中文摘要：

代际传承前充分的制度安排有助于降低权杖交接的事后成本，债务政策如何支持代际传承构成传承前财务安排的重要内容。文章利用正处于代际传承实施期的家族企业十年的面板数据，检验了代际传承前家族企业债务特征变化。研究表明进入代际传承实施期后家族企业表现出更低的资产负债率、更大的长期债务比重以及更高的流动比率，研究还表明控制权与现金流权的分离程度对进入代际传承实施期的家族企业债务特征起到干扰作用。家族企业进入代际传承实施期后倾向于实施风险更低的债务政策。

英文摘要：

The fully institutional arrangement before intergenerational succession is helpful to the decrease of the Ex-post costs. The debts policies supporting intergenerational succession constitute the focus. With the ten years panel data of listed family firms during the practice of succession this study analyzes the changes of debt characteristics. It is found that family firms have much lower debt scale, longer debt maturity and higher capacity to payoff. The research also concludes that the separation of control rights and cash rights has negative moderating effect on the relationships above. Family firms tend to choose lower risk level debt policies in their succession practice period.