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 - Private enterprises have become a significant force driving high-quality economic development in China, yet many are facing a critical "inheritance test" due to succession challenges [1] - Over 80% of private enterprises in China are family-run, but only 30% successfully pass to the second generation, and the rate drops to 13% for the third generation [1] - More than 50% of private entrepreneurs are aged between 50-60, with over 300 chairpersons of listed companies over 65 years old, leading to a "no successor" dilemma and governance risks [1] Group 1: Current Challenges in Succession - A survey indicates that over 80% of second-generation heirs lack interest in taking over family businesses, and even those willing often face the dilemma of having titles without real power [5] - The current family business succession is hindered by three main issues: lack of willingness, insufficient capability, and systemic exclusion [5] - Cultural conflicts and cognitive gaps between the founding generation and the second generation exacerbate the difficulties in family succession [5][6] Group 2: Governance System Shortcomings - The reliance on professional managers in some enterprises has led to risks of "insider control," resulting in governance chaos [6] - Historical inertia from the grassroots entrepreneurial model has led to family governance becoming mainstream, with control rights and family assets highly intertwined [6] - Many entrepreneurs lack systematic succession planning due to traditional beliefs about discussing posthumous matters [6] Group 3: Recommendations for Improvement - The "14th Five-Year Plan" suggests improving the modern enterprise system with Chinese characteristics and promoting entrepreneurial spirit, which provides a dual solution for succession issues [7] - Modern enterprise systems can break family control through diversified equity structures, professionalized boards, and market-oriented professional managers [7] - The long-term impact of modernizing governance structures can enhance the resilience of private enterprises and avoid strategic interruptions during succession [7] Group 4: International Governance Models - Successful governance models from international companies like Danaher and Thermo Fisher demonstrate the effectiveness of governance structure innovation in breaking away from hereditary succession [9][10] - Danaher’s transition to a global leader in life sciences was facilitated by a governance structure of "holding company + professional management," allowing for stable ownership while enabling operational autonomy [9] - Thermo Fisher's board composition, with a majority of independent directors, helps mitigate "insider control" risks and aligns managerial incentives with long-term performance [10] Group 5: "Foundation + Professional Management" Model - The "foundation + professional management" model establishes a dual governance structure that separates control from management, providing strategic guidance and capital support without interfering in daily operations [11][12] - This model addresses trust issues, professional capability mismatches, and long-term orientation challenges in traditional family business succession [12] - To promote this model, it is essential to cultivate foundations and develop a professional manager market, along with improving institutional guarantees [12][13] Group 6: Broader Economic Implications - The modernization of governance structures in private enterprises is a micro-foundation for China's transition from high-speed growth to high-quality development [14] - Establishing replicable and inheritable institutional systems will enhance the resilience and stability of the Chinese economy, moving from "entrepreneurial-driven" to "system-driven" enterprises [15]