非经济目标与家族企业的退出行为——组合创业的调节作用

Non-Economic Objectives and Family Firm Exit Behavior—The Moderating Effect of Portfolio

摘要: 过往学者对于非经济目标与家族企业退出二者关系存在争议，本文认为造成不同观点的原因是忽略了不同情境下控制家族非经济目标对企业退出的差异作用。因此，本文聚焦于组合创业探讨以社会情感财富为代表的非经济目标与家族企业退出二者关系的调节作用。基于制造业上市家族企业2008~2019年的面板数据实证检验发现：组合创业情境下，追求延伸型社会情感财富的家族企业对企业退出更加积极。文章丰富了非经济目标与家族企业退出的研究框架，为企业家退出决策和政府政策制定提供指导。

Abstract: Previous scholars have debated the relationship between non-economic objectives and family firm exit, attributing the differences in viewpoints to the oversight of the differential effects of controlling family non-economic objectives on business exits in different contexts. Therefore, this study focuses on portfolio entrepreneurship to explore the moderating effect of non-economic objectives, represented by Socioemotional wealth, on the relationship between non-economic objectives and family firm exit. Based on panel data from listed family firms in the manufacturing industry from 2008 to 2019, empirical tests reveal that in the context of portfolio entrepreneurship, family firms pursuing extended Socioemotional wealth exhibit a more proactive stance towards business exit. This article enriches the research framework on the relationship between non-economic objectives and family firm exit, providing guidance for entrepreneurial exit decisions and government policy formulation.