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论文编号：	8331
作者编号：	1120110785
上传时间：	2016/6/7 19:42:38
中文题目：	民营企业创始人特质、公司治理与职业经理人引入——来自民营上市公司的经验证据
英文题目：	Founder Characteristic, Corporate Governance and Professional Manager Succession——Evidences from China’s Listed Private Companies
指导老师：	武立东
中文关键字：	民营企业；职业经理人；创始人特质；公司治理
英文关键字：	private companies, professional managers, founders’ peculiarity, corporate performance
中文摘要：	摘　要 随着我国经济的快速发展，民营企业在我国的国民经济中扮演着越来越重要的作用。在民营企业取得令人瞩目的成绩的同时，其治理问题也受到了广泛的关注。由于改革开放已超过35年，我国民营企业处于领导人集中换代的关键变革时期，已有的研究指出民营企业在领导人代际变更时的企业价值损失超过40%。因此民营企业新旧领导人的平稳接班与企业的基业长青关系到国民经济的稳定与发展。与此同时，职业经理人作为具有高度人力资源优势以及拥有有利于投资者保护的独立性的企业领导人选而得到了普遍的重视，是领导人继任的关键候选人（某些情况下甚至是唯一候选人）。由此而引起了学术界对民营企业领导人变更与职业经理人引入问题的广泛性关注。 已有的大量研究都关注了民营企业与职业经理人引入这一问题，但是对民营企业而言至关重要的创始人特质在民营企业引入职业经理人过程中所发挥得影响却鲜被提及。本文通过案例研究与实证研究的方式探索了民营企业创始人特质对职业经理人引入的影响，以及这一影响作用是否因民营企业内外部公司治理机制完善程度的不同而不同。首先本文通过对逸飞集团、阿里巴巴集团与长江实业三个案例的深入研究，从个体、团队与组织三个不同层级揭示了民营企业创始人特质对其传承方式的影响及其作用机理。研究发现由于创始人特质的资产专用性特征，导致民营企业在选择接班人时更倾向于家族或企业内部人继任。然后本文通过对我国民营上市公司的实证研究发现民营企业的创始人特质阻碍了企业聘用职业经理人的决策。在此基础上，本文验证了民营企业内外部治理机制的完善程度对创始人特质与聘用职业经理人之间相关关系的正向调节作用，说明完善企业的公司治理机制能够显著削弱创始人特质对聘用职业经理人的阻碍作用。 另外，我们还进一步实证研究了引入职业经理人对我国民营企业绩效的影响，以及民营企业内外部公司治理机制对引入职业经理人后的企业绩效的相关影响。研究发现引入职业经理人显著地降低了我国民营企业的企业绩效。但完善的企业内外部公司治理机制能够正向调节引入职业经理人与企业绩效的负相关关系。
英文摘要：	Abstract With the fast development of China’s economics, private companies play an increasingly important role in China’s national economy. Although their achievements are so attractive, the challenge of corporate governance they are faced with also attracts extensive concerns. As the Chinese economic reform has passed for 35 years, now is the key reform period for the intensive change of leader team in private companies. Currently, some researches pointed out that the company value can lose more than 40% during the leader change period in private companies. So, the stable succession of leadership in private companies and their continuous growth can affect stability and development of national economics. At the same time, professional managers of obvious advantages in manpower resources and independence that is favorable for investor protection are gaining common attention as corporate leader candidates. They become key candidates of leader successor (sometimes they are the only candidate in some context). Therefore, the change of leaders in private companies and introduction of professional managers attract extensive concerns in the academic community. A vast amount of existing researches all pay attention to the introduction of professional managers in private companies. However, the influence of founders’ peculiarity which is crucial to private companies in the process of introduction of professional managers is rarely mentioned. By case study and empirical study, the paper investigated the influence of founders’ peculiarity on introduction of professional managers in private companies and if this influence can be different with different perfection of internal and external corporate governance systems. At first, the paper analyzed three cases of Yifei Group, Alibaba Group and Cheung Kong Holdings. It demonstrated the way and how founders’ peculiarity affects leader succession at three levels of individual, team and organization. The research found that assets specificity in founders’ peculiarity can lead to the trend of family succession or corporate internal succession when the company selects leader successors. Then, the paper found that founders’ peculiarity hampers the decision of appointing professional managers by empirical study on China’s listed private companies. Based on these studies, the paper verified that more perfect internal and external corporate governance systems can positively adjust relationship between founders’ peculiarity and professional manager appointment, which means that more perfect corporate governance systems can weaken hindering effect of founders’ peculiarity on professional manager appointment. In addition, we further empirically investigated influence of introduction of professional managers on performance of private companies in China, as well as influence of internal and external corporate governance systems on performance of private companies after introduction of professional managers. The research found that the performance of private companies in China is remarkably decreased due to introduction of professional managers, while more perfect internal and external corporate governance systems can positively adjust the negative correlation between introduction of professional managers and corporate performance.
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