基于代际冲突视角，结合烙印理论，以2000—2017年297家二代介入企业高层的家族企业为样本，探讨二代海外特征对家族企业组合创业的影响。研究发现，当家族二代介入企业高层后，二代具有海外经历的家族企业更倾向于选择组合创业；随着二代海外时间的增加，企业组合创业意愿随之增强，且这种影响在二代家族企业内任职时间更短、父辈行业地位更高的企业中更加显著。相比海外教育时长，二代海外工作时长更能促进家族企业组合创业；二代海外国家或地区为非亚洲区域的家族企业更倾向于组合创业。该结论可丰富传承情景下家族企业组合创业影响因素研究，为中国情景下企业高层管理者海外特征对企业战略行为的影响提供借鉴。

Family enterprises are generally facing the dual pressure of transformation and upgrading and intergenerational inheritance in China.To alleviate these two kinds of pressure, the founders introduce the second generation into the management of the family business.On the one hand, they hope that the second generation will be familiar with enterprise business processes and gradually integrate into family enterprises to make full preparations for inheritance.On the other hand, they expect the second generation to give full play to their advantages and bring new vitality into the transformation and upgrading of family enterprises.Cross-generation entrepreneurship is an important way for family enterprises to maintain innovation vitality and create new competitive advantages in the process of succession.Portfolio entrepreneurship is an important mode of generational entrepreneurship of family enterprises in the stage of succession.The current literature on the driving factors of portfolio entrepreneurship in the family business is mainly based on the perspective of socioemotional wealth theory, resource-based view and upper echelons theory, but they rarely consider the impact of the interaction, integration or conflict between the first and second generations on portfolio entrepreneurship in the special stage of succession.One of the representative sources of conflict between the first and second generations is the experience of growing up abroad as a special experience shared by second generations.How to manage the intergenerational conflict caused by the overseas experience of the second generation, realize the smooth succession of the family business and create new business units has become an urgent problem to be discussed both in theory and practice.Therefore, based on the perspective of intergenerational conflict, this paper explores whether and how the second generation's overseas experience affects the portfolio entrepreneurship of family enterprises.At the same time, we also explore the moderating effects of the second generation's tenure in family enterprises and the parents' personal industry status and political status.
This paper selects Chinese family listed enterprises from 2000 to 2017 as the sample source.Firstly, we choose the enterprises whose actual controller type is the natural person or family and whose family control right is more than 20% as the sample of family listed enterprises.Secondly, this paper selects the family enterprises in which the second generation of the family entered the board of directors or senior management team from 2000 to 2017.Finally, we obtained 297 samples.We verify the hypothesis by defining variables and constructing the multiple linear regression model.We test the robustness by changing the measurement of variables and changing the sample range.At the same time, we use Heckman selection model to test endogeneity.The results are in line with expectations.
The results of this study show that the overseas experience of the second generation promotes the development of portfolio entrepreneurial activities in the process of family business inheritance, and the promotion effect becomes more obvious with the increase of the overseas duration of the second generation.In addition, we also find that the tenure of the second generation in listed family enterprises weakens the positive impact of the overseas tenure of the second generation on portfolio entrepreneurship.However, in the family enterprises with the higher industrial and political status of their fathers, the overseas time of family successors has a more significant positive impact on the entrepreneurial portfolio of family enterprises.After analyzing the internal characteristics of the family successor's overseas background, we find that compared with the educational and work experience of a family successor has a significantly positive impact on portfolio entrepreneurship.The influence of the family successor's study or work experience in non-Asian countries or regions is more significant.
The theoretical contributions of this paper are as follows.First, this paper enriches the research on the drivers of portfolio entrepreneurship in the family business by discussing the impact of the second generation of overseas experience on portfolio entrepreneurship in the family business in the process of succession.Second, this study enriches the literature on intergenerational conflict of succession in the family business.The conclusion of this paper also echoes the research of some scholars.The cooperative strategy is regarded as an important strategy of conflict management under the multi-generation participation of family enterprises, and it is an important way to reduce and curb emotional conflict.Third, this paper enriches the research on the impact of overseas characteristics of senior managers on corporate strategic behavior in the Chinese context.At the same time, this paper offers practical insights.First, inheritors and successors should have a comprehensive understanding of the conflict.Moreover, the portfolio entrepreneurship strategy emphasizes the integration and complementarity of succession and entrepreneurship, which is a good strategic choice for both succession parties to make rational use of cognitive conflicts and prevent cognitive conflicts from escalating into emotional conflicts.Second, the first generation should formulate the enterprise succession plan as soon as possible, and the cultivation of the second generation should be systematic, especially the cultivation of the innovation and entrepreneurship of the offspring.In the process of guidance and training, it has become an important way for parents to send their second generation abroad to receive overseas education and obtain work experience.