初代企業(yè)家們創(chuàng)造了自己的商業(yè)碩果，積累了一定規(guī)模的企業(yè)與家族財(cái)富，但一代人的時(shí)光之后，如何完成家族企業(yè)間的代際傳承，成了備受關(guān)注的話題。

The first generation of entrepreneurs created their own business achievements and accumulated a certain scale of enterprise and family wealth, but after a generation, how to complete the intergenerational inheritance of family businesses has become a topic of great concern.

根據(jù)相關(guān)數(shù)據(jù)調(diào)查顯示，只有30%的家族企業(yè)能夠延續(xù)到第二代，只有10%的家族企業(yè)可以傳承到家族第三代。在被調(diào)查的企業(yè)家中，超過(guò)90%希望“讓子女接班管理本企業(yè)”，而其子女有接班意原的僅占35%。家族企業(yè)代際傳承之難可見(jiàn)一斑。

According to relevant data surveys, only 30% of family businesses can continue to the second generation, and only 10% of family businesses can be passed down to the third generation. Among the surveyed entrepreneurs, over 90% hope to have their children take over the management of the company, while only 35% of their children have the intention to take over. The difficulty of intergenerational inheritance in family businesses is evident.

股權(quán)設(shè)計(jì)不合理

Unreasonable equity design

家族企業(yè)代際傳承面臨的風(fēng)險(xiǎn)

The risks faced by intergenerational inheritance of family businesses

目前，我國(guó)有相當(dāng)規(guī)模的家族企業(yè)正面臨著交接班的問(wèn)題，從企業(yè)層面進(jìn)行家族傳承時(shí)，最關(guān)鍵的便是股權(quán)架構(gòu)的設(shè)計(jì)。

At present, a considerable number of family owned enterprises in China are facing the problem of handover. When carrying out family inheritance at the enterprise level, the most crucial aspect is the design of equity structure.

但當(dāng)家族企業(yè)進(jìn)行代際傳承時(shí)，繼承人未必能很好地處理公司業(yè)務(wù)和家族成員之間的復(fù)雜關(guān)系，且股權(quán)設(shè)計(jì)設(shè)計(jì)不合理的情況下，家族企業(yè)傳承將面臨很大風(fēng)險(xiǎn)。

But when family businesses carry out intergenerational inheritance, the inheritors may not be able to handle the complex relationships between the company's business and family members well, and if the equity design is unreasonable, the inheritance of family businesses will face great risks.

風(fēng)險(xiǎn)一：股權(quán)均分

Risk 1: Equal distribution of equity

部分家族企業(yè)，在二代接班的時(shí)候，會(huì)出現(xiàn)多個(gè)繼承人的情況，初代企業(yè)家如果維持“一碗水端平”的家庭理念，給繼承人們均分股權(quán)，將會(huì)導(dǎo)致企業(yè)控制權(quán)分散，缺乏一錘定音的“家族頭人”。后續(xù)一旦繼承人間經(jīng)營(yíng)理念出現(xiàn)差異，容易形成公司“難以決策或無(wú)任擔(dān)責(zé)”的僵化局面，甚至繼承人間出現(xiàn)兄弟反目、搶班奪權(quán)的情況。此時(shí)，將嚴(yán)重阻礙公司的發(fā)展，甚至關(guān)門倒閉。

In some family businesses, when the second generation takes over, there may be multiple heirs. If the first generation of entrepreneurs maintain the family philosophy of "a bowl of water is even" and divide the shares equally among the heirs, it will lead to the dispersion of corporate control and the lack of a definitive "family leader". Once there are differences in the management philosophy among the inheritors in the future, it is easy to form a rigid situation where the company is "difficult to make decisions or irresponsible", and even there may be sibling conflicts and power grabbing among the inheritors. At this point, it will seriously hinder the development of the company, and even close down and go bankrupt.

