中文摘要：

以国美电器＂控制权之争＂为背景,采用案例研究方法探讨了家族企业的控制权配置模式及治理后果。研究表明：随着规模扩大、参与国际竞争程度提升,传统家族权威治理的局限性日益显现,引入职业经理人是我国家族企业治理转型的必然趋势;诸如国美等治理实践中频发的＂控制权冲突＂,根源并不在创始家族的控制权让渡,而是源于权力制衡缺失引发的控制权私利;优化权力配置,形成核心控制权、一般控制权和现金流权之间的合理匹配与均衡,是实现创始家族和职业经理人互惠相容,确保治理转型成功的关键与微观基础。本文从控制权视角深化了对家族企业治理的理解,也为化解当前我国家族企业＂集体转型之痛＂提供了必要的理论借鉴。

英文摘要：

Based on the control conflict of GOME Ltd., this paper uses case study to investigate the allocation of control rights in family firms and its governance effect. The research shows that： （1）With the size growth and increasingly participation in global competition, traditional authority governance by the founder becomes much more unsuitable, and professional manager＇s governance will be the necessary trend in future transition. （2） The main causes, which lead to control conflict, are not the transferring of control rights to professional manager but the absence of power balance and constrain. （3）The optimal allocation of control rights, so as to achieve the balance of crucial control right, general control right and cash flow right, is the key to realize the reciprocal compatibility between founding family and manager, and further promote successful governance transition of family firms. This paper deepens the understanding of corporate governance of family firms from the angle of control rights and will provide some help to the transitional practice of Chinese family firms.