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本文从融资角度对转轨期中国家庭企业治理结构进行了分析 ,认为转轨期中国家庭企业作为真正意义上“所有者到位”的企业 ,克服了传统国有企业中“所有者缺位”造成的困惑 ,但转轨期企业融资环境诱导了家庭企业超强的内源融资“偏好” ,这一“偏好”锁定着家庭企业治理结构 ,因而优化家庭企业治理结构需要在融资环境改善的条件下由企业自己做出选择。
This paper analyzes the governance structure of Chinese family enterprises during the transitional period from the financing point of view and holds that the Chinese family enterprises as the real owners of “owners” in the transition period have overcome the confusion caused by the “absence of owners” in the traditional state-owned enterprises, However, during the transitional period, the financing environment of enterprises has induced the super-strong preference of domestic enterprises for the source of financing. This “preference” has locked the governance structure of the family enterprises. Therefore, optimizing the governance structure of the family enterprises needs to be done by the enterprises themselves under the condition of improving the financing environment Out of choice.