家族企业内部传承进程对贷款期限结构的影响研究

从家族接班人的职位视角,按照家族内部传承的进程,可以把家族内部传承区分为三个阶段：传承前期,传承中期和传承后期。文章基于我国2007-2011年上市家族企业的数据,分析了家族内部传承进程对贷款期限结构的影响。研究结果表明：（1）家族内部传承进程与长期借款比率呈倒“U”型关系。（2）在传承前期,家族内部传承可以促进企业获得长期借款,此结论支持了家族声誉理论。相对于家族间接控制来说,家族直接控制会强化家族内部传承的促进作用。（3）在传承中期,家族内部传承与长期借款比率的关系不显著。（4）在传承后期,家族内部传承会阻碍企业获得长期借款,此结论支持了资产专有理论。与第一代家族成员同时担任董事长和总经理相比,第二代家族成员同时担任董事长和总经理对长期借款比率的负面效应更大。

Study on the Impact of Internal Succession Process on the Loan Maturity Structure in Family Business

From the perspective of the position of family successor, the internal family succession process is divided into three stages: the early succession stage, the middle succession stage and the late succession stage. The paper analyses the impact of family succession process on the loan maturity structure based on the data of Chinese listed family businesses from 2007 to 2011. The results show that: (1) there is inverted "U" - type relationship between family succession process and long-term loan ratio. (2) in the early succession stage, internal family succession can promote the enterprises to obtain long-term loans, which supports the family reputation theory. With respect to the indirect family control, direct family control will strengthen the promotion role of internal family succession. (3) in the middle succession stage, the relationship between internal family succession and long-term loan ratio is not significant. (4) in the late succession stage, family succession will hinder the enterprises to obtain long-term loans and the conclusion supports the asset specificity theory. Compared with the first generation of family members serving as both chairman of the board and general manager, the second generation has more negative effects on long-term loan ratio.