Liu Yanbo, Liu Hanzhou, Tang Decai, Yin Chenxi, Kong Lin
School of Law and Business, Sanjiang University, Nanjing, China.
School of Industry and Urban Construction, Hengxing University, Qingdao, China.
PLoS One. 2025 Jul 24;20(7):e0327492. doi: 10.1371/journal.pone.0327492. eCollection 2025.
This study examines family firms listed on China's A-share market, using a two-way fixed effects model to explore the impact of ownership succession on debt financing and the moderating role of the institutional environment. The findings indicate that second-generation ownership succession reduces risk-taking, which in turn lowers debt financing. Additionally, the institutional environment mitigates the negative relationship between second-generation ownership succession, risk-taking, and debt financing. Further analysis reveals that factors such as the development of the non-state-owned economy, the maturity of factor markets, and advancements in market intermediaries and legal systems significantly moderate these relationships. This study broadens the research perspective on intergenerational succession in family businesses and offers empirical insights to help family firms adapt to regional institutional differences more effectively.
本研究考察了在中国A股市场上市的家族企业，采用双向固定效应模型探讨所有权传承对债务融资的影响以及制度环境的调节作用。研究结果表明，第二代所有权传承降低了风险承担，进而减少了债务融资。此外，制度环境减轻了第二代所有权传承、风险承担与债务融资之间的负相关关系。进一步分析表明，非国有经济发展、要素市场成熟度以及市场中介和法律制度的进步等因素显著调节了这些关系。本研究拓宽了家族企业代际传承的研究视角，并提供了实证见解，以帮助家族企业更有效地适应区域制度差异。
