【摘要】 家族企业的代际传承是“基业长青”的关键，针对我国家族企业普遍存在传承意愿不足的问题，本文研究了实际控制人家族的宗族文化对家族企业代际传承意愿的影响。结果显示，实际控制人家族的宗族文化观念越强，企业代际传承意愿越高。机制检验表明，上述效应在一代和二代、其他亲属和二代之间更可能发生代理冲突时更明显，说明宗族文化通过降低家族成员内部的委托代理成本，提升了家族企业的代际传承意愿。异质性检验发现，主效应在外部正式制度不确定性高、行业竞争激励不足以及家族二代数量少时更明显。进一步检验发现，实际控制人家族的宗族文化观念亦有助于缓解代际传承后企业经营绩效的下滑。本文从宗族文化视角，结合家族内部委托代理理论，揭示了促进家族企业可持续发展的新驱动因素与理论机制，丰富了对传统宗族文化的理解。更多还原

【Abstract】 The intergenerational succession of family businesses is important to the“everlasting foundation” of enterprises. In order to solve the problem that family businesses in China generally have insufficient succession willingness, this paper studies the impact of controller family’s clan culture on the firms’ intergenerational succession willingness. The results show that, when controller family have higher clan culture, the firm is more likely to success intergenerationally. Mechanism tests show that these effects are stronger when the agency conflicts between intergeneration as well as between other relatives and the second generation are more likely to occur. These results indicate that controller family’s clan culture enhances the willingness of family businesses intergenerational succession by reducing the agency costs within family members. Heterogeneity tests find that the main effect is more pronounced when external institutional uncertainty is higher, when industry competition is lower and when second-generation family members are fewer. Further analysis reveals that strong clan cultural value also mitigates the decline of firm performance after intergenerational succession. From the perspective of clan culture, applying the principal-agent theory, this paper reveals a new driving factor and theoretical mechanism for promoting the sustainability of family businesses, and enriches the understanding of traditional clan culture.更多还原