家族权威的配置效应分析与实证检验

Theoretical and Empirical Analysis of the Effects of Family Authority Allocation

文章将家族权威界定为管理权威、股东身份权威、专家权威和信息权威,并从理论与实证两个方面论述和检验了家族权威的配置效应。研究结论表明:家族管理权威与股东身份权威存在互补关系,与专家权威存在互补关系,与纵向信息权威、横向信息权威也都存在比较显著的互补性;将家族管理权威配置给拥有实际权威的物质资本所有者能够更大程度地改进企业的经营绩效,即实际权威具有强化管理权与所有权的激励相容的作用。

The paper defines family authority as authorities on management,the identity of shareholder,experts and information,and analyzes the allocation effects of family authority.The results show that there exists a complementary relationship between family management authority and the authority on the identity of shareholder,and also the one between family management authority and expert authority.Family management authority and information authority,namely longitudinal and horizontal information authority,are significantly complementary.It also indicates that the allocation of authorities on family management to the owners of physical capital who have the actual authority could improve firms＇ operating performance,that is to say,the actual authority has a positive effect on enhancing the incentive compatibility between management right and ownership.