CAJ | 학술논문

本文以新制度经济学为基础，实证考察了我国家族企业中“人际关系网”的存在性及其制度诱因。本文认为，当企业经营具有关系型交易特征时，家族成员及泛家族成员与创始人之间的相互信任关系会显著降低交易成本，提升企业关系型资产的价值。以创始人具有的政商关系以及企业与客户和供应商之间的商业网络关系作为关系型交易的衡量指标，本文对我国274家民营企业在IPO年度的3639位高管成员的分析支持上述结论，即家族企业的关系型交易特征与家族成员和泛家族成员在高管团队中的比例显著正相关。进一步的检验表明，家族成员和泛家族成员的持股比例显著高于其他高管，但年度薪酬对公司当期业绩的敏感性却显著低于其他高管。这表明，“人际关系网”导致高管激励模式更趋长期化。
본문이신제도경제학위기출，실증고찰료아국가족기업중“인제관계망”적존재성급기제도유인。본문인위，당기업경영구유관계형교역특정시，가족성원급범가족성원여창시인지간적상호신임관계회현저강저교역성본，제승기업관계형자산적개치。이창시인구유적정상관계이급기업여객호화공응상지간적상업망락관계작위관계형교역적형량지표，본문대아국274가민영기업재IPO년도적3639위고관성원적분석지지상술결론，즉가족기업적관계형교역특정여가족성원화범가족성원재고관단대중적비례현저정상관。진일보적검험표명，가족성원화범가족성원적지고비례현저고우기타고관，단년도신수대공사당기업적적민감성각현저저우기타고관。저표명，“인제관계망”도치고관격려모식경추장기화。
Under the framework of New Institutional Economics, we find the existence and logicality of personal network in our family firms empirically. We found that the trust between the founders and their families or ＂pan-family＂ members could reduce transaction costs and further enhance the value of relationship assets when the firm＇s transaction is relationship-based. Taking the founders＇ political connection and their enterprises＇ business network as the index of relationship transaction, our results supported the findings by 274 private firms with 3639 managers in their IPO years. When the family firm＇s transaction is relationship-based, there will be more family or ＂pan-family＂ members in the management team. Furthermore, family or ＂pan-family＂ members hold higher ratio shares but lower pay-performance sensitivity than other managers, which showed the personal network will result in long-term incentive mechanism.