家族企业创业元老的契约化治理机制——一个基于人力资本风险投资的视角

Contractual Governance Mechanism about Entrepreneurship Senator in Family Business——Based on Human Capital Risk Investment

文章利用人力资本风险投资理论,对家族企业创业元老的契约化治理问题进行了深入分析,探讨了家族企业创业元老的人力资本投资风险,并根据物质资本资产定价模型,建立了一个基于风险的创业元老人力资本定价模型,模型表明:在家族企业成长期,家族企业家和创业元老人力资本所有者之间需要建立基于能力的非人格化契约,实现由感情定价向市场定价的转变。但要想实现新契约的顺利达成和执行,对创业元老人力资本投资的风险补偿是必不可少的。

This paper analyzes in -depth the governance mechanism about entrepreneurship senators in family business based on human capital risk investment. Discussion of human capital investment risk of entrepreneurship senators in family business. Refering to Capital Asset Pricing Model, this paper makes a human capital asset pricing model of entrepreneurship senator, which proves that family entre- preneurs should deal an impersonal contract with entrepreneurship senator based on their abilities at growth phase. However, in order to implement smoothly the new contract, family entrepreneurs should give risk compensation to entrepreneurship senator.