创始人采取何种方式退出企业,激进式离任还是渐进式退出,这仍是一个没有解决的重要问题。根据前景理论与企业行为理论,文章认为企业所处的期望差距状态将直接影响创始人离任方式的选择。文章基于中国家族上市公司的数据,主要得到以下结论:(1)不同的离任方式所隐含的经营风险存在差异。当企业的实际业绩低于期望水平时,随着期望落差的增加,创始人更有可能采取风险相对较低的渐进式退出方式;而当企业的实际业绩高于期望水平时,随着业绩的不断增加,创始人采取风险相对较高的激进式离任方式的可能性更大。(2)随着业绩的增加,创始人采取激进式离任方式的可能性增大,这种效应在期望顺差状态下比期望落差状态下更强。(3)继任者来源会影响创始人的离任方式,在期望落差状态下,家族外部继任者比内部继任者更有可能导致创始人选择激进式离任。 It is still an unresolved and important issue that the founders take to exit the enterprise, to leave the government in a radical manner, or to withdraw gradually. According to the theory of foreground and the theory of enterprise behavior, the article thinks that the expectation disparity state which the enterprise is in will directly affect the choice of founders’ departure methods. Based on the data of Chinese family-owned listed companies, the main conclusions are as follows: (1) There are differences in business risks implied by different ways of leaving. When the actual performance of an enterprise is lower than the expected level, the founder is more likely to adopt a gradual exit with a relatively lower risk as the expected drop in headcount. When the actual performance of an enterprise is higher than the expected level, Increasingly, founders are more likely to take radical risks with relatively higher risks. (2) As performance increases, there is an increased likelihood that the founders will take a radical approach to leave, which is stronger in the expectation of surplus than the expected one. (3) The successor source will affect the founders’ departure method. In the expectation of a drop, the external successors of the family are more likely than the internal successors to lead the founders to choose radical departure.