In comparison to governance theories, such as first-consideration for shareholders governance theory, human capital governance theory, benefit holders governance theory and core benefit holders governance theory, the paper puts forward the human capital related property-right contractual governance practice, which is managed in a professional way in family firms, should be based on human capital theory and core benefit holders theory.And then the balance between financial capital and human capital is reached. What’s more, the coordinated model among professional managed property-right contract, controlling-right contract and human-right contract. Finally, by taking Alibaba as an example, the paper explores the concrete application of the coordinated model. This not only expands the contents of the family firm governance research, but also makes great innovation on the human capital related property-right contractual governance model by family firms in China.