?如曾經(jīng)的醬油之王楊協(xié)成家族是比較典型的案例。1956年，家族管理人楊天恩將醬油廠資產(chǎn)分成七份，分別由家族兄弟五人和子孫兩人獲得。然而，隨著企業(yè)的不斷發(fā)展壯大，楊氏家族內(nèi)部開(kāi)始不斷就投資決策爭(zhēng)吵，管理理念出現(xiàn)重大分歧。盡管楊協(xié)成采用集體決策手段救濟(jì)，但由于家庭成員越來(lái)越多，再加上當(dāng)時(shí)的主席兼總裁楊至耀不斷掣肘，無(wú)法有效管理，決策十分困難。直至1994年，楊志耀向法院申請(qǐng)解散楊協(xié)成公司。

? The Yang Xiecheng family, the former king of soy sauce, is a typical case. In 1956, the family manager Yang Tianen divided the assets of the soy sauce factory into seven parts, which were obtained by the five brothers and two descendants of the family. However, with the continuous development and growth of the enterprise, the Yang family began to constantly argue about investment decisions and significant differences in management concepts. Although Yang Xiecheng used collective decision-making methods to provide relief, due to the increasing number of family members and the constant constraints of the then chairman and CEO Yang Zhiyao, effective management was unable to be achieved, making decision-making extremely difficult. Until 1994, Yang Zhiyao applied to the court to dissolve Yang Xiecheng Company.

風(fēng)險(xiǎn)二：沒(méi)有設(shè)計(jì)股權(quán)防火墻，財(cái)產(chǎn)安全面臨風(fēng)險(xiǎn)

Risk 2: Failure to design equity firewall poses a risk to property security

大多數(shù)初代企業(yè)家在創(chuàng)業(yè)時(shí)，不了解企業(yè)股權(quán)設(shè)計(jì)，股權(quán)結(jié)構(gòu)相對(duì)單一。許多成立一人有限責(zé)任公司的，不能證明公司財(cái)產(chǎn)獨(dú)立于自身財(cái)產(chǎn)的（實(shí)際上很難證明），應(yīng)對(duì)公司債務(wù)承擔(dān)連帶責(zé)任；許多由自然人直接持股，沒(méi)有設(shè)計(jì)股權(quán)防火墻，自然人作為股東直接持股的風(fēng)險(xiǎn)極大。

Most first generation entrepreneurs are not familiar with the design of corporate equity when starting a business, and their equity structure is relatively single. Many individuals who establish a one person limited liability company cannot prove that the company's assets are independent of their own (which is actually difficult to prove) and should bear joint and several liability for the company's debts; Many are directly held by natural persons without a designed equity firewall, and the risk of natural persons holding shares directly as shareholders is extremely high.

?如在港上市的富貴鳥(niǎo)執(zhí)行董事林國(guó)強(qiáng)去世，因?yàn)闆](méi)有設(shè)計(jì)完善的股權(quán)防火墻，林國(guó)強(qiáng)子女為了避免林國(guó)強(qiáng)的高額債務(wù)而放棄了遺產(chǎn)繼承權(quán)。原因是，銀行正在起訴林氏兄弟和富貴鳥(niǎo)集團(tuán)，富貴鳥(niǎo)集團(tuán)與農(nóng)業(yè)銀行石獅支行的借款合同中，林國(guó)強(qiáng)簽字擔(dān)保人，因此林國(guó)強(qiáng)去世后，銀行提出訴訟請(qǐng)求，要求追究其配偶及子女作為第一順位繼承人，在繼承遺產(chǎn)范圍內(nèi)承擔(dān)連帶清償責(zé)任。于是林國(guó)強(qiáng)子女未來(lái)規(guī)避巨額債務(wù)，不得不選擇方起繼承權(quán)。

? Lin Guoqiang, the executive director of Fuguiniao listed in Hong Kong, passed away due to the lack of a well-designed equity firewall. Lin Guoqiang's children abandoned their inheritance rights in order to avoid Lin Guoqiang's high debts. The reason is that the bank is suing the Lin brothers and Fuguiniao Group. In the loan contract between Fuguiniao Group and Agricultural Bank of China Shishi Branch, Lin Guoqiang signed as a guarantor. Therefore, after Lin Guoqiang's death, the bank filed a lawsuit requesting that his spouse and children be held as the first in line heirs and bear joint and several liability within the scope of inheritance. So Lin Guoqiang's children had to choose Fang Qi's inheritance rights to avoid huge debts in the future.

