Intergenerational succession is a critical stage that most Chinese family businesses\nare in or will be in. Therefore, problems like what influence of intergenerational\nsuccession will have on performance of family businesses and what\ntheir internal action mechanisms and action paths will be like are worthy to be\ndiscussed. Taking 1028 sample data of A-share listed family businesses in\nShenzhen and Shanghai during 2010 to 2014 as study objects, the essay discussed\ndirect influence of intergenerational succession on performance of\nfamily businesses and mediating effect of enterprise innovation on intergenerational\nsuccession and performance of family businesses by use of multiple\nregressions. Research results indicated that there had a negative correlation\nbetween intergenerational succession and performance of family businesses,\nand between intergenerational succession and enterprise innovation, and\nmoreover, part of mediating effect of enterprise innovation on intergenerational\nsuccession and performance of family businesses was obvious. It means\nthat intergenerational succession leads to the decline of performance of family\nbusinesses, and one of the mechanisms is that intergenerational succession\nreduces innovation investment of enterprises. The research results could provide\na reference to family businesses in arrangement of innovation strategy\nand management of enterprise performance in the stage of intergenerational\nsuccession.
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