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Fan等(2008)发现,中国香港、中国台湾、新加坡等地家族企业传承后持有期市场回报平均下降56%,这是企业创始人专有性资产损失所致。本文以中国沪市A股上市公司“天通股份”家族传承为案例,以访谈和档案研究相结合的方法对传承的整体过程进行分析,传承过程中附属于创始人的专用性资产的减损会给企业市场价值带来负面影响。但是,与Fan等(2008)的发现不同,随着继任者加强控制权、调整公司战略等一系列措施的实施,继任者通过重新建立新的专用性资产,使得上述传承中出现的对企业价值的负面影响也随之缓解。本文在Fan等(2008)的基础上进行了拓展性研究,提供了与其发现不一致的例证,并在王少飞等(2011)的基础上提出了新的研究解释,为理解家族企业传承提供了更加完整的发现。
Fan et al. (2008) found that the returns on the holding of the family business in Hong Kong, Taiwan, Singapore and other places in China decreased by 56% on average during the holding period, which was caused by the loss of proprietary assets of the founders. This article takes the case of the inheritance of A-share listed companies in China Shanghai Stock Exchange as the case, and analyzes the whole process of inheritance through a combination of interviews and archival studies. In the process of inheritance, the special assets attached to the founders Devaluation will have a negative impact on the market value of the enterprise. However, unlike the findings of Fan et al. (2008), as successors implement a series of measures such as strengthening control and adjusting the company’s strategy, the successor rebuilds the new value-added assets that make up the corporate value The negative impact also eased. Based on Fan et al. (2008), this paper provides an extended study that provides an illustration of inconsistency with its findings. Based on Wang Shaofei et al. (2011), this paper proposes new research explanations that provide a more complete understanding of family business heritage The discovery.