家族企业高管激励机制研究

This study investigates the incentive mechanisms for family executives and non-family executives in Chinese listed family firms. For family managers, we examine the following two questions: 1. Does executive compensation reflect the alignment between family benefits and the firm's benefits or expropriation of minority shareholders? 2. Does cash dividend an effective incentive mechanism for family executives since cash dividends are return on capital that makes up the deficiency of illiquid family ownership? For non-family executives, we also examine two questions: 1. Does the gap in compensation between CEO and executives next to CEO (e.g. Vice president) reflect the lack of promotion incentive for executives that have no chance to become CEO? 2. What are alternative mechanisms to motivate executives at the positions as vice president when promotion incentive does not exist? Based on studies on these questions, we further examine the relationship between choices of incentive mechanisms and firm/family characteristics and the impact of different incentive mechanisms on firms' long term performance and family wealth. This study will extend the literature on incentive mechanisms of family firms in markets with concentrated ownership. This study will also have insight for family business in designing incentive contracts for top managers and promote sustainable growth of private firms in China.

本课题从家族成员高管与非家族成员高管两方面着手考察我国上市家族企业中高管的激励机制。对于家族成员高管，考察两个问题：1. 薪酬体现家族成员利益与企业利益一致还是体现内部控股股东对企业利益的侵占？2. 家族股权缺乏流动性，现金股利可以将资本收益在当前实现，现金股利是否对家族成员高管具有激励作用？对于非家族成员高管，也考察两个问题：1. 总经理与副总薪酬之间的差异是否体现出对于非家族成员高管无法晋升到总经理的补充？2. 当缺乏晋升激励时，对非家族成员高管的替代激励机制有哪些？在这两方面研究的基础上，进一步考察具有不同特征的家族企业在选择不同激励机制时的差异，以及不同激励机制对企业长期绩效和家族财富的影响。本课题的研究成果将丰富对股权集中市场中家族企业激励机制研究的文献；对于家族企业选择有效的激励机制有一定的借鉴作用，有利于促进我国民营企业的持续发展。

本项目研究以我国家族企业为样本，考察在世界范围内广泛存在的家族控制和管理的这种企业形式。我们首先研究家族参与对企业公司治理的影响。我们发现更多家族成员参与的企业关联方占款较少，现金股利分配率更高。家族参与与企业公司治理的正相关关系在市场监督较少的企业中更加明显，而在政府对公司治理要求提高后降低。我们进一步深入考察影响家族参与的因素，发现相关文化对家族参与企业经营有着显著的影响。在本项目开展的四年中，我们较好地完成了预定计划中的各项工作，取得了高质量的研究成果。研究成果包括：五篇国际期刊论文，其中SSCI期刊收录论文四篇，这其中的三篇为国际一流期刊；五篇工作论文，其中有三篇正在国际顶级和一流期刊审稿。多次参与国际、国内会议与交流活动，宣读研究成果，与国际同行进行广泛的交流与合作，为推动中国研究的国际化做出了很大的努力。