Ye Shengchao, Wang Wei, Li Yidong, Wang Haohan, Zhou Xinmiao
Business School, Ningbo University, Ningbo, Zhejiang, China.
School of Business Administration, Henan University of Economics and Law, Zhengzhou, Henan, China.
Front Psychol. 2022 Oct 10;13:1004997. doi: 10.3389/fpsyg.2022.1004997. eCollection 2022.
As a mixed-methods research in economics and psychology, this study aimed to analyze the influence from the intergenerational succession on the financialization level including asset financialization and revenue financialization, and further test the moderating effect of the heirs' typical growing experience according to The Imprinting Theory, based on the 2009-2020 annual data of listed family enterprises of China. There were two key findings. First, the effect of Chinese family enterprises' intergenerational succession on asset financialization was positively significant while the effect on revenue financialization was not significant, indicating that the financialization behavior has not brought about effective financial profits. Second, among the heirs' typical growing experiences, their parents' entrepreneurial experience during their childhood, oversea study experience, and MBA education experience had the significantly positive moderating effects on the influence from intergeneration succession to asset financialization level of Chinese family enterprises, which was an important internal mechanism for the heirs to promote the financialization process of family enterprises.
作为一项经济学与心理学相结合的混合方法研究，本研究旨在基于中国上市家族企业2009 - 2020年的年度数据，分析代际传承对金融化水平（包括资产金融化和收益金融化）的影响，并依据印记理论进一步检验继承人典型成长经历的调节作用。研究有两个关键发现。第一，中国家族企业的代际传承对资产金融化的影响具有显著正向作用，而对收益金融化的影响不显著，这表明金融化行为并未带来有效的财务利润。第二，在继承人的典型成长经历中，其童年时期父母的创业经历、海外学习经历和MBA教育经历，对中国家族企业代际传承至资产金融化水平的影响具有显著正向调节作用，这是继承人推动家族企业金融化进程的重要内部机制。
