Portfolio Entrepreneurship And Family Business Intergenerational Inheritance

On the fortieth anniversary of reform and opening up,private enterprises in Chinese mainland have sprung up and flourished,most of which are family-owned enterprises.After the 40 th anniversary of the transformation from public-private partnership to the transformation of the socialist market economy,and then to the government’s encouragement and support for the development of the non-public ownership economy,most of the first generation of family business entrepreneurs will gradually withdraw from the mall,which means that family enterprises have entered the key life cycle of family business inheritance,and the issue of intergenerational inheritance has always been one of the key points in the field of family business research,and the early research mainly focused on the inheritance of family enterprises in a single operating unit.The advantages and disadvantages of the model of achieving intergenerational inheritance through the combination of multiple business units are not explored,but in view of the actual practice,the phenomenon of combined entrepreneurship of local family enterprises is increasing day by day,however,the specific mechanism of how families can achieve intergenerational inheritance through combined entrepreneurship is still unclear.What are the motivations for family businesses to start a portfolio business? How can portfolio entrepreneurship promote the realization of the goal of intergenerational inheritance of family businesses? How can portfolio entrepreneurship be used as a cross-generational way to empower family businesses to continue to compete efficiently? All of the above needs to be further studied and discussed.This study takes the Chaoshan family business,the Xie family,as the case study object,and explores the two themes of the three generations of the family choosing combined entrepreneurship as the driving force of the inheritance method,and the process mechanism of the family enterprise to achieve intergenerational inheritance through combined entrepreneurship.Comprehensive and detailed data on relevant cases are collected through longitudinal single case study methods,literature analysis methods,field observation methods,interview methods,etc.Interviews were conducted with three generations of the family,company managers and employees,family relatives and friends,and the impact of each family relationship on entrepreneurship and inheritance in detail.In addition,through the observation method to participate in the case itself,combined with multi-generational observation to analyze the real reasons behind the entrepreneurial action.Finally,qualitative data is encoded and theoretically extended through rooted theory.Based on the qualitative research of this case,it is found that dispersing business risks and maximizing customer management have led to decisions on portfolio entrepreneurial behavior;The three aspects of family education,family system and social environment have promoted the identification of entrepreneurial opportunities by family enterprises;The overall planning of enterprise resources,the heterogeneous complementarity of intergenerational resources and the integration of social resources enable the advantages of family enterprises to fully play their combined entrepreneurial resources.The three factors of combining the motivation of entrepreneurship,the identification of entrepreneurial opportunities and the advantages of entrepreneurial resources are progressive,which promotes the intergenerational inheritance of family enterprises.Based on the above,this study constructs a theoretical model for family enterprises to achieve intergenerational inheritance through combined entrepreneurship.Most of the current research results show that in the rapidly changing modern society,portfolio entrepreneurship is one of the feasible ways for family businesses to achieve intergenerational inheritance.This study reveals the evolution process of family enterprises from entering the industry to adapting to the market environment,dispersing business risks through combined entrepreneurship,constantly adjusting the direction of entrepreneurship,adapting to social needs,and realizing intergenerational inheritance,enriching the theoretical achievements of intergenerational inheritance through combined entrepreneurship,and also reflecting the unique spiritual characteristics of family enterprises,which has positive significance for exploring and constructing different growth paths of family enterprises,and has certain reference value for the intergenerational inheritance of family enterprises in similar situations.The results of the study are of both theoretical and practical value.