中文摘要：

本文分析当中国经理人市场失灵时家族企业存在的合理性以及家族企业发展路径选择问题。文章首先从中国家族企业产生的历史谈起，引申出我国家族企业产生及存在的历史性和必然性必然性。然后重点从中国经理人市场失灵的前提下家族企业引入外部经理人所承担的风险进行一次纳什均衡博弈分析，得出家族企业是中国经理人市场失灵的必然产物。最后结合家族企业自身存在的一些缺陷，提出家族企业的发展路径选择及我国政府在家族企业改革道路应该发挥的作用。

关键词： 家族企业 经理人市场失灵 发展路径选择

Abstract：

This paper analyzes the rationality ofexistence of the family firms in our country and the developmentpath under the condition of manager market failure.The firstsection introduces the history of family firms and presentinevitability.Then we use a Nash equilibrium model to explain the risk of hiring amanager when the manager market fails.It concludes that weshould not hire any manager from the market.

The third sectiondiscusses the weak point of family firms, and put forward severaldevelopment path for family firms and suggests that the governmentshould take measures to help family firms get a brighterfuture.

Keywords: Familyfirm ; manager market failure; development path