产权视角下家族企业融资模式研究

从产权角度出发,研究家族企业融资结构问题。以家族产权、财务资本产权和人力资本产权为基础构建家族企业产权治理的动态模式,分析家族企业产权治理模式的演进,那么初创期宜采取家族产权主导治理模式;成长期宜采取家族产权与(职业经理)人力资本产权协同治理模式;成熟期宜采取家族产权、(外部)财务资本产权、(职业经理)人力资本产权协同治理模式。家族企业融资应该是"家族资本"、"员工资本"、"社会资本"三位一体融资模式。

On Family Business Financing Modes Based on Property Rights

This paper studies the financing structure of family business from the perspective of property rights and builds up dynamic mode of family business property rights governance on the foundation of the family property,financial capital and human resource capital.It analyses the evolution of the mode of the family business property rights governance and puts forward the views that at the preliminary stage the family business should adopt the mode that the family property rights plays the leading role;at the growth stage,it should adopt the mode of the coordination of the family property rights and(professional manager) human resource property rights;at the mature stage,it should adopt the mode of the coordination of the family property rights,(outside) financial capital property rights,(professional manager) human resource property rights.Based on the dynamic mode of property rights governance,the dynamic financing mode of family business is built.This paper deems the financing of family business should be the trinity mode of "family capital","personnel capital" and "social capital".From the two-dimensional perspective of financial capital financing and human capital financing,this paper also discusses the different financing modes of different life-cycle phases of family business.