功不唐捐，玉汝于成。经过在DBA的课程学习与实践，2024年10月9日，DBA四期班同学、上海成也集团有限公司董事长张飞雁迎来了他的最终答辩时刻。张飞雁同学在答辩现场阐述了《从现代经济学角度理解闽商治理与传承机制》，成果丰硕，最终顺利通过答辩。恭喜张飞雁同学，让我们一起回顾他的高光时刻。

企业家学者项目（DBA）整合全球优质教育资源，打造极具前沿性和系统性课程，在框架模块、聚焦模块、专题研究+实践课堂这三大核心课程中，涵盖2大金融主题与4大微观主题，探索6大宏观方向，定制化行业专题，走访行业内领军企业。张飞雁同学在理论与实践的交融中，逐渐锤炼出应对新商业文明中不断涌现的新问题与新挑战的能力。他遵循“理解—判断—实践—引领”的DBA学习路径，在企业家学者项目中不断接受新商业文明的熏陶与考验，最终实现了思想的飞跃式“突围”，展现出卓越的商业洞察力和领导力。

 

本次论文答辩，来自金沙集团1862cc和新加坡管理大学（SMU）的教授们共同见证了张飞雁同学的学术成果。

Xuesong GENG

Associate Professor of Strategic Management,  SMU

Haitao LI

Professor of Finance, 

Dean of CKGSB

Chi-Ying CHENG 

Associate Professor of Psychology,  SMU

张飞雁 | 从现代经济学角度

理解闽商治理与传承机制

张飞雁同学答辩中

▇ 论文摘要：

在全球化浪潮和市场经济体系的大背景下，中国企业在吸收国际先进的治理模式的同时，也面临着如何将这些模式与本土文化有效融合的挑战。历史上著名的闽商商帮，以其独特的治理与传承机制，为现代企业提供了宝贵的启示。本研究深入探讨了闽商商帮的治理机制，并评估了其在现代企业制度中的应用潜力和启示，旨在为构建与中国企业特质相契合的治理模式提供理论和实践指导，同时也为商帮治理的学术研究增添了新的维度。

通过文献研究的方法，本研究系统地梳理了传统闽商商帮治理的历史脉络，并运用历史比较制度分析理论，深入分析了闽商商帮治理机制。研究发现，闽商商帮的治理外生条件以宗族和乡族为基础，与闽商的区域环境和地域文化紧密相连。在传统的闽商商帮中，紧密依靠乡族的力量是商业成功的关键。在内生选择上，闽商选择了长期主义与集体主义相结合的治理道路，这与徽商、晋商等其他商帮形成了鲜明对比，揭示了闽商持续发展的独特奥秘。

在文献研究的基础上，本研究访谈了9位闽商企业的所有者和23位职业经理人，深入分析了现代闽商企业的内部管理和外部经营策略，提炼出现代闽商企业治理的特点和机制。另外，对5家非闽商的家族企业进行访谈，验证闽商治理机制的特性。研究发现，闽商企业家在企业治理中深受地域文化和“内祖外圣”商人信仰的影响，在职业经理人的选任、管理、激励、惩罚等方面展现出长期主义特征，而在与职业经理人的交往中体现出集体主义特征。闽商企业以“信任、合作、回馈”为核心，以关系治理为主，契约治理为辅，在演进过程中融合了管家理论，形成了一套有效的治理机制。

闽商商帮的治理模式在现代企业中仍具有重要的应用价值。其基于信任的治理结构和集体主义与长期主义的管理策略，为现代企业提供了一种与中国文化环境相适应的治理模式。

本研究的结论不仅对理解中国企业的治理模式具有重要的理论贡献，也为实践者提供了构建企业治理结构的新视角，并对政策制定者在制定相关政策时提供了参考。尽管本研究提供了对闽商治理模式的深入分析，但样本数量有限，可能影响研究结果的普遍性。未来的研究可以通过扩大样本量和进行跨文化比较，进一步验证和扩展本研究的结论。

答辩现场

Under the general background of globalization and market economy, Chinese enterprises are embracing advanced governance models around the world, and facing the challenge of effectively combining them with local culture. In the history of China, Fujian (Min) merchants formed a famous commercial group, leaving modern enterprises some precious enlightenment in its unique governance and inheritance mechanism. This research will extensively explore the governance mechanism of Fujian commercial group and assess its potentials and enlightenment for application in the system of modern enterprises. This research aims to provide theoretical and practical guidance for the development of a governance model matching with the characteristics of Chinese enterprises. Meanwhile, it will also add a new dimension to the academic research on the governance of commercial groups.

Through literature review, this research presents a systematic review over the history of the traditional governance of Fujian commercial group. The theory of historical and comparative institutional analysis is employed to further analyze the governance mechanism of Fujian commercial group. As discovered in the research, the governance of Fujian commercial group is exogenously based on clan and township relationships, and closely related to the regional environment and culture of Fujian merchants. In the past, Fujian commercial group relied on the power of township relationships to foster successful businesses. Endogenously, Fujian merchants took a path of governance by combining long-termism with collectivism, which is absolutely distinct from the other commercial groups formed by Anhui (Hui) merchants, Shanxi (Jin) merchants, and other merchants. This choice reveals Fujian merchants’ unique mystery of sustainable development.

张飞雁同学在长江DBA课堂上

On the basis of literature review, we interviewed nine owners and 23 professional managers of Fujian merchants’ enterprises for this research. After extensively analyzing the internal management and external operation strategies of modern Fujian merchants’ enterprises, we extracted the characteristics and mechanism of their governance. Additionally, we interviewed five other family enterprises to verify the characteristics of Fujian merchants’ governance mechanism. In this research, it is found that Fujian entrepreneurs were deeply affected by local culture and merchants’ belief of “inner ancestors and outer saints” in their corporate governance. Therefore, they embraced long-termism in the selection, appointment, management, motivation, and punishment of professional managers, but showed the effect of collectivism in their socializing with professional managers. With “trust, cooperation, and return” as the core of business, the Fujian merchants’ enterprises relied on relationship supported by contract in governance, and integrated the stewardship theory in the process of evolution. On this basis, they established an effective governance mechanism.

Presently, the governance model of Fujian commercial group is still of great value to modern enterprises. With its trust-based governance structure and management strategy of collectivism and long-termism, it provides a governance model fit with the cultural environment in China for modern enterprises.

The conclusions drawn in this research will not only make a significant theoretical contribution to understanding the governance model of Chinese enterprises, but also formulate a new approach to the establishment of corporate governance structure for practitioners, and provide reference for policymakers in their development of relevant policies. The extensive analysis on the governance model of Fujian merchants is provided in this research, but the generality of research findings may be undermined by the limited sample size. In the future, studies may increase the sample size and perform cross-cultural comparison to further verify and expand the conclusions of this research.

合影

论文答辩的圆满结束，对张飞雁同学而言并非终点，而是他作为终身学习者崭新征程的起点。未来，他将携带着对中西方管理学理论的深刻认知与独特思考，持续践行新商业文明的理念，以独到的洞见，不断为中国经济注入新的活力，引领行业迈向更加广阔的发展前景。