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。

Family Firms Intergeneration Succession and Debt Characteristics

The fully institutional arrangement before intergenerational succession is helpful to decrease the Ex post costs, and how the debts policies support intergenerational succession is the key part. The thesis uses ten years panel data of listed family firms which just in the practice of succession, analysis the changes of debt characteristics. We find that family firms have much lower debt scale, longer debt maturity and higher capacity to payoff, The research also concludes that the separation of control rights and cash rights has negative moderating effect on the relationships above. Family firms are tend to choose lower risk level debt policies in their succession practice period.