家族企业作为一种普遍存在的企业组织形式，其发展越来越受到社会各界 的关注。随着家族一代创始人渐入暮年，家族企业也迎来了代际传承的高峰期。 家族二代参与企业的管理并逐渐成为企业的关键决策者后，对家族企业的价值 和战略决策产生了哪些方面的影响成为了一个值得思考的问题。与非家族企业 相比，家族企业的控制权掌握在自然人或家族的手中。因控股股东的性质不同 其利益诉求也存在显著差异，进而对家族企业现金股利政策产生一定的影响， 但学者们对于家族代际传承与现金股利间关系的研究相对较为少见。因此本文 分别以一代在任和二代继任的家族企业作为样本，探讨家族企业代际传承对现 金股利分配的影响；以及二代继任后，不同背景特征的二代继承人与企业现金 股利分配间的关系。 本文通过对家族企业定义、家族企业代际传承、高管背景特征与企业行为 以及家族企业现金股利的相关文献进行梳理和总结，在此基础上提出了相关研 究假设，以2010-2018年沪深A股的515家一代在任和183家二代继任的家族 企业作为样本数据进行了实证分析。根据实证分析结果，本文得出以下结论： 第一，家族二代成员继任与企业现金股利分配负相关；第二，家族二代的海外 经历，金融、财务与管理等相关职业背景特征均对家族企业的现金股利分配有 1 本研究获得国家自然科学基金项目“家族企业生存环境、非市场要素与代际传承模式——基于内蒙古自治区家族企业样本 的研究”的资助（项目号 71562026） 。 2 本研究获得内蒙古自然科学基金项目“家族企业代际传承中接班人培养机制研究——基于内蒙古典型企业案例”的资助 （项目号 2015MS0711） 。 II 显著的负向影响。 本文期望能够丰富家族企业现金股利分配、家族代际传承等相关议题的研 究，为正在经历或即将面临代际传承的家族企业存续、发展以及二代培养规划 等提供一些借鉴和思路。 关键词：家族企业；二代继任；二代背景特征；现金股利 III THE SECOND-GENERATION OF FAMILY BUSINESS SUCCESSION AND CASH DIVIDENDS DISTRIBUTION—THE EMPIRICAL STUDY FROM CHINESE LISTED FAMILY FIRMS ABSTRACT As a ubiquitous form of business organization, family business has attracted more and more attention from all walks of life. As the founders of the family generation gradually enter the twilight years, the family business has also ushered in the peak period of intergenerational inheritance. After the second generation of the family participates in the management of the enterprise and gradually becomes the key decision maker of the enterprise, it has become a question worthy of consideration about what impact it has on the value and strategic decision of the family enterprise. Compared with non-family businesses, the control of family businesses is in the hands of natural persons or families. Due to the different nature of the controlling shareholders, there are also significant differences in their interest claims, which in turn have a certain impact on the family company ’s cash dividend policy, but scholars have relatively few studies on the relationship between family generational inheritance and cash dividends. Therefore, this article takes the first-generation and second-generation family companies as samples to discuss the IV impact of family-generation intergenerational inheritance on cash dividend distribution; and the relationship between second-generation heirs with different background characteristics and corporate cash dividend distribution after second-generation succession. This paper combs and summarizes the relevant literature on the definition of family business, family business intergenerational inheritance, background characteristics of executives and corporate behavior, and family company cash dividends. Based on this, relevant research hypotheses are put forward. Empirical analysis is carried out on the sample data of 515 first-generation and 183 second-generation family businesses in Shanghai-Shenzhen A shares from 2010 to 2018. According to the empirical analysis results, this article draws the following conclusions: First, the succession of the second-generation family members is negatively correlated with corporate cash dividend distribution; Second, the overseas experience of the second generation of the family, and the related professional background characteristics of finance, finance and management all have a significant negative impact on the cash dividend distribution of the family business. This paper hopes to enrich the research on related issues such as family corporate cash dividend distribution and intergenerational inheritance, and provide some reference and ideas for the survival, development and second-generation training plan of family businesses that are experiencing or are about to face intergenerational inheritance. V KEYWORDS: family firm; second-generation successor; second-generation background characteristics; cash dividends VI 目 录 一、绪论 ...................................................................... 1 1.1研究背景与研究问题 ....................................................... 1 1.1.1研究背景 ............................................................. 1 1.1.2研究问题 ............................................................. 3 1.2研究目的与研究意义 ....................................................... 4 1.2.1研究目的 ............................................................. 4 1.2.2研究意义 ............................................................. 4 1.3 研究方法................................................................. 5 1.4 研究内容................................................................. 5 二、文献综述与理论基础 ........................................................ 7 2.1家族企业的定义 ........................................................... 7 2.2家族企业代际传承 ......................................................... 9 2.3高管背景特征与企业行为 .................................................. 10 2.4家族企业现金股利 ........................................................ 11 2.4.1现金股利政策 ........................................................ 11 2.4.2 影响现金股利分配的因素 .............................................. 12 2.4.3 家族企业的现金股利 .................................................. 13 2.5理论基础 ................................................................ 13 2.5.1社会情感财富理论 .................................................... 13 2.5.2股利迎合理论 ........................................................ 14 2.5.3高阶理论 ............................................................ 14 2.5.4烙印理论 ............................................................ 15 2.6本章小结 ................................................................ 15 三、研究假设与研究设计 ....................................................... 16 3.1研究假设 ................................................................ 16 3.1.1家族企业二代继任与现金股利分配 ...................................... 16 VII 3.1.2家族二代受教育水平与现金股利分配 .................................... 17 3.1.3家族二代海外经历与现金股利分配 ...................................... 17 3.1.4家族二代相关职业背景与现金股利分配 .................................. 18 3.1.5家族企业二代性别与现金股利分配 ...................................... 19 3.2样本选取与数据来源 ...................................................... 20 3.2.1样本数据选取 ........................................................ 20 3.2.2数据来源 ............................................................ 20 3.2.3数据筛选 ............................................................ 20 3.3变量定义与模型设计 ...................................................... 21 3.3.1被解释变量 .......................................................... 21 3.3.2解释变量 ............................................................ 21 3.3.3控制变量 ............................................................ 21 3.3.4模型设计 ............................................................ 23 3.4本章小结 ................................................................ 25 四、实证分析 ................................................................. 26 4.1描述性统计 .............................................................. 26 4.2相关性分析 .............................................................. 27 4.3回归分析 ..............................................