Research On The Influence Of Social Capital In Family Business Succession On Intergenerational Entrepreneurship And Operating Performance

As the backbone of economic development,family business has obvious family characteristics.As of the end of 2018,there are more than 1300 family enterprises listed in A-stock market.With the characteristics of rapid decision-making and high growth,family business has become an important pillar of China's national economy.In recent years,the phenomenon of intergenerational inheritance has occurred repeatedly,which has become the inevitable trend of the development of Chinese family business in the past decade.Because of the characteristics of the trust structure and the imperfection of the manager's market,"son inherits father's business" is the mainstream mode of family business inheritance in China.In the process of inheritance,the successor of family business often faces a dilemma: continue to work or cross generation entrepreneurship? Industrial transformation and upgrading has become a new goal of China's economic development.China's economy has entered a turning point of development.The transition of national economy from shortage economy to surplus economy,so cross generation entrepreneurship may not be a proper choice.In the process of succession,due to the inheritance obstacles,social network,knowledge level and other factors,the second generation of successors will generate the idea of cross generation entrepreneurship and implement it.In the past,the literature mainly focused on the analysis of the motivation and choice of cross generation entrepreneurship of family business,but rarely on how the difference of social capital between father and son affects cross generation entrepreneurship.Based on the perspective of intergenerational entrepreneurship,this paper analyzes and explains the relationship between the successor's social capital and intergenerational entrepreneurship with the mature theoretical framework of resource-based view and high-level theory.This paper analyzes the differences between the two sides in social capital and the impact on cross generation entrepreneurship.It is expected to comprehensively consider the impact mechanism on entrepreneurial opportunity identification and entrepreneurial motivation by analyzing the differences of various components of social capital.Finally,the conclusion is drawn that the differences of industry status,knowledge level and professional qualifications have a positive impact on cross generation entrepreneurship.At the same time,relevant research shows that entrepreneurs' social capital has an important impact on business performance.However,in the context of cross generation entrepreneurship,there is little research on the impact of entrepreneurs' social capital on corporate performance.From the relevant literature in the past,it can be seen that the social capital of entrepreneurs' political status,industry status,knowledge level,professional qualifications and other aspects plays an important role in business performance.In view of the cross generational entrepreneurship scenario,this paper first studies the mechanism of the impact of cross generational entrepreneurship on corporate performance,and then takes the social capital of both father and son as the adjusting variable to analyze its regulating role.By means of empirical analysis,this paper explores how the differences of social capital between the inheritors and the inheritors affect the cross generation entrepreneurship and business performance,and draws the conclusion that cross generation entrepreneurship will degrade the business performance,and finds that part of the social capital of the parents and the social capital of the children can alleviate the deterioration effect of cross generation entrepreneurship.Through the relevant empirical research,this paper will fill in the gap of the influence mechanism of social capital and business performance of father and son in the context of cross generation entrepreneurship,which has certain reference significance for family business inheritance planning,cross generation entrepreneurship opportunity identification,successor training direction,etc.