| Family business is an organization form that exists widely in the world and has become an important driving force in the economic development of countries all over the world.After the reform and opening up,China’s first generation of private entrepreneurs emerged.With the deepening of the economic reform process,these entrepreneurs have successively established their own family businesses.These family businesses have provided a powerful impetus to the rapid development of China’s economy during the 40 years of reform and opening up.Today,many family businesses have developed into leading companies in their industries and occupy an indispensable position in the economic development of their region.However,with the continuous development and growth of these family businesses,the first generation of entrepreneurial entrepreneurs also entered the next year of life,and many family businesses began to transfer the enterprise from the first generation of founders to the development stage of the second generation of heirs.Corporate heritage is a major challenge for family businesses around the world.A survey of family businesses in the United States shows that only 30%of family businesses can successfully complete the first generation to the second generation,and only 12%of family businesses can complete the third generation.For China’s family business,due to the imperfect institutional environment in China,the immature development of the manager market,the inadequate internal governance structure of the family business,and the lack of family governance system in the holding family,the company inherits the family business of China.It is even more an urgent and arduous task.Under such a realistic background,many scholars have begun to pay attention to the inheritance of family business in China,and have carried out many useful research.Based on the research of family business at home and abroad,this paper studies the relationship between market environment,religious culture and regional social capital and family business inheritance decision-making from the perspective of formal system and informal system.At the same time,while studying the external institutional environment,this paper also pays attention to the regulatory role of the internal governance structure of the family business on the institutional environment and the relationship between inheritance and decision-making.Based on the existing literature,this paper selects the Chinese A-share listed family business from 2002 to 2015 as a research sample,and studies whether the formal system and informal system are used by the second-generation family members as the chairman or CEO.The empirical results show that the formal institutional environment of the region has a positive impact on the internal inheritance decision-making of family enterprises.The higher the degree of marketization,the better the development of non-state-owned economy;the more perfect the legal protection of property rights,the more likely the family business chooses the inheritance management of the second generation members.Enterprises;regional traditional culture and religious culture as important social informal institutions,the degree of geographical influence is positively related to the internal inheritance decision-making of family enterprises;regional social capital has a negative impact on the internal inheritance of family enterprises,due to regional trust The regional social capital has increased,which in turn has reduced information asymmetry and promoted the improvement of the professional manager market.Family businesses have more external choices.The research results of this paper have certain theoretical and practical significance.In theory,this paper first enriches and expands the system of family business theory research,and provides new evidence for inherntance decision-making for family business research in China.Secondly,this paper helps to clarify the mechanism of family business inheritance decision-making,combined with the inheritance decision under the Chinese situation.The analysis will help to understand the reasons for different family companies to make different inheritance decisions and the mechanism of the effects of different economic consequences.Finally,this paper provides a theoretical framework for the analysis of inheritance,which provides a basis for further research.In reality,the research content of this paper first responds to the urgent need of inheritance of family business in China.The realization of the smooth inheritance of enterprises and the long-term success of the industry are the common aspirations of many first-generation entrepreneurs,but what do they bear for the enterprise?The influence of factors and the impact on the development of enterprises after inheritance are not clear enough.The research in this paper can better understand the major events in the development of this family business based on the large sample of data;family entrepreneurs can Combining the different factors affecting the company and the possible impact on the decision in the future,the formulation of "tailoring" conforms to the inheritance decision of the characteristics of the region,the enterprise and the entrepreneur,thus ensuring the smooth inheritance of the enterprise;finally,this paper will help to realize the family business in China.The long-term foundation and sustainable development,not only entrepreneurs can draw on the research results of this paper to make decisions,the government and various regulatory authorities can also learn from,help our family business to create a better institutional environment,and establish a better relationship between government and enterprises.To help companies achieve long-term sustainable development. |
