公司治理与企业家精神

传统公司治理理论强调对于企业控制权的控制,而淡化了企业作为企业家精神租金创造的意义。本文通过对公司治理与企业家精神的内在逻辑分析,提出公司治理实质上包含着朝向企业家精神的保健机制与激励机制,其共同作用影响企业家精神的发挥从而决定了公司治理的绩效。在理论分析的基础上,本文利用上市家族、国有企业的数据对理论假设进行了实证检验。结果证明,就家族企业而言,激励机制对企业家精神具有显著的正向促进作用,保健机制则表现为不作为或失灵;就国有企业而言,激励机制对企业家精神无显著影响,保健机制则对企业家精神具有较为显著的“倒U型”作用。

Corporate Governance and Entrepreneurship

In the mainstream corporate governance theories, the control right is the central issue, but not the entrepreneurship, which creates rents for the firm. Based on the logic links between corporate governance and entrepreneurship, we define two factors from the corporate governance which are oriented for the entrepreneurship: the hygiene factor and the incentive factor. They affect together the entrepreneurship of a firm and then the performance of firm governance. We use the data of listed family firms and state owned enterprises in China to test our hypotheses. The statistic result confirms that the incentive factor has significant effect on the entrepreneurship of family firms, but the hygiene factor has significant effect on the entrepreneurship of state owned enterprises.