创业型企业股权分配设计与创业团队心理所有权的动态关系研究——基于中国创业型企业的双案例比较分析

摘要/Abstract

摘要： 本文以动态的视角，追踪创业型企业发展过程中其股权分配设计如何通过组织内部机制的动态变化影响创业团队心理所有权。采用双案例比较分析法，我们通过理论取样选取了两家中国创业板上市的民营高新技术企业，并对其进行了为期一年多的追踪调研；通过三角法收集相关研究数据并用阶段回溯分析法对数据进行了分析。案例分析结果显示在创业企业发展各个阶段，股权分配设计通过影响团队权力结构与团队能力构成，对团队成员交换产生影响，并进一步影响创业团队心理所有权。我们的发现对拓展创业团队心理所有权的概念，对探索股权分配设计对心理所有权的影响机制有着重要意义，而全新的动态视角也对创业企业的发展有着理论与实践的双重价值。

关键词: 创业团队, 股权分配设计, 心理所有权, 团队成员交换, 探索式案例分析, 定性研究

Abstract: By adopting a dynamic perspective, this study explores the influence of equity allocation design on entrepreneurial team psychological ownership in entrepreneurial firms. We use an exploratory case method, apply theoretical sampling to select two Chinese listed private high-tech firms on GEM, and track them for over a year. We triangulate our data collection methods and analyze data using temporal bracketing. We find that equity allocation design affects entrepreneurial team psychological ownership through an internal mechanism. Specifically, equity allocation design influences team power structure and team knowledge structure, which leads to different levels of team member exchange and consequently leads to change of entrepreneurial team psychological ownership. Our findings contribute to the literature and provide implications to entrepreneurial firms.

Key words: entrepreneurial team, equity allocation design, psychological ownership, team member exchange, exploratory case study, qualitative study

郑晓明, 陈昊, 龚洋冉. 创业型企业股权分配设计与创业团队心理所有权的动态关系研究——基于中国创业型企业的双案例比较分析[J]. , 2017, 29(3): 242-260.

Zheng Xiaoming, Chen Hao, Gong Yangran. The Dynamic Influence of Equity Allocation Design on Chinese Entrepreneurial Team's Psychological Ownership: A Two-case Comparison Study[J]. , 2017, 29(3): 242-260.

