近代中国家族企业代际传承与“泛家族化”股权融资思想

The Intergenerational Transition of Family Business and the Thoughts of Pan-Familizational Equity Financing in Modern China

"泛家族化"股权融资思想对于家族企业的代际传承有着十分重要的指导意义,但现有研究关于股权融资在我国家族企业代际传承中的潜在作用尚未形成统一认识,更是甚少涉及理论和思想层面的分析。文章从经济思想史的角度,系统地考察了近代中国"泛家族化"股权融资思想的渊源、理论体系和制度设计,以及这一制度思想在家族企业代际传承中的作用机制与影响。研究发现:(1)近代中国的股权融资思想是在学习西方先进经验的基础上建立起来的,但最终促使"泛家族化"股权融资思想的形成是中国传统文化在股权融资思想上的泛化。(2)中国情境下的家族企业代际传承面临着诸多障碍,而"泛家族化"股权融资思想能够为破解这些障碍提供思路。(3)近代中国"肉烂锅里"的股利分配制度、"差序格局"的股权结构制度和"亲缘网络"的股权治理制度,是在家族"一体化-差序化-网络化"的思想基础上建立的,能够有效降低传承过程中的各利益主体的代理风险。文章不仅为我们认识近代中国"泛家族化"股权融资思想提供了一幅较为完整的图景,而且也为当前的家族企业实现代际传承提供了历史借鉴。

It has been forty years since the Chinese reform and opening-up. The founders of family business at that time have stepped into their twilight,anxiously inspecting and evaluating their qualified successors. Of late,the transition of family business has become one of the big hurdles on the way of sustainable development of Chinese private economy. The existing literature considers equity financing as an institutional arrangement,which is conducive to alleviating the conflicts between stakeholders and optimizing the structure of corporate governance during the family business transitional process. However,many problems remain mystery to us. What are the features of the equity financing of Chinese family business？ How does its mechanism function in ensuring the transition of family business？This article has a systematic investigation on the origin,the mechanism,and the system design of the thoughts of modern pan-familizational equity financing,especially the role it plays in the intergenerational transition of family business from the perspective of history of economic thoughts. Our research draws the following conclusions. First of all,although the thoughts of equity financing stem from western countries,the thoughts of pan-familizational equity financing are products of the fusion of western economic thoughts with Chinese traditional culture. Second,facing so much impediments in the intergenerational transition of family business under the background of Chinese culture,the thoughts of pan-familizational equity financing,typically the family integration,differentiated governance hierarchy,family networking,undoubtedly clear the way to certain extent. Third,since the ＂rotten meat in the pot＂ dividend distribution system,the ＂differentiated mode of association＂ equity ownership structure and the ＂quasi consanguine ties＂ equity governance system are built to accommodate traditional Chinese family business,the pan-familizational equity financing,as a combination and development of equity financing and microeconomic theories,could significantly lower transaction cost in intergenerational transition. In a word,the main contributions of our paper are as following. First,it sketches a panorama of thoughts of modern Chinese pan-familizational equity financing,including its origin,mechanism and system design.Second,it provides a new path of constructing the institutions of the intergenerational transition of Chinese family business. Third,it gives insights into how recent family business to reduce potential risks,boost the efficiency of intergenerational transition and enrich Chinese traditional governance culture. It has a great influence on introducing brilliant achievements of traditional governance culture to the world and winning the international discourse power on Chinese culture.