隐性控制权的家族内部传承——一项案例研究

Implicit Control Right in Family Successions:A Case Study

本文认为家族传承是一个控制权传递的长期过程,是一项期间事件,而非时点事件,其中既包含显性控制权的转移,也包含隐性控制权的转移.通过对一个成功实现传承的典型案例分析,我们发现,控制权来源侧重点的不同决定了传承方式和过程的差异,只有显性控制权和隐性控制权都传递完成才能视为家族传承的真实终点.更重要的是,隐性控制权在显性控制权传递之后才能最终完成传递.在显性控制权传递完成之后,传承人和继承人可以通过控制权分享机制保障继承人顺利获得掌握隐性控制权所必需的个人资本,从而实现继承人隐性控制权的“跳跃”式发展.本文的研究为传承中的“扶上马送一程”提供了经济学的刻画与解释,也有助于我们理解在转型和新兴背景下嵌入于传统文化和外部制度环境下的家族传承模式,并对家族传承实践带来一定的启示.

We consider family successions for family firm controlsas a transfer of both explicit and implicit control rights.We argue that that differences in theorigins of family control rights lead to differences in succession practices and processes.Family successions are completed if and only if both explicit and implicit control rights have been successfully transferred to family successors.More important,the transfer of implicitcontrol rights is usually accomplished after asuccessful transfer of explicit control rights.When the transfer of explicit control rights is completed,the founderof a family firm help sfamily successorsobtain human capital,which is an importanting redient for the successors to gainimplicit controls through a controlright sharing mechanism.Our study proposesa unified framework for understanding thetheoretical underpinnings of family succession.