继承人社会资本对代际传承中企业创新的影响

摘要

While family succession requires the legitimacy foundation of successor,the inter-genera-tional difference always sunk the successor into legitimacy disadvantage, which in turn affects the enterprises�innovation strategy by stimulating successors� motive to “quick win”. From the perspective of inter-generational interaction,basing on 2 282 observation samples of public family bus-inesses listed in the “A”share during 2007—2014 and taking the entry of successor into the Board of Directors or TMT as the beginning of family succession,this paper explores the effects of family suc-cession on enterprises�innovation and examines the moderating effects of the inter-generational differ-ence of social capital on the relationship between family succession and enterprises�innovation by means of OLS regression model with a difference-in-differences approach.The results indicate that family succession negatively affects enterprises�innovation,and successors�social capital increases enterprises�inno-vation during the period of family succession,and further research finds that inter-generational difference of social capital narrows enterprises�innovation significantly.Compared with the condition of “father is weak while son strong”,“father is strong while son weak”would significantly reduce enterprises�in-novation.It is denoted that legitimacy disadvantage of successor is the main cause of enterprises�con-servation in innovation strategy,while improving successor�s social capital or diminishing the inter-generational gap on social capital is beneficial to more innovation.Therefore,family succession should not only be integrated into the strategy process,but also should attach importance to the practical im-pact of inter-generational matching process of social capital on the change and survival of family busi-ness.%代际传承要求继承人具备多种合法性基础，而代际差异往往使继承人处于合法性劣势地位，导致继承人产生强烈的“速胜”动机，影响企业创新水平。实证分析发现：代际传承显著降低家族企业创新水平；继承人社会资本越丰富，代际传承中企业创新水平就越高；社会资本代际差异显著降低代际传承中企业的创新水平，即相比“父弱子强”，“父强子弱”显著降低代际传承中企业的创新水平。代际传承中继承人合法性劣势是导致家族企业创新战略趋于保守的重要原因，而增强继承人社会资本、缩小社会资本代际差异则有利于降低代际传承对企业创新的负面影响。所以，代际传承不仅需要纳入企业战略管理过程予以统筹考虑，更要重视社会资本的代际匹配对家族企业变革与存续的现实影响。