The Impact Of Family Business Intergenerational Succession On Performance

Family business is an important component of China's economic system and has an important engine and pillar role in promoting China's economic development.Intergenerational succession is a key node in the long-term foundation of family businesses.Since family members have a significant impact on the operation and management of family businesses,the success of intergenerational succession depends largely on core family members.At present,more and more family businesses in our country have entered or are about to enter the transition period,but three generations of extinction still exist.Therefore,it is of theoretical and practical significance to explore the influence of family members on business performance in the intergenerational inheritance process.On the one hand,it can help the family business to clarify the factors that affect the intergenerational succession process,and make a succession plan and property distribution arrangements;on the other hand,it can guide family members to clarify their personal role positioning and promote the long-term prosperity of the family business.Based on principal-agent theory,social emotional wealth theory,resource-based theory,altruism theory and social capital inheritance theory,this paper studies the impact of family business intergenerational succession on business performance.At the same time,it further analyzes the role played by family inheritance conflicts in the intergenerational succession process caused by the family structure founder and fraternal relationship family structure.The research results show that:(1)the intergenerational heritage has a negative impact on the performance of the family business.After the succession,the performance of the family business shows a downward trend;(2)after the transfer of power,the founders continue to participate in the business management and counsel the heirs to form power The transitional buffer period mitigates the adverse impact on the enterprise due to the transfer of power;(3)When the founder has multiple children,it is easy to cause inheritance conflicts and hinder the smooth progress of intergenerational inheritance.This study may have the following theoretical contributions: First,the common characteristics of family businesses are considered,the impact of intergenerational succession on business performance is explored from the perspective of the family business as a whole,and the research content of intergenerational succession is enriched.Secondly,considering the personal "traits" and "independence" of family members,the influence of core family members represented by the founders and the children of the founders on the succession process is studied.Duties provide theoretical references.While considering the overall commonalities of family businesses,this paper studies the influence of individual members of family members on the inheritance process,supplements related research of individual family members,and provides important ideas for the stable and healthy development of family businesses.