Latin America: Towards a Theory Based,Contextually Relevant Research Agenda

ABSTRACT

Large firms play an essential role in national competitiveness and economic development. With a goal of establishing a research agenda that is both well grounded in relevant theory and that addresses important challenges facing the region, in this paper we examine the organization and operation of large, privately owned firms in Latin America. As has been the case since at least the end of the 19th century, studies have found that Latin American firms are organized into business groups and continue to be owned and managed by families. We probe into the strengths and weaknesses of the Latin American version of business organization, including how groups are financed, their efforts to partner and/or compete with industrialized country multinationals (MNCs), and their chances of success in a global economy. Relying on recent advances in agency and institutional theory, we then develop a number of research propositions and suggestions for future research.

RESUMEN. Grandes empresas juegan un papel esencial en el desarrollo económico y logro de la competitividad nacional. En este estudio examinamos la organización y operación de grandes empresas privadas latinoamericanas, con el propósito de establecer una agenda de investigación profundamente arraigada en importantes datos teóricos y enfocando, concomitantemente, los relevantes retos que enfrenta la región. Tal cual ocurre por lo menos desde fines del siglo XIX, los estudios realizados comprobaron que las empresas latinoamericanas están organizadas en grupos comerciales, y continúan siendo propiedad de y administradas por grupos familiares. Investigamos las fuerzas y debilidades de la versión latinoamericana de las organizaciones comerciales, y también analizamos cómo se financiaban estos grupos, los esfuerzos que realizaban para igualarse a o competir con las multinacionales de los países industrializados (MNCs), y qué posibilidad tenían de ser exitosas dentro del contexto de la economía global. Confiando en los recientes progresos alcanzados por la teoría institucional y de las agencias, desarrollamos varias hipótesis investigatorias, y sugerencias para futuros estudios.

RESUMO. Grandes empresas desempenham um papel essencial na competitividade nacional e no desenvolvimento econômico. Com o objetivo de estabelecer uma agenda de pesquisa que ao mesmo tempo seja alicerçada em bases teóricas relevantes e trate de importantes desafios enfrentados pela região, nós examinamos, neste artigo, a estrutura organizacional e a operação de grandes empresas privadas na América Latina. Como tem sido o caso desde pelo menos o fim do século 19, estudos têm revelado que empresas latino-americanas se estruturam em grupos de negócios e continuam pertencendo e sendo dirigidas por famílias. Nós nos concentramos em pesquisar os pontos fortes e fracos da versão latino-americana de organizaç[otilde]es de negócios, incluindo como os grupos são financiados, seus esforços em estabelecer parcerias e/ou competir com multinacionais de países industrializados (MNCs), e suas chances de sucesso em uma economia globalizada. Baseados nos recentes avanços da teoria organizacional, nós elaboramos, então, uma série de perguntas de pesquisa e sugest[otilde]es para pesquisas futuras.     

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。     

浙商企业家代际传承问题探析——以家族企业为例

形成健康良好的浙商企业家代际传承意义重大。目前,浙商家族企业在继任选拔、培养锻炼、社会促进、法律规范、自我提升等代际传承方面还存在继任选拔机制不健全、创业者轻视企业外部历练、政府和社会各界忽视对新生代企业家的培养和成长、法律规范不健全、企业家的自我提升能力不足等问题。浙商家族企业应加快完善继任选拔机制,重视继任者的企业外部历练,政府和社会应为其成长创造良好的外部环境,并健全相关法律法规,以促进其自我提升,从而形成良好的浙商新生代成长机制,提高全省的综合经济实力。     

代际传承背景下家族企业继任二代创新投入水平研究——基于差序格局视角

利用2004—2018年1074个家族企业年度样本的非平衡面板数据,基于\"本土情景\"的差序格局视角,实证考察继任二代履新后创新投入水平。研究结果表明,限定其他条件,继任二代在以创立一代为中心的差序格局中关系越强,履新后创新投入水平越低。进一步引入家族企业异质性发现,创立一代\"离而不休\"会强化差序格局与创新投入之间负相关关系,即对创新水平产生抑制作用;而政企关联和非家族成员高管介入,均会弱化差序格局与创新投入之间负相关关系,即对创新水平产生促进作用。     

政治关联会影响企业风险承担吗?--来自民营上市公司的经验证据

本文研究了政治关联以及政治关联层级对我国民营上市公司风险承担水平的影响,结果发现：政治关联降低了民营上市公司风险承担水平,且政治关联层级越高,民营上市公司风险承担水平越低。本文的研究深化了对民营企业政治关联所带来的经济后果的认识,同时对加快市场化进程和转变政府职能具有一定的启示意义。     

The Sustainability of Social Capital within Ethnic Networks

This paper examines informal networks that support the British Asianbusiness community. Ethnic communities have been crucial to facilitatingthe economic development of their migrant members, as they make thetransition from economic refugees to citizens. The basis of thisinformal support is the notion of social capital offered to kinsmen whoarrived with finite resources. However, as successive generations havebecome more integrated with the wider community reliance on theseresources is forecast to decrease. Research has shown that subsequentAsian generations are developing complex relations in their attitudesand reliance towards their ethnic community (Janjuha-Jivraj and Woods,2002) it is still an area that is very active in providing crucialinformal business support. There is however, a distinct difference inattitudes between first and second generations in terms of acceptingbusiness support from the ethnic community. This issue is furthercompounded by difficulties among external support agencies inpenetrating ethnic businesses. This leads to the following questions: ? What forms of social capital are evident and how important are they in sustaining relationships within the religious-ethnic community? ? How crucial is the ethnic community in providing an infrastructure to offer support. This paper is based on a network of businesses that are members of a sub-group across Greater London. It is anticipated that the findings will help to unravel the impact of migratory bonds on community members. This in turn will provide useful information for service providers when considering how to successfully target ethnic businesses.