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5253This paper takes the listed family firms with intergenerational inheritance from 2007 to 2016 as the sample, conducts an empirical study on their intergenerational inheritance of the chamber of commerce capital, and draws the following conclusions: Firstly, the founder’s ownership of the chamber of commerce capital will significantly increase the possibility of successors owning the chamber of commerce capital; the successor as the chairman or general manager will enhance the possibility of having the chamber of commerce capital; compared with the founder owning political capital, the founder who lacks political capital is more likely to inherit the chamber of commerce capital. Secondly, further studies show that the intergenerational inheritance of the chamber of commerce capital of family business has a threshold effect. Only when the founder owns the chamber of commerce capital at the provincial level or above, will the successor have the possibility of owning the chamber of commerce capital significantly. Finally, this paper analyzes the relationship between the inheritance of the chamber of commerce capital of family business and corporate value, and the result shows that the intergenerational inheritance of the chamber of commerce capital of family business helps to promote corporate value. The robustness test is carried out by reducing the sample, changing the dependent and independent variables and using the lagged variables, and the PSM and Heckman two-stage methods are used to eliminate the influence of endogenous problems. The result still proves the conclusions of this paper.
This paper focuses on the phenomenon and influencing factors of the inheritance of the chamber of commerce capital of family business, expands the research perspective of the intergenerational inheritance of family business, enriches the literature on the chamber of commerce governance, and provides new evidence for the intergenerational inheritance of the social capital of family business. The conclusions of this paper have the following practical implications: Firstly, family firms can inherit social capital through the platform of the chamber of commerce. Secondly, to realize the smooth inheritance of the chamber of commerce capital, family firms need to prepare corresponding basic conditions. Finally, family firms need to pay attention to the inheritance of the chamber of commerce capital because it helps to enhance corporate value.
