Study On The Overseas Educational Experience And Enterprise Dividend Level Of The Second Generation Successors Of The Family

As the backbone of China’s economic growth,the development trend of family businesses has attracted the attention of all sectors of society.Nowadays,some family businesses have successfully passed the intergenerational inheritance stage.The second generation of the family has become the dominant figure influencing the strategic decision-making and future development direction of the enterprise.Therefore,the research on the influence of the strategic preference of the second-generation successor of the family on the value of the enterprise has gradually It has been valued by scholars.Among them,educational background may become one of the important factors in the formation of successors’ strategic preferences.Statistics show that in China,nearly one-third of the second-generation successors of the family have overseas education or work experience.Compared with the successors cultivated in China,the overseas education experience not only broadens the second-generation thinking mode of the family,but also possible This allows them to obtain more diverse social networks and abundant overseas resources,which may affect the value system of the second generation of the family and even the strategic behavior after succession,and then affect the strategic performance of the company.Dividends are not only an effective mechanism to protect the rights and interests of shareholders,but also a performance result of corporate strategic behavior.In recent years,the research on the dividend behavior of Chinese listed companies has become more and more extensive,and existing researches believe that the efficiency of corporate internal governance and the external financial market environment are both important factors that promote differences in the level of dividends between companies.In addition,this article believes that the dividend level of family businesses may also be affected by the education background of the second-generation successors of the family.Based on this,this article takes the listed Chinese family companies that have completed the inheritance as a research sample,and tries to explore the impact of the second-generation successor’s overseas education experience on the level of corporate dividends,and the difference between the second-generation successor’s study abroad and the different majors on the company.The impact of dividend levels.This article uses 240 family companies that have completed intergenerational inheritance that were listed on the Shanghai and Shenzhen A shares from 2010 to2018 as a research sample to explore the impact of the overseas education experience of the second-generation successors of the family on the level of corporate dividends.After reviewing and sorting out related literature on the definition of family business,the family’s second-generation overseas education experience and strategic decision-making,and family business cash dividend distribution,this paper puts forward research hypotheses,and uses Stata 15.1 statistical software to adopt the propensity score matching method(PSM)established a matching sample,used the Logit model and OLS model to test the regression equation and obtained empirical results,and then came to the following conclusions: first,the overseas education experience of the second-generation successor of the family is negatively correlated with the level of corporate dividends;second In the sample of companies whose successors are all enterprises with overseas education experience,compared with countries that choose common law as their place of study,after the second generation of families who choose civil law countries to receive education,the dividend level of family businesses is lower;Third,in the same sample of companies whose successors are all enterprises with overseas education experience,compared with those who choose to study business majors during their education abroad,the second generation of families who choose non-business majors to study will have a higher level of dividends after succession.low.Furthermore,this article analyzes the issue of the whereabouts of the retained funds of family businesses.The empirical results show that the overseas education experience of the second-generation family successor has a significant role in promoting the level of investment in the company.This means that the second-generation successor with overseas education experience may Will be more active in promoting corporate innovation and R&D activities,resulting in less cash dividend distribution for family businesses.Through further analysis,the mechanism of the negative influence of the family’s second-generation overseas education experience on the level of dividends has been improved.This article hopes that while enriching the research on the personal background of the second-generation successors of the family and the behavior of the company’s dividend level,it can also provide a reference for the family successor training plan and the sustainable development of the family business.