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2025年3月31日，SJTU-SMU DBA 2018級(jí)林維挺同學(xué)在交大安泰迎來(lái)了他論文的答辯時(shí)刻。SJTU導(dǎo)師傅仁輝教授，SMU導(dǎo)師梁昊教授及張連棟教授，一起參加并見證了林維挺同學(xué)的畢業(yè)答辯。

論文題目

《家族企業(yè)傳承與企業(yè)投資決策》

作者簡(jiǎn)介

林維挺，英國(guó)杜倫大學(xué)經(jīng)濟(jì)學(xué)碩士、清華大學(xué)經(jīng)濟(jì)管理學(xué)院工商管理碩士、清華大學(xué)材料與化學(xué)工程博士。

論文摘要

家族企業(yè)在經(jīng)濟(jì)和社會(huì)發(fā)展中發(fā)揮著重要的作用，它們?cè)趧?chuàng)造財(cái)富、促進(jìn)就業(yè)和提高社會(huì)福利等水平方面做出了巨大貢獻(xiàn)。然而，家族企業(yè)的發(fā)展也面臨著多種挑戰(zhàn)，其中最大的挑戰(zhàn)之一是代際傳承問題。家族企業(yè)的代際傳承事關(guān)其長(zhǎng)期的可持續(xù)發(fā)展。在中國(guó)，改革開放以來(lái)民營(yíng)企業(yè)快速發(fā)展，這些家族企業(yè)大部分仍由第一代創(chuàng)業(yè)企業(yè)家掌權(quán)，正在進(jìn)入家族企業(yè)傳承的關(guān)鍵時(shí)期。中國(guó)的政商環(huán)境和社會(huì)文化也使得中國(guó)家族企業(yè)面臨著特殊的傳承問題。代際傳承的順利進(jìn)行是家族企業(yè)建立現(xiàn)代公司治理制度、弘揚(yáng)企業(yè)家精神、實(shí)現(xiàn)長(zhǎng)期可持續(xù)發(fā)展的關(guān)鍵。

本文以2016-2023年中國(guó)上市家族企業(yè)為樣本，對(duì)家族傳承與企業(yè)長(zhǎng)期投資決策的關(guān)系進(jìn)行了研究。特別地，本文使用多期雙重差分模型實(shí)證檢驗(yàn)了家族企業(yè)代際傳承對(duì)其資本支出與研發(fā)投資決策的影響。實(shí)證結(jié)果發(fā)現(xiàn)，與外部職業(yè)經(jīng)理人相比，家族二代繼承人更傾向于增加企業(yè)的資本投資與創(chuàng)新投資。進(jìn)一步的對(duì)比分析發(fā)現(xiàn)，當(dāng)?shù)谝淮鷦?chuàng)業(yè)企業(yè)家將企業(yè)交給外部經(jīng)理人管理后，外部經(jīng)理人更傾向于“保持現(xiàn)狀”，企業(yè)在資本和研發(fā)方面的投資并未發(fā)生顯著變化，而二代繼承人則會(huì)顯著地提高資本和研發(fā)支出。

為了克服在實(shí)證分析中可能存在的內(nèi)生性問題，更準(zhǔn)確地檢驗(yàn)家族傳承對(duì)企業(yè)長(zhǎng)期投資決策的因果效應(yīng)，本文選擇第一代創(chuàng)始人的“兒子數(shù)量”作為工具變量，采用兩階段最小二乘法進(jìn)行了進(jìn)一步的實(shí)證分析。在中國(guó)的社會(huì)文化中，企業(yè)家更傾向于將企業(yè)傳承給兒子而非女兒，且中國(guó)在上世紀(jì)80年代開始施行的“計(jì)劃生育政策”使得一部分企業(yè)家的后代只有女兒。這為研究家族傳承對(duì)企業(yè)長(zhǎng)期投資的影響提供了獨(dú)特的工具變量。實(shí)證分析結(jié)果進(jìn)一步確認(rèn)了家族繼承人會(huì)顯著提高企業(yè)的長(zhǎng)期資本投資和研發(fā)投資。本文還進(jìn)一步從“父子共治”、繼承人兄弟姐妹數(shù)量和企業(yè)績(jī)效等方面進(jìn)行了橫截面分析。