参考文献

[1] 张珊珊,汪洋. 家族企业可持续发展的路径选择研究[J]. 管理学报, 2006,3(3):329-335
[2] 王龙,常大鹏,康灿华. 科技型中小企业股权激励的探讨[J]. 中国人力资源开发, 2004,24(6):37-40
[3] 游春. 股权激励, 董事会, TMT 团队与经营绩效——基于中国上市公司的实证分析[J]. 管理评论, 2010,22(9):3-13
[4] 赵红梅,苗慧. 民营企业经理层股票期权激励[J]. 现代管理科学, 2005,(12):56-57
[5] Pierce J. L., Rubenfeld S. A., Morgan S. Employee Ownership: A Conceptual Model of Process and Effects[J]. Academy of Management review, 1991,16(1):121-144
[6] 朱沆,刘舒颖. 心理所有权前沿研究述评[J]. 管理学报, 2011,8(5):784-790
[7] Hellmann T., Wasserman N. The First Deal: The Division of Founder Equity in New Ventures[DB/OL]. http://www.hbs.edu/faculty/Publication%20Files/14-085_2bd67a49-bd41-4396-a69d-73a7f40829b8.pdf, 2014
[8] Breugst N., Patzelt H., Rathgeber P. How Should We Divide the Pie? Equity Distribution and Its Impact on Entrepreneurial Teams[J]. Journal of Business Venturing, 2015,30(1):66-94
[9] Kotha R., George G. Friends, Family, or Fools: Entrepreneur Experience and its Implications for Equity Distribution and Resource Mobilization[J]. Journal of Business Venturing, 2012,27(5):525-543
[10] Huovinen S., Pasanen M. Entrepreneurial and Management Teams: What Makes the Difference?[J]. Journal of Management & Organization, 2010,16(3):436-453
[11] 曲延军,林嵩,张帏. 创业型企业战略选择的比较研究[J]. 科技管理研究, 2005,25(8):79-82
[12] Edmondson A. C., McManus S. Methodological fit in Management Field Research[J]. Academy of Management Review, 2007,32(4):1155-1179
[13] Van de Ven A. H. Engaged Scholarship: A Guild for Organizational and Social Research[M]. Oxford, NY: Oxford University Press, 2007
[14] Pierce J. L., Kostova T., Dirks K. T. Toward a Theory of Psychological Ownership in Organizations[J]. Academy of Management Review, 2001,26(2):298-310
[15] 吕福新,顾姗姗. 心理所有权与组织公民行为的相关性分析——基于本土企业的视角和浙江企业的实证[J]. 管理世界, 2007,(5):94-103
[16] Wagner S. H., Parker C. P., Christiansen N. D. Employees that Think and Act Like Owners: Effects of Ownership Beliefs and Behaviors on Organizational Effectiveness[J]. Personnel Psychology, 2003,56(4):847-871
[17] Pierce J. L., O'driscoll M. P., Coghlan A. M. Work Environment Structure and Psychological Ownership: The Mediating Effects of Control[J]. The Journal of Social Psychology, 2004,144(5):507-534
[18] 储小平,刘清兵. 心理所有权理论对职业经理职务侵占行为的一个解释[J]. 管理世界, 2005,(7): 83-93
[19] 李锐,凌文辁,柳士顺. 组织心理所有权的前因与后果:基于"人-境互动"的视角[J]. 心理学报, 2012,44(9):1202-1216
[20] Pierce J. L., Jussila I. A. Collective Psychological Ownership within the Work and Organizational Context: Construct Introduction and Elaboration[J]. Journal of Organizational Behavior, 2009,30(6):810-834
[21] 王妤扬,苏勇,程骏骏. 2014 集体心理所有权研究前沿探讨[J]. 现代管理科学, 2014,(11):33-35
[22] Druskat V. U., Pescosolido A. T. The Content of Effective Teamwork Mental Models in Self-managing Teams: Ownership, Learning and Heedful Interrelating[J]. Human Relations, 2002,55(3):283-314
[23] Breugst N., Patzelt H., Rathgeber P. How should we Divide the Pie? Equity Distribution and its Impact on Entrepreneurial Teams[J]. Journal of Business Venturing, 2015,30(1):66-94
[24] 贺小刚,李婧,张远飞,等. 创业家族的共同治理有效还是无效?基于中国家族上市公司的实证研究[J]. 管理评论, 2016,28(6):150-161
[25] 陈艳艳. 员工股权激励的实施冬季与经济后果研究[J]. 管理评论, 2015,27(9):163-176
[26] 周嘉南,雷霆. 股权激励影响上市公司权益资本成本了吗?[J]. 管理评论, 2015,26(3):39-52
[27] Cheng Q., Warfield T. D. Equity Incentives and Earnings Management[J]. The Accounting Review, 2005,80(2):441-476
[28] 胡阳,刘志远,任美琴. 设计有效的经营者持股激励机制——基于中国上市公司的实证研究[J]. 南开管理评论, 2006,9(5):52-58
[29] 李红斐,杨忠直. 我国国有上市公司股权激励方案的设计研究[J]. 南开管理评论, 2002,5(2):41-44
[30] 王克敏,王志超. 高管控制权, 报酬与盈余管理——基于中国上市公司的实证研究[J]. 管理世界, 2007(7):111-119
[31] 张倩秋. 高管心理所有权与股权激励探讨[J]. 商业时代, 2008,(16):43-43
[32] 鲍盛祥. 资产权, 控制权与股权激励行为效应——心理所有权的中介作用[J]. 现代经济探讨, 2011,(4):35-38
[33] Van Dyne L.,and Pierce J. L. Psychological Ownership and Feelings of Possession:Three Field Studies Predicting Employee Attitudes and Organization Citizenship Behavior[J]. Journal of Organizational Behavior, 2004,25(4):439-459
[34] 陈勇,廖冠民,王霆. 我国上市公司股权激励效应的实证分析[J]. 管理世界, 2005,(2):158-159
[35] 吕长江,郑慧莲,严明珠,等. 上市公司股权激励制度设计:是激励还是福利?[J]. 管理世界, 2009,(9):133-147
[36] 陈效东,周嘉南. 非激励型高管股权、企业投资方式与控制人收益[J]. 管理评论, 2016,28(5):163-174
[37] 吕长江,张海平. 上市公司股权激励计划对股利分配政策的影响[J]. 管理世界, 2012,(11):133-143
