2025年3月31日，SJTU-SMU DBA 2018級林維挺同學在交大安泰迎來了他論文的答辯時刻。SJTU導師傅仁輝教授，SMU導師梁昊教授及張連棟教授，一起參加并見證了林維挺同學的畢業答辯。

論文題目

《家族企業傳承與企業投資決策 》

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作者簡介

林維挺，英國杜倫大學經濟學碩士、清華大學經濟管理學院工商管理碩士、清華大學材料與化學工程博士。

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論文摘要

家族企業在經濟和社會發展中發揮著重要的作用，它們在創造財富、促進就業和提高社會福利等水平方面做出了巨大貢獻。然而，家族企業的發展也面臨著多種挑戰，其中最大的挑戰之一是代際傳承問題。家族企業的代際傳承事關其長期的可持續發展。在中國，改革開放以來民營企業快速發展，這些家族企業大部分仍由第一代創業企業家掌權，正在進入家族企業傳承的關鍵時期。中國的政商環境和社會文化也使得中國家族企業面臨著特殊的傳承問題。代際傳承的順利進行是家族企業建立現代公司治理制度、弘揚企業家精神、實現長期可持續發展的關鍵。

本文以2016-2023年中國上市家族企業為樣本，對家族傳承與企業長期投資決策的關系進行了研究。特別地，本文使用多期雙重差分模型實證檢驗了家族企業代際傳承對其資本支出與研發投資決策的影響。實證結果發現，與外部職業經理人相比，家族二代繼承人更傾向于增加企業的資本投資與創新投資。進一步的對比分析發現，當第一代創業企業家將企業交給外部經理人管理后，外部經理人更傾向于“保持現狀”，企業在資本和研發方面的投資并未發生顯著變化，而二代繼承人則會顯著地提高資本和研發支出。

為了克服在實證分析中可能存在的內生性問題，更準確地檢驗家族傳承對企業長期投資決策的因果效應，本文選擇第一代創始人的“兒子數量”作為工具變量，采用兩階段最小二乘法進行了進一步的實證分析。在中國的社會文化中，企業家更傾向于將企業傳承給兒子而非女兒，且中國在上世紀80年代開始施行的“計劃生育政策”使得一部分企業家的后代只有女兒。這為研究家族傳承對企業長期投資的影響提供了獨特的工具變量。實證分析結果進一步確認了家族繼承人會顯著提高企業的長期資本投資和研發投資。本文還進一步從“父子共治”、繼承人兄弟姐妹數量和企業績效等方面進行了橫截面分析。

本文的研究發現揭示了中國家族企業代際傳承對長期投資決策的正向影響，以企業創始人“兒子數量”為工具變量進行的實證分析使我們可以更好地得到家族傳承對企業資本支出和研發投資的因果效應。為代際傳承影響企業決策的相關研究提供了新的經驗證據，也對家族企業更好地制定傳承策略，完善公司治理具有一定的參考價值。

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導師信息

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

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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

項目簡介

SJTU – SMU DBA項目是上海交通大學安泰經濟與管理學院與新加坡管理大學李光前商學院聯合舉辦的一個高等學位教育項目，結合了中西方頂尖學術力量，立足中國、放眼全球、旨在培養集應用、管理、研究大成于一體的企業家和管理者。本項目充滿了創新與挑戰精神，在課程設置上側重研究理論與方法的傳授，在應用研究上追求商業實踐與學術的結合。學員從不同的視角來探索全球商業社會，在系統學習和論文答辯后，獲得新加坡管理大學工商管理博士學位。

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