The Research On The Influence Of The Second Generation Characteristics Of Listed Family Enterprises On Portfolio Entrepreneurship And Firm Performance

China has entered the peak period of family business inheritance,and as the successor of the family business,the second generation plays an important role in this process of inheritance.This paper takes the second generation of the family as the research object,through literature research and empirical research,trying to explore the influence of the second generation of family characteristics on portfolio entrepreneurship and corporate performance.After the second generation of the family,they will face challenges from the legitimacy of their authority.The second generation of the family will make strategic choices based on their own cognitive structure after taking over.According to the guidance of higher-order theory on cognitive structure,this paper takes the education level of the second generation of the family,MBA experience,overseas study experience and industry background as the research independent variables.Consider the influence of internal and external environment,namely the institutional environment and the stage of enterprise development,and take these two factors as the adjustment variables.Through the construction of the model,the impact of portfolio entrepreneurship and firm performance is studied.This paper selects 235 family enterprises listed from 2008 to 2018,and uses SPSS to test the research hypothesis.The results show that:First,the education level of the second generation of the family is significantly positively correlated with the combination of entrepreneurship,and the positive impact of corporate performance is not supported.The positive adjustment of the institutional environment and the stage of enterprise development is significant.Second,the MBA experience of the second generation of the family has a significant negative impact on the combination of entrepreneurship,but has a significant positive impact on corporate performance,and the institutional environment and the stage of enterprise development have played a regulatory role.Third,the overseas study experience of the second generation of the family has a significant positive impact on portfolio entrepreneurship and corporate performance.After adding the institutional environment and the adjustment variables of the enterprise development stage,the positive impact is also significant.Fourth,the negative impact of the industry experience of the second generation of the family on the combination of entrepreneurship and corporate performance has been verified,and the regulatory role of the institutional environment and the stage of enterprise development is also significant.