[38] 邵帅,吕长江. 实际控制人直接持股可以提升公司价值吗?——来自中国民营上市公司的证据[J]. 管理世界, 2015,(5):134-146
[39] Kolev K., Wiseman R. M., Gomez-Mejia L. R. Do CEOs Ever Lose? Fairness Perspective on the Allocation of Residuals between CEOs and Shareholders[J]. Journal of Management, 2017,43(2):610-637
[40] Gómez C., Kirkman B. L., Shapiro D. L. The Impact of Collectivism and In-group/out-group Membership on the Evaluation Generosity of Team Members[J]. Academy of Management Journal, 2000,43(6):1097-1106
[41] Kuratko D. F., Ireland R. D., Hornsby J. S. Improving Firm Performance Through Entrepreneurial Actions: Acordia's Corporate Entrepreneurship Strategy[J]. The Academy of Management Executive, 2001,15(4):60-71
[42] Williams C., Lee S. H. Resource Allocations, Knowledge Network Characteristics and Entrepreneurial Orientation of Multinational Corporations[J]. Research Policy, 2009,38(8):1376-1387
[43] Ensley M. D., Pearson A. W., Amason A. C. Understanding the Dynamics of New Venture top Management Teams: Cohesion, Conflict, and new Venture Performance[J]. Journal of Business Venturing, 2002,17(4):365-386
[44] 贾旭东. 基于扎根理论的中国民营企业创业团队分裂研究[J]. 管理学报, 2013,10(7):949-959
[45] 石书德,高建,张帏. 新企业创业团队股权分配的影响因素[J]. 技术经济, 2015,34(12):69-75
[46] Eisenhardt K. M. Building Theories from Case Study Research[J]. Academy of Management Review, 1989,14(4):532-550
[47] Eisenhardt K. M., Graebner M. E. Theory Building from Cases: Opportunities and Challenges[J]. Academy of Management Journal, 2007,50(1):25-32
[48] Yin R. K. Case Study Research: Design and Methods[M]. Thousand Osaks: Sage Publications, 2014
[49] Pan S. L., Tan B. Demystifying Case Research: A Structured-pragmatic-situational (SPS) Approach to Conducting Case Studies[J]. Information and Organization, 2011,21(3):161-176
[50] Patton M. Q. Qualitative Research and Evaluation Methods (2nd Edition)[M]. Thousand oaks, CA: Sage Publications, 2001
[51] Glaser B. G., Strauss A. L. The Discovery of Grounded Theory: Strategies for Qualitative Research[M]. Chicago: Aldine, 1967
[52] Eisenhardt K. M., Li & Cao Eds. The Case Study Research Method: Selected Articles[M]. Beijing: Peking University Press, 2012
[53] Kirsch L. J. Deploying Common Systems Globally: The Dynamics of Control[J]. Information Systems Research, 2004,15(4):374-395
[54] Langley A. Strategies for Theorizing from Process Data[J]. Academy of Management Review, 1999,24(4):691-710
[55] 范黎波,刘云芬,杨金海. 家族化管理与企业绩效: 规模与家族成员所有权结构的调节效应[J]. 管理评论, 2016,28(5):96-106
[56] Seers A. Team-member Exchange Quality: A New Construct for Role-making Research[J]. Organizational Behavior and Human Decision Processes, 1989,43(1):118-135
[57] 邹文篪,刘佳. 团队中的 "我为人人, 人人为我"——团队-成员交换研究述评[J]. 心理科学进展, 2011,19(8):1193-1204
[58] Dierdorff E. C., Bell S. T., Belohlav J. A. The Power of"We": Effects of Psychological Collectivism on Team Performance over Time[J]. Journal of Applied Psychology, 2011,96(2):247-262
[59] Discua C. A, Howorth C., Hamilton E. Intrafamily Entrepreneurship: The Formation and Membership of Family Entrepreneurial Teams[J]. Entrepreneurship Theory and Practice, 2013,37(1):17-46
[60] Schjoedt L., Monsen E., Pearson A., et al. New Venture and Family Business Teams: Understanding Team Formation, Composition, Behaviors, and Performance[J]. Entrepreneurship Theory and Practice, 2013,37(1):1-15
[61] 郑晓明,陈昊. 特锐德电气的团队熔炼术[J]. 清华管理评论, 2012,(3):120-122
[62] 李晶,陈忠卫. 内部创业型文化:内部创业与企业文化的耦合[J]. 科研管理, 2008,29(2):22-27
[63] Anand S., Vidyarthi P. R., Liden R. C., et al. Good Citizens in Poor-quality Relationships: Idiosyncratic Deals as a Substitute for Relationship Quality[J]. Academy of Management Journal, 2010,53(5):970-988
[64] Seers A., Petty M. M., Cashman J. F. Team-member Exchange under Team and Traditional Management a Naturally Occurring Quasi-experiment[J]. Group & Organization Management, 1995,20(1):18-38
[65] 贺小刚,李婧,张远飞,等. 创业家族的共同治理有效还是无效?———基于中国家族上市公司的实证研究[J]. 管理评论, 2016,(6):150-161
[66] 武光,欧阳桃花,姚唐. 战略性新兴产业情境下的企业商业模式动态转换:基于太阳能光伏企业案例[J]. 管理评论, 2015,27(11):217-230
[67] 欧阳桃花,崔争艳,张迪,等. 多层级双元能力的组合促进高科技企业战略转型研究——以联想移动为案例[J]. 管理评论, 2016,28(1):219-228
[68] 本报记者. 上半年127家创业板公司高管持股变动[N]. 证券日报, 2012年8月15日, http://finance.sina.com.cn/stock/zldx/20120815/045612851346.shtml