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-89-()20036:**(70002006),:,,,,,,,:,,;,,,,,,,(,2000),,,,,,,;,()(),,,;,,,,,,(,1998),,-90-,,,,;,;,,,,,,,,;,,:,,,,,(,1998),,,(Beckhard)(W.GibbDyerJr.),,,10,3/10;24,,24(Beckhard&DyerJr.,1983),,,20,,,:(),,(,1987,9),,(),,,5:(1),,;(2),;(3),;(4),,(nichemarket),;(5),,:-91-()20036,,(,1998;,2000),,,,,,,,(Hsing,1998;,2001;,1998;,2002),,,,,,,,,,,,,,,,,,,,,(Lansberg,1999),,,,,,,,,:;;/,,(,1998),,,,,,,,,,-92-,,,,,(YoungBusinessFamilies)(Mid-LifeandManagingEntry)(WorkingTogether)(LettingGoandTakingCharge)4,,,(1)(),,,,,(Lansberg,1999),:(1),,,;(2);(3),,,:,,;,,,,,(),,,,:(Lansberg,1999;DavidZaudtkeandDougAmmerman,1997),,,,;,,(),,,:,(),?,,,,,DanCiampaMichaelWatkins,,,,,14:-93-()20036,(),,,,;,,,,(),,,,():,;,,,,(,1998),,,,,3,,,,,,,,,:,;,,,,;(Redding,1993),,,,,;,,,,,;,(,1995),,,,90,,,,,,,,,,,,20008,,;,-94-,,2002(,2002),,30,,,(,2002);CEO(,2002);,,,,(,2002),,,,,,,;,,,,,,,,(,1998),,,,,,,,,(,1995),,:(,);,,,,,;,,,,,,,,,;,,,(,2002),,,:,,,()(),,,,,,,(,2002):-95-()20036,,,,,(Lansberg):,,,;,,,,,,,,,:;;(),,,,(,1999),,,,,,(,2002),,1992,8,,,,,,,(,1999),,(),,,,,,;,MBA,,,,,,,,,,BrunoDycka,,,5,10,,,,,,(),,,,:-96-,,,,,,,(,2000),(),:,,,,,,,(,1996),,,,,,,,,,,,,(,20012002),,,,,,,,,,,,(:,;:,;:)(1)::,,20005(2):,,20024(3):,(),1998,24(4):,,19987(5):,,20015(6):,:(),,200251(7):,,19981(8)(1947):,,1998(9)(LaiSiTsui-Auch)::,,,20011(10):,,19981(11)::,,19996(12)(1994):ManagingtheFamilyBusiness,(),,19991(13):,,1999818(14):,,200237,750(15)::,,200237(16):,,1995(17):,,20021(18):,,19965:-97-()20036(19)(S.B.Redding):,,1993(20):,,2000111(21)::(),,19981(22):,,1999818(23):,,2002312(24):,,20025(25):,,2002(26)BrunoDyck,MichaelMauws,FrederickA.Starkea,GaryA.Mischke2002,PassingtheBaton:TheImportanceofSequence,Timing,TechniqueandCommunicationinExecutiveSuccession,JournalofBusinessVenturing,17(2002):143162.(27)RichardBeckhard,W.GibbDyerJr.:ManagingContinuityintheFamily-OwnedBusiness,OrganizationalDynamics,Summer1983.(28)DanCiampa,MichaelWatkins,TheSuccessor’sDilemma,HarvardBusinessReview,Nov.-Dec.1999.(29)IvanLansberg1999,SucceedingGenerations,Realiz2ingtheDreamsofFamiliesinBusinessBoston,HarvardBusi2nessSchoolPress1999.(30)Tung-ChunHuang1999,WhoShallFollow?FactorsAffectingtheAdoptionofSuccessionPlansinTaiwan,LongRangePlanningVol.32/6,609616.(31)Hsing,You-tien1998,MakingCapitalisminChi2na,TheTaiwanConnection,OxfordUniversityPress.(32)DavidZaudtke,DougAmmerman1997,FamilyBusi2nesses:TheNextGeneration,ManagementReview,Febru2ary1997.(80),,,,,,(:;:),IT,ITIT,ITIT::,,20021182001,20011031,5800,2300MarkleFundCEO-LloydMorrisett:ADigitalDivideBetweentheInformationHavesandHave-nots,June,2000.:,215217,,200112:2001,264,,2002520001011,:2002,20023lu::21,200110lv200225.4%lw:,20011lx:,200112(1)WorldEconomicForum,2000.GlobalCompetitivenessReport,GenevaInternationalInstituteforManagementDevel2opment,2001,TheWorldCompetitivenessYearbook,Lau2sanne.(2):2001,,20025(3):2002,20023(4)::21,200110(5),2002(6):,200112(7):,,200112(8):6,,,200112(9):,20012002(10):,,-155-()20036MakingDoubleEffortstoQuickenthePaceofChina’sSocialSecurityFundEnteringtheCapitalMarketbyZhangHongdiMarketizationofPublicServiceinWesternCountriesandItsSuggestionstoChinabyLiBinTheCausesforandPoliciesagainstTechnicalTradeBarriersagainstShandong’sProduceExportbyWangJieandLiuShiyuTheAutomobileandTheMetropolitanismbyLiuHongandWangXuBOOKREVIEWReviewsonTheCorporateCultureSurvivalGuide:SenseandNonsenseAboutCultureChangebyYangHongshengABSTRACTSINENGLISHTheEncouragementMechanismandCapitalStructure:TheTheoryandaCaseStudyofChinabyWuXiaoqiuandYingZhangyuVerycomplicatedandsubtleistherelationshipbetweencapitalstructureandencouragementsys2temintheoperationofmoderncompanies.Inthisarticlewehave,firstofall,madeacomprehensivedescriptionofthecapitalstructureofhowcompanyshareholdersorcreditors,bytheselectionoffi2nancingchannels(especiallybyrunningintodebt)constrainmanagers’selfishbehaviors.Onthisbasis,wehavesuggestedfourhypothesesabouttheeffectoftwokindsofmodelsencouraginghigh-rankingmanagersinChina’smarket-oriented(private)enterprisesandadministration-oriented(state-con2trolled)enterprisesuponcapitalstructure,andhavetestedthehypothesesbyacasestudy,onlytofindthemquitecontrarytotheconclusionderivedfromwhathaveactuallyhappened.Inouropinion,thedeviationoftheoryfrompracticesuggeststhatinChina’scapitalmarketthespecialmarketsettingsunderliethefactthatthemechanismintendedtoencouragehigh-rankingmanagershasbynomeansbecomeafactor,intermsofsystem,thatnoticeablyaffectscapitalstructure.Consequently,ifthemarketenvironmentdoesnotrevolute,theemphasisonlyoncommercializationreformintheformofspurringhigh-levelmanagers(includingannualsalarysystem,encouragementbybeinggivenmoreshares,anager’soption,etc.)cannotfundamentallychangethemanaginggoalandbehaviorofhigh-rankingmanagersofChina’slistedcompanies.HereditarySuccession:theInheritableManagementandCreationinClannishEnterprisesbyChenLingandYingLifenInheritanceofclannishbusinesses(CB)isthecruxoftheirgrowth.Comparedwithotherkindsofenterprises,thesuccessionofleadershipinCBassumespeculiarcomplicationanditsrepercussionisfarandwide.I