民企“二代接班”难题待解，“长期资本+专业管理”是金钥匙吗？

Core Viewpoint - Private enterprises have become a crucial force in driving high-quality economic development in China, yet many are facing a significant challenge regarding succession, with only 30% successfully passing to the second generation and a mere 13% to the third generation [1][6]. Group 1: Current Challenges in Succession - Over 50% of private entrepreneurs are aged between 50 and 60, with more than 300 listed company chairpersons over 65 years old, leading to a "no successor" dilemma and governance risks [1][6]. - Research indicates that over 80% of second-generation entrepreneurs lack interest in succession, and even those willing to take over often face the dilemma of having titles without real power [6][7]. - The current family business succession is hindered by three main issues: lack of willingness, insufficient capability, and systemic exclusion [6][7]. Group 2: Governance Shortcomings - The reliance on family governance has led to a lack of modern governance tools, such as equity trusts and professional management systems, which are essential for sustainable development [7][8]. - Historical inertia from the grassroots entrepreneurial model has resulted in a strong binding of family control and assets, complicating succession planning [7][8]. Group 3: Recommendations for Improvement - The "14th Five-Year Plan" suggests improving the modern enterprise system with a focus on enhancing entrepreneurial spirit, which is seen as a dual solution for the succession dilemma [8][17]. - Modern enterprise systems can break the inertia of family control through diversified equity structures and professionalized boards, while the core of entrepreneurial spirit emphasizes innovation and long-term vision [8][17]. Group 4: International Governance Models - Successful international governance models, such as those from Danaher and Thermo Fisher, demonstrate the effectiveness of separating control and management through professional management teams and independent boards [10][11]. - The "financial group + professional manager" model is highlighted as a viable path for Chinese private enterprises to address succession challenges by providing strategic direction and operational autonomy [13][14]. Group 5: Long-term Implications - The modernization of governance structures in private enterprises is essential for transitioning China's economy from high-speed growth to high-quality development, enhancing resilience and stability [17][18].