代际传承与家族企业并购行为：基于传承多阶段演进视角
代际传承与家族企业并购行为：基于传承多阶段演进视角
Intergenerational Succession and M&A in Family Businesses: Based on the Perspective of Multi-stage Evolution in Inheritance
《财经研究》2023年49卷第7期 页码：138 - 152,168 online：2023年7月3日
作者
中：许宇鹏1 , 徐龙炳2
英：Xu Yupeng1, Xu Longbing2
作者单位：1. 上海财经大学 博士后流动站，上海 200433; 2. 上海财经大学 金融学院，上海 200433
摘要及关键词
摘要：当公司并购面对家族企业代际传承复杂性时，“基业长青”的初心是否会遭遇挑战和不确定性？文章基于代际传承多阶段演进的视角，考察了家族企业并购行为的内在机理与影响机制。研究发现，进入传承准备期的家族企业呈现稳健的并购风格，更愿实施与主业关联的并购，并购的长期表现也更好。这一结果在创始人培养二代接班人共治阶段表现尤为显著。而当二代接班上位治理时，并购风格转向激进，并购规模强度更高，且倾向于跨界并购。两代人之间的冲突与磨合凸显认知和经历的差异，产生截然相反的并购影响；在接班人培养期间，多位二代成员共同竞争会强化并购行为，而女性家族成员接棒企业后，并购相对趋于稳健。文章的研究将代际传承复杂多阶段特征、家族企业授权分配与公司并购有机结合，拓展和深化了家族企业代际传承场景下的公司财务理论，揭示了传承有序、经营有方对家族企业稳定繁荣的重要性。
关键词：家族企业；代际传承；公司并购；家族治理；多阶段特征
Summary: Traditional financial theory has limited attention on mergers and acquisitions (M&A) in family businesses. Although domestic and international research has recognized the significance of M&A for family businesses pursuing “longevity”, this static perspective overlooks the impact of multi-stage intergenerational inheritance on M&A. The cases of the differences in M&A activities caused by inheritance of different family businesses and the resulting family conflicts show that as family businesses enter long intergenerational periods, their M&A motives become more complex, which may trigger the button of whether the family business can successfully pass on to the next generation. In addition, differences in the inherent needs of founders and successors may affect corporate M&A decisions. This paper examines the influence mechanism and effect of M&A in family businesses based on a multi-stage evolutionary perspective of intergenerational inheritance using A-share listed family businesses from 2008-2020 as the research object. The results show that: (1) Compared with other types of family businesses, those preparing for inheritance have more frequent M&A activities, but with lower M&A scale intensity. These family businesses are more willing to engage in horizontally or vertically related M&A to their main business, and the long-term performance of M&A is relatively good, displaying a stable M&A style. (2) During the inheritance stage when the founder cultivates the second generation to jointly run the family business, M&A continues to steadily advance. When the second generation takes over the management, the M&A style tends to be aggressive with higher M&A scale intensity and a higher probability of diversified M&A, but overall M&A performance is relatively poor. (3) In the test of influence mechanism, conflicts and adaptation between two generations have opposite effects on intergenerational inheritance and M&A. The longer the two generations work together, the higher the intensity of M&A scale. During the successor cultivation process, multiple potential successors compete with each other, enhancing the aggressiveness of M&A. When the successor is female, M&A tends to be relatively stable. The research framework of this paper combines family governance with the complex multi-stage features of intergenerational inheritance and M&A decision-making, expanding and deepening the enterprise theory under the intergenerational inheritance of family businesses, revealing the importance of internal power distribution in family businesses, and providing new evidence for solving the “dual constraint paradox” in the process of power transfer in family businesses. At the same time, this paper also expands and deepens the financial theory of family businesses in the context of intergenerational inheritance, revealing the importance of orderly inheritance and good management for the stability and prosperity of family businesses.
Key words: family businesses; intergenerational inheritance; M&A; family governance; multi-stage features
其他信息
DOI：10.16538/j.cnki.jfe.20230316.101
收稿日期：2022-08-24
基金项目：国家社会科学基金重大项目（23ZDA040）；国家自然科学基金项目（72102137，72173081，72073088，71903104）；中央高校基本科研业务费“数字经济高质量发展的特征及驱动策略研究”专项资金资助项目（2023110139）
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