The definition and measurement of variables.

This study examines family firms listed on China’s A-share market, using a two-way fixed effects model to explore the impact of ownership succession on debt financing and the moderating role of the institutional environment. The findings indicate that second-generation ownership succession reduces risk-taking, which in turn lowers debt financing. Additionally, the institutional environment mitigates the negative relationship between second-generation ownership succession, risk-taking, and debt financing. Further analysis reveals that factors such as the development of the non-state-owned economy, the maturity of factor markets, and advancements in market intermediaries and legal systems significantly moderate these relationships. This study broadens the research perspective on intergenerational succession in family businesses and offers empirical insights to help family firms adapt to regional institutional differences more effectively.

本研究以中国A股市场上市家族企业为研究对象，采用双向固定效应模型（two-way fixed effects model），探究所有权传承对债务融资（debt financing）的影响，以及制度环境的调节作用。研究结果表明，二代所有权传承（second-generation ownership succession）会降低企业风险承担（risk-taking）水平，进而抑制债务融资。此外，制度环境能够弱化二代所有权传承、风险承担与债务融资之间的负向关联。进一步分析显示，非国有经济发展、要素市场成熟度、市场中介组织完善程度与法律制度建设进展等因素，均对上述关系存在显著的调节作用。本研究拓宽了家族企业代际传承的研究视角，并为家族企业更有效地适配区域制度差异提供了经验启示。