Abstract Based on the perspective of intergeneration,using a panel data of Chinese A-share listed family firms from 2006 to 2014,this study examines the influence of venture capital on the growth performance of different generations of family firms and whether the influence is different under external conditions. The results show that the influence of venture capital on the growth performance of founder family firms and descendant family firms are different. The negative impacts of venture capital on the growth performance of founder family firm is significantly lower than that of the later generations. Furthermore,we find that the lower the venture capital holdings,venture capital expansion and profit period into the enterprise and enterprise at high maturity region,the negative impacts of venture capital will be alleviated,this effect is stronger in founder family firms than that of descendant family firms. The research results are helpful for the successful use of venture capital financing for the founder family firms and the future generations.
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Fund:基金项目:国家自然科学基金项目(71472048);国家社会科学基金项目(17BGL060,17BGL072);陕西省科技厅项目(2015KRM059) |
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