东南亚华人企业集团与“彭罗斯效应”:基于委托—代理的解释

Ethnic Chinese Business Groups in Southeast Asia and the Penrose Effect:A Principle-Agency Explanation

本文以委托—代理理论为依据,分析东南亚华人企业集团中的"彭罗斯效应"问题。结果表明,东南亚华人企业集团特殊的家族式治理模式与人情至上的文化理念,使得这些企业在获得管理资源时能够一定程度地缓解"彭罗斯效应"所谓的管理约束,给企业带来稳定和成长;但也正是这些特征,使得东南亚华人企业集团的管理能力受到一定限制,并使企业成长面临瓶颈问题。

Most of extant literatures on ethnic Chinese business groups in Southeast Asia mainly probe into these business groups from the perspectives of history, socio-culture and social network, rather than based on economic theories. This paper, under the framework of Principle-Agency theory, analyses the Penrose Effect in ethnic Chinese business groups in Southeast Asia, and draws the conclusion that these business groups can, to a certain extent, overcome the managerial constraints, which Penrose Effect means, and get stability and growth, given their special family governance mode and Guanxi culture. But these characteristics, On the other hand, also give some constraints to these ethnic Chinese business groups when they obtain their management ability, which makes these business groups encounter the Bottleneck of growth.