论文部分内容阅读
本文针对那种假定家族成员都是纯粹的、目光短浅的利他主义者,提出了一个家族成员为有限利他主义者的假设。我们的主要观点是,创始人及其家族成员的共同治理是有效的,主要原因在于家族成员是兼顾情感财富与物质财富的积累的有限利他主义者。本文基于中国上市公司的数据所进行的经验研究结果表明,我国创业家族企业大多采取家族共同治理的模式,而不是创业者独自控制股权和(或)管理权的模式;相对于创始人独自控制股权的治理模式,创业家族共同控制股权更为有效;相对于创始人独自控制股权和管理权的治理模式以及创始人控制股权而职业经理人控制管理权的治理模式,创业家族共同控制股权与管理权更为有效。本文的研究表明那些自我雇佣的家族成员并不会简单地采取纯粹利他主义行为,而是有限利他的相对理性行为。
This article addresses the hypothesis that family members are pure, short-sighted altruists, and that a family member is a finite altruist. Our main point of view is that the co-governance of the founders and their family members is effective mainly because the family members are finite altruists who combine the accumulation of emotional and physical wealth. The empirical research based on the data of Chinese listed companies shows that most of the VCs in our country take the mode of family common governance rather than the mode in which the entrepreneurs solely control the equity and / or management rights. Governance mode, entrepreneurial family joint ownership of shares more effective; relative to the founders of ownership and ownership of ownership control and founder control of ownership and management of professional managers management mode of governance, entrepreneurial family common control of equity and management rights More effective. The research in this paper shows that those self-employed family members do not simply adopt altruistic behavior but rather limit altruistic relative rational behavior.