本文的研究發(fā)現(xiàn)揭示了中國(guó)家族企業(yè)代際傳承對(duì)長(zhǎng)期投資決策的正向影響，以企業(yè)創(chuàng)始人“兒子數(shù)量”為工具變量進(jìn)行的實(shí)證分析使我們可以更好地得到家族傳承對(duì)企業(yè)資本支出和研發(fā)投資的因果效應(yīng)。為代際傳承影響企業(yè)決策的相關(guān)研究提供了新的經(jīng)驗(yàn)證據(jù)，也對(duì)家族企業(yè)更好地制定傳承策略，完善公司治理具有一定的參考價(jià)值。

導(dǎo)師信息

LIANG Hao

Dissertation Committee Chair

（hliang@smu.edu.sg）

Full-time Faculty

Associate Professor of Finance; Lee Kong Chian School of Business

FU Renhui

Co-Supervisor

（renhuifu@sjtu.edu.cn）

Full-time Faculty

Associate Professor of Accounting ACEM, SJTU

ZHANG Liandong

Committee Member(s)

(ldzhang@smu.edu.sg)

Full-time Faculty

Deputy Dean,School of Accountancy,Lee Kong Chian Professor of Accounting

Abstract

Family businesses play an important role in economic and social development, and they have made great contributions in creating wealth, promoting employment and improving social welfare levels. However, the development of family business is also faced with a variety of challenges, one of the biggest challenges is the issue of intergenerational inheritance. The intergenerational inheritance of a family business is related to its long-term sustainable development. In China, private enterprises have developed rapidly since the reform and opening up, and most of these family enterprises are still controlled by the first generation of entrepreneurs, and they are entering a critical period of family business inheritance. China's special political and business environment and social culture also make Chinese family enterprises face special problems of inheritance. The smooth intergenerational inheritance is the key to establish modern corporate governance system, promote entrepreneurial spirit and realize long-term sustainable development of family enterprises.

Taking Chinese listed family enterprises from 2016 to 2023 as a sample, this paper studies the relationship between family inheritance and long-term investment decisions. In particular, this paper empirically examines the impact of intergenerational inheritance on capital expenditure and R&D investment decisions of family firms using a multi-period differential model. The empirical results show that compared with external professional managers, second-generation family heirs are more inclined to increase capital investment and innovation investment. Further comparative analysis found that when the first generation of entrepreneurs handed over the management of the enterprise to external managers, the external managers were more inclined to "maintain the status quo", and the investment in capital and research and development of the enterprise did not change significantly, while the second generation of heirs would significantly increase capital and research and development expenditure.

In order to overcome the endogeneity problem that may exist in the empirical analysis and more accurately test the causal effect of family inheritance on the long-term investment decision of enterprises, this paper selects the "number of sons" of the first-generation founders as the instrumental variable and adopts the two-stage least square method for further empirical analysis. In China's social culture, entrepreneurs are more likely to pass on their businesses to sons than daughters, and China's "family planning policy", introduced in the 1980s, has left some entrepreneurs with only daughters. This provides a unique instrumental variable for studying the impact of family inheritance on long-term investment. The empirical analysis results further confirm that family heirs can significantly increase the long-term capital investment and R&D investment of enterprises. This paper also carries on a cross-sectional analysis from the aspects of "father and son co-governance", the number of heirs siblings and enterprise performance.

The findings of this paper reveal the positive impact of intergenerational succession on long-term investment decisions in Chinese family firms. The empirical analysis using the "number of sons" as the instrumental variable enables us to better understand the causal effect of family succession on capital expenditure and R&D investment. It provides new empirical evidence for the research on the influence of intergenerational inheritance on corporate decision-making, and also has certain reference value for family enterprises to better formulate inheritance strategies and improve corporate governance.

SJTU – SMU DBA

項(xiàng)目簡(jiǎn)介

SJTU – SMU DBA項(xiàng)目是上海交通大學(xué)安泰經(jīng)濟(jì)與管理學(xué)院與新加坡管理大學(xué)李光前商學(xué)院聯(lián)合舉辦的一個(gè)高等學(xué)位教育項(xiàng)目，結(jié)合了中西方頂尖學(xué)術(shù)力量，立足中國(guó)、放眼全球、旨在培養(yǎng)集應(yīng)用、管理、研究大成于一體的企業(yè)家和管理者。本項(xiàng)目充滿了創(chuàng)新與挑戰(zhàn)精神，在課程設(shè)置上側(cè)重研究理論與方法的傳授，在應(yīng)用研究上追求商業(yè)實(shí)踐與學(xué)術(shù)的結(jié)合。學(xué)員從不同的視角來(lái)探索全球商業(yè)社會(huì)，在系統(tǒng)學(xué)習(xí)和論文答辯后，獲得新加坡管理大學(xué)工商管理博士學(xué)位。