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从家族接班人的职位视角,按照家族内部传承的进程,可以把家族内部传承区分为三个阶段:传承前期,传承中期和传承后期。文章基于我国2007—2011年上市家族企业的数据,分析了家族内部传承进程对贷款期限结构的影响。研究结果表明:(1)家族内部传承进程与长期借款比率呈倒“U”型关系。(2)在传承前期,家族内部传承可以促进企业获得长期借款,此结论支持了家族声誉理论。相对于家族间接控制来说,家族直接控制会强化家族内部传承的促进作用。(3)在传承中期,家族内部传承与长期借款比率的关系不显著。(4)在传承后期,家族内部传承会阻碍企业获得长期借款,此结论支持了资产专有理论。与第一代家族成员同时担任董事长和总经理相比,第二代家族成员同时担任董事长和总经理对长期借款比率的负面效应更大。
From the perspective of the succession of family successors, according to the inheritance process within the family, the family inheritance can be divided into three stages: the early stage of inheritance, the middle stage of inheritance and the late stage of inheritance. Based on the data of listed family-owned enterprises in China from 2007 to 2011, the article analyzes the impact of inheritance process within the family on loan term structure. The results show that: (1) the relationship between family inheritance and long-term borrowing is inverted. (2) In the pre-inheritance period, family inheritance can promote enterprises to obtain long-term loans. This conclusion supports family reputation theory. Compared with the indirect control of the family, the direct control of the family will strengthen the promotion of the family inheritance. (3) In the middle stage of inheritance, the relationship between family internal heritage and long-term loan ratio is not significant. (4) In the late stage of inheritance, inheritance within the family would hinder the enterprises from obtaining long-term loans. This conclusion supports the proprietary theory of assets. Compared with the first generation of family members as both chairman and general manager, the second generation of family members as both chairman and general manager of the long-term loan ratio has a greater negative impact.