我国家族企业控制权内涵研究

An Intensional Study of the Controlling Power of Chinese Family Firms

争夺企业控制权的最终目的是获得控制权收益。企业控制权由控制权的"核"与控制权外层组成,"核"决定于物质资本并规定了控制权外层的配置。家族企业是家族利益集团实现家族目标的工具,其控制权的"核"由家族掌握,并且在家族内部传承;控制权外层根据家族企业规模、家族对职业经理人的信任程度呈现从完全掌握在家族手中到完全授权给职业经理人的动态分布。

The final goal of scrambling for a firm＇s controlling power is to obtain its profits. A firm＇s controlling power consists of the ＂core＂ and the outer layer of the controlling power, the former being decided by amterial capital and defining the allocation of the latter. Family firms are the means of achieving familial goals by family interest groups. The ＂core＂ of the controlling power is in the hands of families and inherited within the families. According to the scales of family firms and the extent of trust of families in professional managers, the outer controlling power present a dynamic distribution from being completely controlled by families to being completely authorized to professional managers.