風(fēng)險(xiǎn)三：股權(quán)高度分散，導(dǎo)致外部干擾增大

Risk 3: Highly dispersed equity, leading to increased external interference

家族成員因婚姻變故及多代繼承等原因?qū)е录易迤髽I(yè)股權(quán)結(jié)構(gòu)不斷被分散、外流。長(zhǎng)期以往，將導(dǎo)致股權(quán)結(jié)構(gòu)發(fā)生巨大變化。這樣公司容易受外部某些不理想股東的影響和操控，不利于家族對(duì)企業(yè)的控制力，難以實(shí)現(xiàn)企業(yè)的長(zhǎng)期價(jià)值。

Due to changes in marriage and multiple generations of inheritance, family members have led to the continuous dispersion and outflow of equity structure in family businesses. In the long run, it will lead to significant changes in the equity structure. This way, the company is easily influenced and manipulated by some unfavorable external shareholders, which is not conducive to the family's control over the enterprise and makes it difficult to achieve the long-term value of the enterprise.

風(fēng)險(xiǎn)四：家族資產(chǎn)過(guò)度集中，沒(méi)有預(yù)留股權(quán)給職業(yè)經(jīng)理人、專業(yè)的管理人才

Risk 4: Excessive concentration of family assets and failure to reserve equity for professional managers and management talents

根據(jù)相關(guān)數(shù)據(jù)調(diào)查，很多二代并不愿意接手上一輩的企業(yè)管理工作。此時(shí)企業(yè)若沒(méi)有預(yù)留股權(quán)給職業(yè)經(jīng)理人、專業(yè)的管理人，便很難吸引到優(yōu)秀的人才進(jìn)行公司管理。要求能力不足的二代強(qiáng)行上崗，最終也可能導(dǎo)致企業(yè)業(yè)績(jī)一落千丈，面臨極大的損失風(fēng)險(xiǎn)。

According to relevant data surveys, many second-generation individuals are unwilling to take over the management work of the previous generation. At this time, if a company does not reserve equity for professional managers or professional managers, it is difficult to attract outstanding talents for company management. Forcing the second generation with insufficient abilities to take up positions may ultimately lead to a sharp decline in business performance and face significant risk of loss.

無(wú)論接班與否，股權(quán)激勵(lì)實(shí)施是不可忽視的大事，資本和人才對(duì)企業(yè)發(fā)展都是至關(guān)重要的經(jīng)營(yíng)要素，股權(quán)激勵(lì)才能充分調(diào)動(dòng)核心經(jīng)營(yíng)人員積極性，資本股和人力股是要家族企業(yè)需要充分考慮并提前做出規(guī)劃。

Whether taking over or not, the implementation of equity incentives is an important matter that cannot be ignored. Capital and talent are crucial business elements for the development of enterprises, and equity incentives can fully mobilize the enthusiasm of core business personnel. Capital and human resources stocks need to be fully considered and planned in advance by family businesses.

家族企業(yè)傳承

Family business inheritance

該如何進(jìn)行股權(quán)設(shè)計(jì)？

How to carry out equity design?

家族成員的貢獻(xiàn)與角色：股權(quán)分配應(yīng)基于家族成員對(duì)企業(yè)的實(shí)際貢獻(xiàn)、投入的資源以及在企業(yè)中的角色。例如，如果某個(gè)家族成員在企業(yè)中擔(dān)任重要職務(wù)并做出了顯著貢獻(xiàn)，他/她應(yīng)獲得相應(yīng)的股權(quán)份額。

The contribution and role of family members: Equity distribution should be based on the actual contribution of family members to the enterprise, the resources invested, and their roles in the enterprise. For example, if a family member holds an important position in a company and makes significant contributions, he/she should receive the corresponding equity share.

