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在我国,由于传统家族文化的影响,家族企业创业初期的产权往往是模糊的。但随着企业的发展,家族财产的公共价值不断增大,从而使得家族成员的机会主义行为变得有利可图,家族成员之间也因此产生了明晰产权的要求。影响家族企业这种内源物质资本契约变迁的因素主要包括初始物质资本的投入、人力资本的贡献以及传统家族文化的嵌入强度三个方面。在Nash谈判模型及其推广模型的基础上,通过建立家族企业所有权分配的谈判模型表明家族企业初始物质资本的投入越多,物质资本所有者拥有的股权就越多;人力资本对家族企业发展的贡献越大,人力资本所有者拥有的股权就越大;传统家族文化的嵌入强度越大,家族成员的股权分配越趋向于平均。
In our country, due to the influence of the traditional family culture, the initial ownership of the family business is often fuzzy. However, with the development of enterprises, the public value of family property is constantly increasing, making the opportunistic behavior of family members profitable. As a result, there is a clear demand for property rights among family members. The factors affecting the evolution of the endogenous material capital contract of family-owned enterprises include three aspects: the input of initial material capital, the contribution of human capital and the embedding intensity of traditional family culture. Based on the Nash negotiation model and its promotion model, the negotiation model of ownership distribution of the family-owned enterprises shows that the more the initial investment of the family business in the material capital, the more equity the owner of the material capital owns; the development of the family capital by the human capital The larger the contribution, the greater the equity owned by the owner of human capital; the greater the embedding intensity of traditional family culture, the more the equity distribution of family members tends to average.