Founder Succession,Specific Assets,and Firm Value:A Case Study on Tiantong
- 2014年第7卷 
【中文摘要】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。 【Abstract】Fan et al.(2008)reports an average negative 56 percent buy-and-hold market-adjusted stock return for entrepreneurial/family firms in emerging markets during a 5-year period in which the controlling owners of the family firms pass on ownership and control to their successors. This paper uses as an example “Tiantong Co. Ltd”，a company listed in the Chinese A-share market to study family succession. By interviewing the management and collecting the archive data， we analyze the whole process of the family succession and find that the loss of the specific assets owned by the founder during the succession does have negative effects on the firm value， inconsistent with the evidence in Fan et al. (2008). However，further analysis reveals that the disappearance of the negative effects is because the successor strengthens his control rights of the company and readjusts the corporate strategy， and so on. Based on Wang et al.(2011)，we offer new explanations that may be useful for the family firms experiencing succession.