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论文编号：	13096
作者编号：	2120202885
上传时间：	2022/6/6 16:38:01
中文题目：	“子承父业”会影响家族企业海外并购吗 ——来自中国家族上市公司的经验证据
英文题目：	Does "Son Inheritance" Affect Family Firms'' Overseas M&A Behavior: Empirical Evidence from Chinese Family-listed Companies
指导老师：	古志辉
中文关键字：	家族企业; 代际传承; 海外并购; 财务风险水平; 市场竞争地位
英文关键字：	Family Business; Intergenerational Inheritance; Overseas M&A; Financial Risk Level; Competitive Market Position
中文摘要：	? 历经改革开放四十余年的伟大征程历史，我国的家族企业取得了长足的发展，而这些企业中的初代创始人大多已至暮年，需要尽快完成家族企业领导权的过渡，中国家族企业的“大接班”时代即将到来。与此同时，随着经济全球化进程的持续发展，以及我国“一带一路”倡议支持力度的不断增强，会有越来越多的家族企业在竞争的驱动下积极转变自身的经营理念，通过海外并购等途径来实现家族企业的国际化战略转型，以期在国际市场上取得持续的发展，保证家业的盛久不衰。对于家族企业来说，顺利进行代际传承是实现基业长青目标的前提，而完成家族企业国际化转型则是实现基业长青目标的保障。在如今的时代背景下，家族企业代际传承与海外并购的相关议题将成为未来的研究前沿与热点问题，而明晰家族企业代际传承对海外并购的具体影响，将对家族企业解决代际传承问题、完成国际化转型以及实现持续健康的发展目标起到积极的作用。 ? ?因此，本文根据学界的研究现状，选用委托代理理论、社会情感财富理论、父爱主义理论和资源基础理论作为理论基础提出了研究假说，引入家族企业的财务风险水平和市场竞争地位作为调节变量，重点研究了家族企业代际传承对海外并购行为的影响机制。本文选择2011至2021年A股上市的家族企业作为研究对象，并通过实证分析方法来验证本文的研究假设，最后获得了下述三点研究结论：（1）家族企业代际传承对海外并购有显著的抑制作用；（2）在企业财务风险水平的调节作用方面，较高的财务风险水平能够增强家族企业代际传承对海外并购的抑制作用；（3）在企业市场竞争水平的调节作用方面，较高的市场竞争地位能够缓解家族企业代际传承对海外并购的抑制作用。 ? ?本文的关键创新点在于，本文跳出了“家族企业与非家族企业间的海外并购行为差异”的传统研究范畴，并聚焦于家族企业内部的代际传承问题，探究家族一代与二代间的代际差异对实施海外并购行为的影响，有助于深化家族企业代际传承与国际化相关问题的研究，并为家族企业管理者解决代际传承问题、实现转型升级提供新的理论参考和实践建议。 关键词：家族企业；代际传承；海外并购；财务风险水平；市场竞争地位
英文摘要：	After the great journey of more than 40 years of reform and opening up, China's family enterprises have gradually made great progress, and most of the first generation founders of these family enterprises have reached their twilight years and need to complete the handover of power in family enterprises as soon as possible. China's family enterprises will soon usher in the peak of inter-generational succession, and the era of "big succession" of family enterprises is coming. Meanwhile, with the continuous development of economic integration and the increasing support of China's "One Belt, One Road" initiative, a large number of family enterprises will change their business philosophy under the fierce market competition and realize the international strategic transformation of family enterprises through overseas mergers and acquisitions, in order to accomplish long-term development goals in the international market and ensure that the family business will last forever. For family enterprises, the smooth intergenerational inheritance is the prerequisite for achieving the goal of longevity, while the completion of the international transformation of family enterprises is the guarantee for achieving the goal of longevity. In today's context, the issue of intergenerational inheritance and overseas M&A of family firms will become a frontier and hot issue in the future, and clarifying the specific impact of intergenerational inheritance on overseas M&A of family firms will play a positive role in solving the problem of intergenerational inheritance, completing the international transformation and achieving the goal of sustainable and healthy development of family firms. Therefore, according to the research status of academic circles, this thesis proposes three research hypotheses based on principal-agent theory, social emotional wealth theory, paternalism theory and resource-based theory, introduces the financial risk level and competitive market position of family firms as moderating variables, and focuses on the mechanism of intergenerational inheritance of family firms on overseas M&A behavior. This thesis selects A-share listed family firms from 2011 to 2021 as the research object, and verifies the research hypothesis of this thesis through?empirical analysis. Finally, this thesis draws the following three research conclusions: (1) Intergenerational inheritance of family firms has a significant inhibitory effect on overseas M&A; (2) In terms of the moderating effect of the level of financial risk, a higher level of financial risk can enhance the inhibiting effect of intergenerational inheritance on overseas M&A; (3) In terms of the moderating effect of the level of competition in the market, a higher competitive market position can alleviate the inhibiting effect of intergenerational inheritance on overseas M&A. The main innovation of this thesis is that it goes beyond the traditional research scope of "differences in overseas M&A behavior between family firms and non-family firms" and focuses on the intergenerational inheritance within family firms to investigate the influence of intergenerational differences between the first and second generations of family firms on the implementation of overseas M&A behavior. The study will help to deepen the research on intergenerational inheritance and internationalization of family firms, and provide new theoretical references and practical suggestions for family firm managers to solve intergenerational inheritance problems and achieve transformation and upgrading. Key Words: Family Business; Intergenerational Inheritance; Overseas M&A; Financial Risk Level; Competitive Market Position
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