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近20年来,委托代理理论不断发展深化,已成为企业治理机制选择的重要理论指导。然而,家族企业中的委托代理关系却并未得到理论界的重视。实际上,在家族企业中委托代理问题十分复杂。本文讨论了家族企业在不同阶段所表现出的不同类型的委托代理关系,并从中找出涉及激励的影响因素,进而设计最优激励机制,提高企业绩效。
Over the past 20 years, the continuous development of the theory of principal-agent has become an important theoretical guide for the selection of the mechanism of corporate governance. However, the principal-agent relationship in the family business has not received the attention of theorists. In fact, the problem of principal-agent in a family business is complex. This paper discusses the different types of principal-agent relationships that family firms exhibit at different stages and finds out the influencing factors involved in them, then designs the optimal incentive mechanism to improve their performance.