家族企业实际控制人贫困经历对企业战略变革的影响

战略变革是家族企业实现基业长青的关键,但现有研究忽略了家族企业实际控制人的作用。基于2003—2019年中国上市家族企业的经验数据,研究家族企业实际控制人贫困经历对企业战略变革的影响。研究发现,家族企业实际控制人贫困经历对企业战略变革具有负向影响,这一结论在经过内生性检验后依然稳健;并且证实,实际控制人的风险偏好和预防性储蓄动机是两条作用机制。同时,数字经济水平对上述关系有负向调节作用,代际传承对上述关系有正向调节作用。研究丰富了家族企业实际控制人经历与企业战略变革的文献,而且为更好地理解家族企业实际控制人如何影响战略决策提供了经验证据。

Impact of Poverty Experience of Actual Controllers in FamilyBusinesses on Enterprise Strategic Change

Strategic change is the key to the long term development of family businesses, but the prior research ignores the role of the actual controller of family businesses. Based on the empirical data of listed family businesses in China from 2003 to 2019, this paper investigates the impact of poverty experience of the actual controllers of family businesses on the change of enterprise strategy. The study finds that the poverty experience of the actual controller has a negative effect on strategic change, which is still robust after the endogenous test. Furthermore, this study confirms that the risk preference of the actual controller and the irrational precautionary saving motivation are two mechanisms of this effect. At the same time， the level of digital economy has a negative moderating effect on the above-mentioned relationship， and intergenerational inheritance has a positive moderating effect on the above-mentioned relationship. The study enriches the literature on the experience of the actual controller of the family business and the change of the enterprise strategy， and provides empirical evidence for a better understanding of how the actual controller of the family business affects strategic decision-making.