家族企业治理模式与公司绩效关系的实证分析

Contractual and Relational Governance between Owners and Managers in Family Firms

本文根据问卷调查数据,通过实证分析,认为家族企业规模越大,越倾向于运用强契约治理;家族持股比例越大的企业,越倾向于实施强关系治理。家族企业引入外部职业经理人之后,为了取得更好的经营绩效,应该采用强关系治理强契约治理的"双强"治理模式,避免采用弱关系治理弱契约治理的"双弱"治理模式,从而在一定程度上论证了契约治理和关系治理是一种互补关系,而不是替代关系。

Based on the survey data from family firms in China, the study showed that： the larger the family business size, the more possibility to implement the strong contractual governance; the more ownership the family holded, the more possibility to implement the strong relational governance, The research indicated that in order to obtain better performance, the family business should establish ＂double-strong＂ internal governance pattern which both the contractual governance and the relational governance were strong. The results supported the claim that contractual and relational governance mechanism were complementary rather than mutually exclusive agency.