中文摘要：

创始人离任过程中如何交接其经营决策权与控制权是影响企业成长的重要因素。本文研究结果表明：①创始人离任过程中倾向于采取维持原有权力结构的交接模式．其次是分权交接模式，而集权交接模式鲜为使用；继任者主要来自企业外部，且很少为家族内部成员。（2）创始人离任中的分权交接模式显著地不利于企业的经营业绩，尤其是如果在分权时将权力转移给企业外部经理人更加恶化了企业的经营业绩，但如果将权力移交给创始人的家族成员则有助于改进企业的竞争绩效。③创始人离任时采取维持原有权力结构的交接模式有助于改进企业的经营业绩，尤其是在引入企业外部经理人的情况下，这种权力交接模式更为有效．但如果通过引入创始人的家族成员以完成这种权力交接模式则将不利于业绩改进。本文研究表明．在创始人离任过程中不仅要认识到权力交接模式的差异性．还应关注继任者的不同来源对权力交接所可能产生的影响。

英文摘要：

Transformation of power during the process of founder turnover is an important factor affecting the firm growth. Based on the panel data of Chinese listed family-owned firms from 2001 to 2005, this paper examines the patterns of power transformation during founder turnover and their impacts on firm growth both theoretically and empirically. Our findings are as the following： （1）The most possible transformation of power during the process of founder turnover is to keep original mode, some firms allow more than one successor to share the founder＇s original power, few firms allow the successor to hold more power than the founder. （2）Finn performance will decrease when the founder＇s original power is divided by more than one successor, especially when his power is transformed to outside managers. However, firm performance will increase when the founder＇s power is shared by his relatives. （3）Firm performance will increase when the founder＇s original power structure keeps consistent during transformation, and this kind of power transformation will be more effective when the power is transformed to outside managers and will be less effective when the power is transformed to his relatives. These results indicate that not only the differences of various transformation patterns, but also the moderating effects of various sources of successor should be considered during founder turnover.