创业团队契约治理与战略决策——家族涉入的解释  

The Entrepreneurial Team Contractual Governance and Strategic Decision: Two Competing Perspectives of Family Involvement as the Moderator

作　　者：朱仁宏[1] 伍兆祥 周琦 ZHU Ren-hong;WU Zhao-xiang;ZHOU Qi(Business School,Sun Yat-sen University,Guangzhou,Guangdong,510275,China;Research Centre for Chinese Family Firm,Sun Yat-seu University,Guangzhou,Guangdong,510275,China)

机构地区：[1]中山大学管理学院,广东广州510275 [2]中山大学中国家族企业研究中心,广东广州510275

出　　处：《经济管理》2019年第2期20-35,共16页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目"创业团队治理:治理模式选择;影响因素与作用机理研究"(71572199);国家自然科学基金面上项目"家族企业二代涉入与国际创业"(71672196)

摘　　要：战略决策对创业成功至关重要,但现有对影响团队创业决策的契约治理因素、家族涉入因素及其作用机理的研究尚存不足。为此,本文基于创业者人力资本激励的角度,深入探讨了创业团队契约治理对团队战略决策的影响,特别从两个竞争性视角剖析了家族涉入在其中所发挥的调节作用。通过对202份调研问卷数据的实证分析发现,在创业团队契约治理中创业团队收益权配置和自主权配置有助于提高决策质量和决策承诺,而股份配置却只对决策承诺有着积极的影响。此外,家族涉入对股份配置、自主权配置与决策质量之间的关系起着负向调节作用,而对股份配置、自主权配置与决策承诺之间起着正向调节作用。本文揭示了创业团队契约治理在新创企业战略决策中的重要作用,并通过引入家族涉入这一调节变量,拓展了家族涉入在创业领域的研究,对加深理解创业团队契约治理机制和指导团队成员进行战略决策有着重要的现实意义。The strategic decision quality and operationalized effect play an important role in the survival and development of new enterprises.In addition,the formulation and implementation of strategic decision are usually closely related to corporate governance.However,for the entrepreneurial team,traditional theory of corporate governance is not sufficient enough in making scientific strategic decisions.This is because of the uncertainty and risk of cooperation driven by the difference of human capital among team members.Therefore,the contract governance of the entrepreneurial team becomes very important.This paper focuses on the effectiveness of contractual governance of entrepreneurial team on the strategic decision making of new enterprises from the perspective of entrepreneurs’ human capital incentive.This paper also considers the moderating effects of family involvement from two competitive perspectives:resource homogeneity and organizational commitment.The results of the survey data(sample size:220)reveal that:1)in the entrepreneurial team contract governance,the allocation of revenue and autonomy have a significant positive impact on the quality and commitment of decision making,while the allocation of shares only has a significant positive impact on the commitment of decision making;2)family involvement negatively moderates the relationships among the share allocation,autonomy allocation and decision quality,and positively moderates the relationship among the share allocation,autonomy allocation and decision commitment.This paper has two major theoretical contributions.First,in line with corporate governance theory and the research of entrepreneurial team contractual governance,this paper refines the underlying mechanism of entrepreneurial team contractual governance in practice from the perspective of human capital incentive.This paper also investigates how entrepreneurial team contractual governance affects the team’s strategic decision making.To some extent,it fills the gaps of previous studies and enriche

关 键 词：创业团队契约治理 人力资本激励 决策质量 决策承诺 家族涉入 

分 类 号：F276[经济管理—企业管理]