The Impact Of Heterogeneity Of Family Firm Inheritance On Firm Value

In the past five years,the number of intergenerational inheritance of family enterprises in my country has increased significantly.As an important part of my country’s private economy,family enterprises are experiencing the peak period of intergenerational inheritance.Restricted by many factors inside and outside the family,the average life expectancy of family businesses in my country is generally not long.Therefore,how to choose a suitable heir and implement effective incentive decisions,so as to realize the inheritance of family and business wealth in a sustainable manner has become crucial.question.This paper takes the family enterprises listed on Shanghai and Shenzhen A-shares from 2010 to 2021 as the research object,obtained 6900 family enterprise balance panel data in units of years,and used the DID model to study the impact effect of two-stage intergenerational inheritance on enterprise value,and the high Manage the moderating effects of salary incentives and heir types on the relationship between intergenerational inheritance and enterprise value,and conduct heterogeneity hypothesis testing and robustness testing.Based on the current situation of family business development in my country,this paper enriches and innovates the existing research on intergenerational inheritance of family businesses,and creatively splits the process of intergenerational inheritance into transitional inheritance(CEO replacement)and complete inheritance(chairman replacement).stage,discusses the direction and mechanism of the impact of the two-stage intergenerational inheritance on the value of the family business,and further analyzes the differences in the executive incentive effects of different types of successors.The conclusions show that:first,the intergenerational inheritance of family businesses leads to the loss of corporate value;second,the implementation of salary incentives for executives in transitional inheritance weakens the damage of inheritance to corporate value,and there is no adjustment for equity incentives in the two-stage inheritance.Third,there is no significant difference in the contribution of family members and non-family member heirs to the enterprise value in the transitional inheritance stage,but the selection of family member heirs in the complete inheritance stage can more recover the loss of enterprise value;fourth,in the transitional inheritance stage Compared with the complete inheritance stage,there is no significant difference in the moderating effects of equity incentives and salary incentives in the two cases of non-family member inheritors and family member inheritors.The findings of this paper improve the research on the influence mechanism of successor identity heterogeneity and executive incentive heterogeneity on corporate value in the process of intergenerational inheritance,and provide a reference for the succession selection and executive incentive selection of family businesses.