Research On Relationship Between Work Values Of New Generation Family Business Successor, Succession Intention And Successful Inheritance

The sustained and healthy development of family enterprises is an important issue of China’s economic vitality, but the intergenerational succession of family business has been the focus of the theory and practice. China is a country deeply influenced by "family culture", and the "Family culture" is bound to have an impact on the corporate culture and daily operations. In such a cultural background, "succession between generations" will naturally become the preferred mode to be chosen, which means that family business owners tend to choose a successor from his own children. However, due to the impact of social environment factors, especially the implementation of the one-child policy in China, the selection range greatly reduced. Family businesses that are in the face of succession may find that the choice of a successor is no longer a problem, because they will be no choosing. Under such a realistic background, the successor’s intention of succession is the key of successful inheritance.In this paper, we explore the relationship between the work values of the new generation and successful succession, which is based on the theory of work value. Firstly, this paper introduces the new development of the work values of the new generation, succession intention, family business’internal social capital, successful inheritance. And a basic proposition is put forward based on case study. Lastly, the relationship model between the work values of the new generation, succession intention, family business’ internal social capital, successful inheritance was constructed. The data mainly from 197 family businesses is collected to examine and adjust the questionnaire via exploratorary factor analysis and reliability analysis. And finally SPSS 19.0 are used to perform data analysis. After the empirical analysis, the research captures the following conclusions. (1) Work values of new generation family business successor have significant positive impact on succession intention. (2) Work values of new generation family business successor have significant positive impact on successful inheritance. (3) Succession intention has significant positive impact on successful inheritance. (4) Family business’ internal social capital has significant positive impact on successful inheritance. (5) Succession intention as an intermediary variable played a brokering role in the relationship between work values of new generation family business successor and successful inheritance. (6) Family business’internal social capital regulates the influence of succession intention on the successful inheritance.Finally, conclusions of the research and its applications of reality, and the limitation in the research are summed up. Necessary future research directions are pointed out.