CAJ | 학술논문

文章通过引入一个动态演化模型，讨论了家族企业在代际转换的背景下，进行家族经营和专业化管理选择的决策条件。研究发现：家族企业在依靠积累扩张资本规模的发展过程中，将从资本规模较低时期的家族经营走向资本规模较大时期的专业化管理阶段，而决定家族企业代际决策的临界资本规模又取决于职业经理人价值及其不确定性。因此，建立和发展经理人市场将有助于加速我国家族企业走向专业化管理的进程。
문장통과인입일개동태연화모형，토론료가족기업재대제전환적배경하，진행가족경영화전업화관리선택적결책조건。연구발현：가족기업재의고적루확장자본규모적발전과정중，장종자본규모교저시기적가족경영주향자본규모교대시기적전업화관리계단，이결정가족기업대제결책적림계자본규모우취결우직업경리인개치급기불학정성。인차，건립화발전경리인시장장유조우가속아국가족기업주향전업화관리적진정。
By introducing a dynamic model, this paper studies the decision-making conditions in the choice of family opera-tion or professional management during the overlapping generations of family business. The results show that the family busi-ness will evolve from the family operation with small-scale capital to the professional management with large-scale capital in the development process of accumulation of the expansion scale of capital. Meanwhile, the critical capital scale, which de-termines the overlapping generations decision of family business, relies on the value and uncertainty of the professional man-agers. Therefore, it will help to speedup the process of family business from family operation to professional management by building and developing a professional manager market.