家族企业激励机制设计的分析框架

An Analysis Framework of the Incentive Mechanism Design for Family Businesses

习近平总书记强调非公有制经济在我国经济社会发展中的地位和作用没有变。作为非公有制经济的代表，改革开放以来壮大的家族企业处于由一代向二代传承的阶段，职业经理人具备弥补家族企业二代能力不足和提高家族企业公司治理能力的双重功效，如何在保障家族企业基本控制权的条件下最大化职业经理人的积极主动性？文章利用Sharpley公理构建家族企业激励机制设计的分析框架对此予以解答，主要贡献有三：第一，利用Sharpley公理给出家族企业创始人与职业经理人之间最佳效益分配的显式表达；第二，通过对晋商和徽商的样本分析给出家族企业激励机制设计“锚定”的历史基准；第三，以显式表达和历史基准为指导，结合美的集团具体案例给出家族企业激励机制的分析框架。

General Secretary Xi Jinping emphasizes that the position and the role of the non - public sector of the economy in China＇s economic and social development has not changed. As the representative of the non -public sector, family businesses that have developed since reform and opening up in China, are shifting from the first to the second generation. Professional managers have to make up for the incompetence of the second generation and improve the corporate governance of family businesses. How can the enthusiasm of professional managers be maximized while allowing of family businesses to retain their basic control rights？ To answer this question, this article uses the Sharpley Value to work out an analytical framework for creating an incentive mechanism for family businesses. There are three main conclusions. First, the article uses the Sharpley Value to work out an explicit expression of the best possible allocation of interests between family business founders and professional managers. Second, based on a sample analysis of Shanxi and Anhui merchants, the article works out an anchored historical standard for designing the incentive mechanism for family businesses. Third, guided by the explicit expression and the historical standard and based on the specific cases of the Midea Group, the article works out an analytical framework for the incentive mechanism of family businesses.