控制权配置、制度环境与家族企业治理转型——基于国美电器“控制权之争”的案例研究

文章以国美电器"控制权之争"为背景,采用案例研究方法剖析了家族企业治理转型过程中因创业家族控制权让渡而引发的控制权私利及其诱发机理,并进一步构建模型揭示了投资者权益司法保护制度和经理人诚信与声誉机制两类制度因素对经理人控制权私利行动和创始家族控制权让渡决策的影响效应。研究表明,无论是权益司法保护,还是市场声誉机制都对经理人控制权私利行动产生显著约束,进而对创始家族控制权让渡和家族企业治理转型进程产生影响,即司法保护制度和经理人市场越发达,创始家族向职业经理人让渡的企业控制权越多,家族企业治理转型进程越顺利。     

中国大型家族企业制度转型的路径思考

本文在对中国家族企业制度转型的现状分析基础上,讨论了大型家族企业制度转型的三个阶段:企业治理模式转型阶段,企业产权制度转型阶段,企业完全社会化阶段。最后,根据当前我国家族企业制度转型的阶段,给出了中国家族企业制度转型的具体路径:引入职业经理人、引进外部股东、稀释家族成员权力、培养接班子女。     

我国家族企业内部治理结构存在的问题及对策

以现代企业制度为基础,对家族企业内部治理结构存在的问题进行研究发现,我国家族企业普遍存在产权模糊、企业内部缺少完善的激励约束机制等问题,要保证我国家族企业的持续发展,就要在家族企业中建立现代企业制度,通过理顺我国家族企业的产权关系;完善职业经理人约束机制;解决传承问题来完善企业治理结构。     

浅议中国家族企业的公司治理问题——基于国美控制权之争的分析

国美控制权之争是我国家族企业治理的经典案例,它充分揭露了我国家族企业在公司治理中存在的问题。文章在对这一事件进行回顾的基础上,主要从创始股东控制权改变及职业经理人与创始股东关系变化两个角度,分析我国家族企业向现代企业制度转型过程中的公司治理问题,并提出相应的对策建议,旨在为完善我国家族企业的公司治理提供启示。     

公司治理对家族企业绩效影响研究

本文针对家族和家族企业的特点建立了家族企业公司治理结构,以提高家族企业的控制能力和执行能力,协调企业主和企业经理人之间的关系。此文重点研究了公司治理对家族企业绩效的影响,特别是研究了职业经理人对家族企业绩效产生的影响。本文选取了22个家族企业为研究样本,部分家族企业在过去的7年里经历了使用家族协议的这个发展过程。本文数据主要来源于一些家族企业家族成员和非家族企业中的职业经理人。     

双重委托代理关系下的公司治理模式选择

本文对在深市上市的50家广东家族企业进行分析,研究发现,交叉持股控股股东比金字塔控股股东更倾向于控制企业,家族参与企业经营管理的控股股东更倾向于控制企业在企业采取不同公司治理模式比较中,聘用职业经理人并实现所有权和控制权的完全分离是一种不错的选择,而对于聘用职业经理人但是家族仍控制企业经营权的公司,可能会由于家族控制产生所有者意愿与职业经理人战略实施之间出现矛盾,由此造成较高的代理成本,从而降低企业绩效.     

信任、内生交易费用与中国家族企业折中治理

目前 ,由家族成员和非家族成员共同分割企业控制权的“折中治理”逐渐成为中国家族企业采用较为普遍的一种模式。然而 ,只要选择了“折中治理”模式 ,中国的家族企业主就不可避免地要面对职业经理人机会主义行为———“背叛”。本文从研究家族企业主与职业经理人之间的信任特性出发 ,将行为个体嵌入到我国特有的制度环境中去 ,以交易费用理论的视角分析中国家族企业折中治理的内在机理 ,指出这种治理效率虽然低下 ,并不是最优的治理模式 ,但却也绝对不是最劣的治理模式。     

家族企业职业经理人与企业主非合作关系影响因素研究——基于“企业内剥夺”的视角

企业内剥夺前提下企业主与职业经理人之间的非合作关系是家族企业发展的桎梏。本文以我国家族上市公司为研究对象,分析了家族权威和企业主个人能力对家族企业职业经理人与企业主非合作关系的重要影响。本研究旨在改善家族企业治理结构。     