公平與公正：股權(quán)結(jié)構(gòu)的設(shè)計(jì)應(yīng)遵循公平和公正的原則，避免引發(fā)家族成員之間的不公平感和矛盾。這需要充分考慮每個(gè)家族成員的權(quán)益，確保他們?cè)谄髽I(yè)中的利益得到合理保障。

Fairness and impartiality: The design of equity structure should follow the principles of fairness and impartiality to avoid causing unfairness and conflicts among family members. This requires full consideration of the rights and interests of each family member to ensure that their interests in the enterprise are reasonably protected.

企業(yè)發(fā)展戰(zhàn)略：股權(quán)結(jié)構(gòu)應(yīng)與企業(yè)的發(fā)展戰(zhàn)略相契合。如果企業(yè)計(jì)劃在未來(lái)進(jìn)行擴(kuò)張、并購(gòu)或上市，那么股權(quán)結(jié)構(gòu)需要能夠適應(yīng)這些變化，并為企業(yè)的長(zhǎng)期發(fā)展提供有力支持。

Enterprise development strategy: The equity structure should be aligned with the company's development strategy. If a company plans to expand, acquire, or go public in the future, its equity structure needs to be able to adapt to these changes and provide strong support for the long-term development of the company.

風(fēng)險(xiǎn)控制與隔離：在設(shè)計(jì)股權(quán)結(jié)構(gòu)時(shí)，需要考慮風(fēng)險(xiǎn)隔離的原則，即實(shí)現(xiàn)企業(yè)風(fēng)險(xiǎn)與股東個(gè)人風(fēng)險(xiǎn)的相互隔離。這有助于保護(hù)家族成員的個(gè)人財(cái)產(chǎn)安全，防止因企業(yè)風(fēng)險(xiǎn)而影響到家族財(cái)富。

Risk control and isolation: When designing equity structures, it is necessary to consider the principle of risk isolation, which is to achieve mutual isolation between enterprise risks and individual shareholder risks. This helps to protect the personal property safety of family members and prevent the impact of business risks on family wealth.

傳承規(guī)劃：對(duì)于家族企業(yè)而言，傳承規(guī)劃是一個(gè)不可忽視的問(wèn)題。在股權(quán)結(jié)構(gòu)設(shè)計(jì)中，需要考慮如何確保企業(yè)的順利傳承，包括培養(yǎng)后繼人才、設(shè)立特殊的股權(quán)或信托機(jī)制等。

Inheritance planning: For family businesses, inheritance planning is an issue that cannot be ignored. In the design of equity structure, it is necessary to consider how to ensure the smooth inheritance of the enterprise, including cultivating successors, establishing special equity or trust mechanisms, etc.

稅務(wù)與法律合規(guī)：股權(quán)結(jié)構(gòu)的設(shè)計(jì)還需要考慮稅務(wù)和法律合規(guī)的問(wèn)題。企業(yè)應(yīng)確保股權(quán)結(jié)構(gòu)符合相關(guān)稅法規(guī)定，避免因稅務(wù)問(wèn)題而引發(fā)不必要的法律風(fēng)險(xiǎn)。

Tax and Legal Compliance: The design of equity structure also needs to consider tax and legal compliance issues. Enterprises should ensure that their equity structure complies with relevant tax laws and regulations to avoid unnecessary legal risks caused by tax issues.

家族文化與價(jià)值觀：家族企業(yè)的股權(quán)結(jié)構(gòu)也應(yīng)體現(xiàn)家族的文化和價(jià)值觀。這有助于增強(qiáng)家族成員的歸屬感和凝聚力，促進(jìn)企業(yè)的穩(wěn)定發(fā)展。

Family culture and values: The equity structure of a family business should also reflect the family's culture and values. This helps to enhance the sense of belonging and cohesion of family members, and promotes the stable development of the enterprise.