家族二代涉入如何提升企业价值——基于中国上市家族企业的经验研究

现有文献从不同理论视角解释了家族企业内部治理、家族成员的所有权和管理权配置以及家族成员特征等对企业价值的影响，忽视了处于传承阶段的家族二代涉入问题及其对企业的作用。本文从所有权和管理权涉入两个方面分析家族二代涉入对家族企业价值的影响机制，通过对616家上市家族企业的实证研究结果发现：家族二代所有权涉入程度凸显了家族财富的传承意愿，对资本市场的价值反映具有积极意义。同时，管理权涉入的调节作用表明，家族二代的管理权配置是对家族所有权继任行为形成的“一致性承诺”，使二代家族所有权涉入和管理权涉入形成较好的效率配置形式，强化了家族企业持续经营的长期战略导向。本文的研究结论对于家族传承方面的研究提供了理论参考和未来研究方向，对于家族企业管理也具有一定的现实意义。

How Does Next Generation Involvement Increase Firm Value Evidence from Listed Family Firms in China

Extant studies have explained how governance, family members＇ involvement and their characteristics influence finn value, however, less research pays attention to the family＇ next generation and their involvement in family firms. Based on agency theory and stewardship perspective, this paper attempts to analyze the relationship between next generation involvement and family firms＇ value. Using 616 listed family finns in China, our empirical study found that next generation＇ s ownership involvement highlights the wishes of inheritance of family wealth, while the second generation＇ s involvement in management （ particularly in Board） have positive effect on fu＇m value. In addition, the management involvement of next generation illustrates the ＂consistent commitment＂ to the long -term strategic orientation in family firms.