家族企业引进职业经理人的困境——基于代理理论和管家理论整合的视角

随着家族企业规模的扩张和家族成员管理知识的匮乏或者管理人才的短缺,家族企业引进职业经理人成为必要。但是从目前的治理实践来看,家族企业引进职业经理人存在许多问题,阻碍了家族企业的可持续发展。因此,深入研究目前家族企业引进职业经理人的基本路径和逻辑是现实而又迫切的课题。本文从经典的代理理论和管家理论的整合的视角,对于家族企业引进职业经理人的困境进行分析,以期对家族企业治理结构改革提供一个新的视角的建议。     

家族企业转型期的公司治理结构思考——基于国美的案例分析

目前,家族企业在我国企业中所占比重仍不容忽视。我国公司治理尚不成熟,国美控制权之争将家族企业的公司治理结构问题充分凸显出来。本文从公司治理结构的角度对国美电器案例进行分析,并得出与职业经理人、家族企业创始人及家族企业转型时公司治理结构相关的启示,以期为完善我国家族企业的公司治理结构服务。     

The Reasons Behind Non-Ethical Behaviour in Business and Entrepreneurship

Despite the recent increase in interest in corporate social responsibility and the propagation of corporate governance in both business and academic literature, from observations of actual practice, the author has seen at all company levels, in everyday operations, instances of non-ethical behaviour vis-à-vis the whole gamut of stakeholders. This state of affairs is linked with: pressure from stakeholders, short-term tactics, hegemony of financial considerations, ‘juridisation’ of business, the tyranny of communications and the media and the difficulties in translating strategy into practical implementation. The paper scrutinises the motivation and the psychology of entrepreneurs and business people, and their behaviour is compared to other professional groups and confronted with the decline in ethics in society as described by some important observers. The conclusion drawn is that the recent positive evolutions do not provide sufficient ethical guidelines for the day-to-day activities of middle managers and entrepreneurs in the present competitive environment. Managers will always be confronted by difficult choices with ethical dilemmas. There will always be a tension between theory and pragmatism, but progress can be made with the effective implementation of the ethical discourse in companies. To achieve this, ethical management should not be confined to the large strategic issues but also applied to the small practical matters of everyday business life. Ethics in business and entrepreneurship requires more than corporate governance and corporate social responsibility (CSR).     

External managers,family ownership and the scope of SME internationalization

SMEs are important to world business and the majority of SMEs are family firms. Yet some family SMEs are inert, local firms while others are dynamic and international. Do certain governance structures encourage the scale and scope of their internationalization? We jointly apply social capital and corporate governance theories to explain the scope of family SMEs internationalization, and find that professional managers externally recruited from outside the family are important, but only for lower levels of family ownership, suggesting synergistic combinations of ownership and management. It is the combination of external capital with external managers that really works.     

中国保险公司治理研究:基于知识和创新的视角

中国保险公司治理的基本特征是"股东单边治理",本文基于知识和创新的视角指出,股东单边治理的根本缺陷在于无法对经理层进行有效的内部制衡和市场制衡,上述缺陷导致中国保险公司内部治理结构失衡.不同国家采用不同方式对股东单边治理缺陷进行弥补.通过理论推导和国外实践,本文指出中国保险公司治理发展只能走利益相关者内部治理主导模式.     

Erratum to: Ethics,Diversity Management,and Financial Reporting Quality

This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284, 1991) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR), a leading provider of social and governance research for institutional investors. This DM score is part of an index developed by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation between corporate DM development and financial reporting quality is found while controlling for other factors known in the literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion, this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance and ethics in the prevention of EM.     

Ethics,Diversity Management,and Financial Reporting Quality

This article proposes and empirically tests a theoretical framework incorporating Reidenbach and Robin’s (J Bus Ethics 10(4):273–284, 1991) conceptual model of corporate moral development. The framework is used to examine the relation between governance and business ethics, as proxied by diversity management (DM), and financial reporting quality, as proxied by the magnitude of earnings management (EM). The level of DM and governance quality are measured in accordance with the ratings of Jantzi Research (JR), a leading provider of social and governance research for institutional investors. This DM score is part of an index developed by JR that investment managers use to integrate DM criteria into their investment decisions. As expected, a negative relation between corporate DM development and financial reporting quality is found while controlling for other factors known in the literatures on governance and accounting choices to affect earnings quality. Despite some caveats presented in conclusion, this study contributes to the ethics, governance, and financial reporting literatures by studying the dynamics between governance and ethics in the prevention of EM.     

