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本文以制造业上市公司为样本,实证分析了家族企业与非家族企业(包含国有控股企业和民营非家族企业)之间智力资本的构成与差异。研究结果显示,与国有控股企业和民营非家族企业相比,家族企业的组织资本、人力资本以及内部关系资本都相对较低;家族企业的关系资本包括政府和社会关系资本以及客商关系资本,与国有控股企业相比较大,而与民营非家族企业相比较小。面对家族企业多项智力资本相对较低的结论,家族企业应当加强关系契约治理和现代企业制度的建立,应当加强与政府、社会关系的改善,以便降低资本占用成本。对于国有控股企业,建议保持法人代表以及管理层的稳定性,以便实施更好的企业战略和加强关系治理和提升团队精神,进而提高资本的利用效率。
Based on the sample of manufacturing listed companies, this paper empirically analyzes the composition and differences of intellectual capital between family-owned and non-family-owned enterprises (including state-controlled enterprises and private non-family-owned enterprises). The results show that compared with the state-controlled enterprises and non-state-owned non-family-owned enterprises, the family-owned enterprises have relatively low organizational capital, human capital and internal relationship capital. The family-owned relationship capital includes the government and social relation capital and the merchant-relational capital, Compared with the state-controlled enterprises, they are relatively small compared with the non-state-owned private enterprises. Faced with the conclusion that a number of family-owned enterprises have relatively low levels of intellectual capital, family-owned enterprises should strengthen the management of the contractual relationship and the establishment of a modern enterprise system. The improvement of the relationship with the government and the society should be strengthened in order to reduce the capital occupancy costs. For state-controlled enterprises, it is recommended to maintain the stability of legal representatives and management in order to implement better corporate strategies, strengthen relationship governance and enhance team spirit so as to enhance capital utilization efficiency.