汇垠德擎基金许长忠： 破解民企传承困局需要模式创新

Core Insights - The core issue facing private enterprises in China is the challenge of succession, particularly the transition from family-based management to institutional governance, which is crucial for sustainable development [1][3][10] Group 1: Current Challenges in Succession - Over 80% of second-generation leaders in private enterprises lack interest in succession, with many feeling powerless despite holding executive titles [2][3] - The difficulties in succession stem from three main issues: lack of willingness, insufficient capability, and systemic exclusion [2] - Cultural conflicts and cognitive gaps between first-generation founders and second-generation leaders exacerbate the challenges of family business succession [2][3] Group 2: Governance Shortcomings - The reliance on family governance has led to governance weaknesses, including risks associated with "insider control" due to over-dependence on professional managers [3][7] - Historical practices, such as the close binding of family control and business assets, have hindered the establishment of modern governance tools like equity trusts and professional management systems [3][4] Group 3: Institutional Recommendations - The "14th Five-Year Plan" emphasizes the need to improve the modern enterprise system and promote entrepreneurial spirit, which can provide a dual solution to the succession dilemma [4][10] - Modern governance structures should include diversified equity, professional boards, and market-oriented professional managers to break the inertia of family control [4][8] Group 4: International Best Practices - Successful international models, such as Danaher and Thermo Fisher, demonstrate the effectiveness of governance structures that separate control from management, allowing for professional management to thrive [5][6][7] - The "holding company + professional manager" model can address key issues in traditional family business succession, including trust, professional capability, and long-term orientation [8][9] Group 5: Future Implications - The modernization of governance structures in private enterprises is essential for China's economic transition from high-speed growth to high-quality development [10] - Establishing replicable and transferable institutional frameworks will enhance the resilience and stability of the Chinese economy [10]