Leadership and Business Ethics: Does It Matter? Implications for Management

This paper reviews the relationship between organisational leadership, corporate governance and business ethics, and considers the implications for management. Business ethics is defined, and the causes and consequences of unethical behavior are discussed. Issues pertaining to leadership, subordinate and organisation responsibility for business ethics are considered. The changing role of business leaders and the new concept of 'corporate governance' are examined, with an increasing importance being placed on ethical and socially responsible attitudes towards business. Organisational effectiveness and organisational efficiency, formerly central issues for practising managers, with directors thinking in terms of goal achievement for their respective organisations, have now been augmented by an awareness of issues in business ethics, and a requirement for members of the corporate governance to behave in more socially responsible ways. A secondary aim of the paper is to introduce an approach which illustrates how corporate governance and management could deal with some of the moral dilemmas that they may have to face.     

Corporate governance or governance by corporates? Testing governmentality in the context of China's national oil and petrochemical business groups

Like other industrial sectors with significant – ‘pillar’ – importance in China's overall economy and development, oil and petrochemicals are governed by state-owned business groups. In this context, ‘corporate governance’ of these groups is of fundamental interest. This study probes corporate governance of 31 national oil and petrochemical business groups by examining their structure, development and business activities in the period from 2007 to 2011. The post-1998 restructuring of China's qiyejituan business groups, their related party transactions and related party corporate finance all yield insight into how property rights are decisive in how corporate governance based on governmentality – or the interrelation of corporate, state and social relations – is structured. This study sheds light on how China's big business policy and governance of the state-business interface progresses in a socialist market economy. It has clear implications international trade and investment as well as multinational corporations doing business with China.     

Exploring determinants of success in corporate ventures

Previous work (Biggadike 1979) has shown that corporate ventures (CVs) typically realize their first profits as eight-year-old “adolescents.” Eightyfour such CVs drawn from the PIMS database were explored to search for strong predictors of financial performance. This analysis resulted in several findings that corporate level managers (i.e., managers of portfolios of business) can act upon to influence CV performance, as well as numerous other findings that lower level managers can use to strategically position their operations better. Some of these findings are either contrary to those reported elsewhere in other studies of CVs or contrary to results of more mature businesses. These conflicting findings should be of particular interest to the growing number of academicans studying CV management.Corporate level managers are responsible for selecting the markets in which they will fund the development of new CVs, and maintaining a corporate environment conducive to the support of the CVs as they develop. Results of this research indicate that in selecting markets to enter, corporate managers should look for situations in which high market growth can potentially reduce the effect of competitive pressures; in which they are likely to realize a technology-based advantage: and in which they can stand up to international competition. An in-house environment stressing a hands off attitude on the part of corporate level managers appears most appropriate.Business level managers directly involved with the operation of the adolescent business can improve their CVs chances of success through good strategic positioning. By aggressively maintaining a high market share after an early entry into a broadly defined market, they can expect to move more quickly down their learning curves and beyond their break-even points. Given the choice of one or the other, a product that stresses quality over price is more likely to produce higher profits, although customers are obviously able to shop for value by considering both price and quality. Finally, any of the adolescent business' resources devoted to vertical integration should emphasize downstream rather than upstream development.Where the supporting results differ from those results expected and/or reported elsewhere, such differences are described and possible explanations offered. Before turning to the results, we need to describe this work's position within a broader context of developing literature on corporate ventures.     

Intragroup Transactions,Corporate Governance,and Corporate Philanthropy in Korean Business Groups

This study examines how the corporate philanthropy decisions of group-affiliated firms in Korea (Chaebol firms) are made. Based on the attention-based view, we argue that when corporate decision makers at group-affiliated firms focus their attention more (less) on internal markets than external stakeholders because of the firm’s high (low) reliance on intragroup transactions, the firm will decrease (increase) its level of corporate philanthropy. We further argue that the relationship will be stronger when governance mechanisms focus on the instrumental value of corporate philanthropy. Using a panel sample of group-affiliated firms in Korea from 2011 to 2015, we find that as intragroup sales increase, the level of corporate philanthropy decreases, and such a negative relationship is stronger when outside director representation and foreign investor ownership are high. Our study suggests that internal dependence and corporate governance mechanisms jointly affect the level of corporate philanthropy at firms in a business group. Thus, this study contributes to the literature on corporate philanthropy, business group, and corporate governance.     

公司财务治理模式机制创新若干问题初探

传统的财务治理模式忽略了债权人和股东的冲突以及经营管理者和股东的冲突,从而导致传统财务治理模式不能涵盖"债权人——股东——经营管理者"这一委托代理关系的全部,更不能达到有效治理的目的。为了保证企业治理程序的完善,应进一步加强和优化企业财务治理,建立相应的财务信号系统和财务评价体系,制定合理的相机治理程序,建立一个由有债权人参与的共同治理和有经营管理者参与的相机治理相结合的机制。