Intergenerational Succession,successor's Background Characteristics And Technological Innovation

Family businesses are the backbone of China's socio-economic development.At present,the first generation of family entrepreneurs has reached the age of 60,and the footsteps of intergenerational succession have been quietly reached.“inherited his father's” is still the main succession model for Chinese family businesses.However,because the successor's growth environment,educational experience,and values are different from those of the family business founders,the heir's management philosophy and governance approach to the business will be different from the family business founders.Then,people are concerned about whether the family businesses can achieve sustained and healthy development after inheriting them from family business founders.One of the main ways to achieve sustainable development of businesses is technological innovation.Therefore,based on the theme of family business succession and technological innovation,and considering the internal governance environment of family businesses,this paper studies the issues of intergenerational successsion,successor's background characteristics,and technological innovation.It hopes to enrich the related theoretical research on intergenerational succession of family business.At the same time,it also provides meaningful references for family businesses in formulating inheritance plans.First of all,this paper uses the normative analysis method,based on the analysis of the family business,intergenerational succession,senior executives' background characteristics(education level,functional experiences,overseas background,tenure)and their relationships with technological innovation,proposes research hypotheses about the relationship between inheritance stage,successor's background characteristics and technological innovation.At the same time,this paper also proposes the hypothesis of the regulatory effect of the separation of control from ownership.Then,this paper uses the empirical analysis method and chooses panel data of 88 family businesses in the manufacturing industry listed on Shanghai and shenzhen A-shares market over the period from 2007 to 2016.Based on the empirical test results obtained,this paper draws the following conclusions: first,successor's overseas background has significantly positive correlation with technological innovation,successor's tenure has significantly positive correlation with technological innovation.Successor's education level is positively related to technological innovation,but it does not pass significant test.Successor's functional experiences is negatively related to technological innovation,but it does not pass significant test.After successor takes over family business,it is not conducive to promoting technological innovation.Second,the separation of control from ownership has a positive effect on the relationship between successor's education level and technological innovation.The separation of control from ownership has a positive effect on relationship between the successor's tenure and technological innovation.The separation of control from ownership has no significant effect on relationship between successor's functional experiences and technological innovation.The separation of control from ownership has no significant effect on relationship between successor's overseas background and technological innovation.