| The family enterprise is the main organization form of our country's private enterprise,and plays an important role in our country's economic development.In the past 42 years of reform and opening up,the first group of family enterprise founders have passed through middle age and entered the old age,and the intergenerational inheritance of family enterprise has gradually attracted the attention and discussion of our scholars.Foreign scholars began to study the intergenerational inheritance of family enterprises earlier,and formed a more systematic theory and model,but because of the influence of family culture,imperfect corporate governance,immature market of professional managers and imperfect legal protection system,family enterprises in our country are not fully applicable to these theories.From the perspective of founders,successors,enterprises,etc.,the existing intergenerational inheritance literature has studied the factors affecting the successful inheritance of the family enterprise,mainly including the succession of the founder authority and individual elements,the inheritance intention and personal ability of the successors,the succession plan and internal harmony of the enterprise,and the industrial environment and development stage of the enterprise.There are few literatures to study the influence of inherited human power allocation on business operation.Integrating the existing literature on enterprise risk taking,this paper finds that the existing literature mostly takes the factors of enterprise executives,corporate governance,macro environment as the entry point to explore the factors that affect the enterprise risk taking,but few scholars have noticed the influence of family enterprise intergenerational inheritance on enterprise risk taking.Based on the sample data of listed family enterprises in China in 2005-2016,from the perspective of heirs,this paper discusses the influence of the post of heirs,the number of heirs,the relationship of heirs and the allocation of different rights between heirs on the risk bearing of family enterprises after the family enterprises enter the intergenerational inheritance period.Through empirical research,the following conclusions are drawn:Firstly,the influence of the number of heirs on the risk bearing of the family enterprise will be negatively affected by the intergenerational inheritance period,that is,the heir position of the family enterprise will reduce the risk bearing of the enterprise.Secondly,this paper studies the influence of the number of successors on the risk bearing of the enterprise.The results show that the risk bearing of the single successor is lower than that of the multiple heirs.Thirdly,in the enterprises with multiple successors,the enterprises with brotherly heirs have lower risk than those with sister/brother heirs;Fourth,among the enterprises in which the heir to the brotherhood is held,the risk of the enterprise with the higher position of the senior heir is lower than that of the enterprise with the higher position of the younger heir.In addition,this paper also examines the influence of the factors such as heir position,number of heir,heir relationship and level of heir position on the risk bearing of the enterprise under the different positions of the founder.It is found that the founder's family business in office is negatively affected by the successor's position,while the founder's outgoing family enterprise's heir plan is relatively perfect,and the successor's post will not reduce the risk bearing of the enterprise.Based on the sample data of family enterprises listed in our country,this paper probes into and studies the influence of heir power allocation on enterprise risk-taking in the process of family business intergenerational inheritance,which not only combs the role of heirs in the process of intergenerational inheritance,provides empirical evidence for the study of intergenerational inheritance of family business in our country,but also opens up new research ideas for the study of enterprise risk bearing,and enriches the theoretical system of influencing factors of enterprise risk bearing. |
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