剩余控制权配置与家族企业继任冲突——香港新鸿基地产控制权争夺事件的案例研究

Residual Control Deployment and Succession Conflicts in Family Businesses:Case Study on Sun Hung Kai Properties Ltd.

华人社会盛行的诸子析产制是代际传承中分裂家族和家族企业的根本原因吗?本文通过剖析香港新鸿基地产控制权争夺事件的案例发现,在代际传承过程中分离剩余索取权和控制权,集中配置剩余控制权并未根本解决上述问题,原因在于这种产权安排造成了控制权与剩余索取权的不对称,甚至控制权反向控制剩余控制权的情况,在代际传承导致家族原有内部治理结构失灵,又无法借助公司治理机制保障的背景下,容易诱导内部代理问题,加剧继承人之间的继任冲突。上述研究结果表明,代际传承中出现内部代理问题才是家族分裂和企业解体的深层原因,而防范上述问题,需要外部治理环境的完善,更要重视发展家族内部的制度化治理。

Is it because of the tradition of properties division in Chinese community that family disruption and disintegration occur in family business for trans-generational succession？ Through the case study of Sun Hung Kai Properties Ltd. and Kwok family （Hong Kong）, we found that even if the Kwok family separated their residual claim and residual control, and concentrated their residual control by setting up family trust fund, it had not avoided the above problem. However, this arrangement brought the asymmetry between residual claim and residual control, and the result of reverse control-residual control controlled by management control. Under the background that family internal governance lost effect and corporate governance couldn＇t provide protection, this property arrangement may induce internal agency problem easily. The result suggests that it is the internal agency problem emerging in trans-generational succession that results in family disruption and disintegration of family business, and to avoid these problems the institutionalized governance structure should be developed in family.