大家好，我是京华世家家族办公室聂俊峰，感谢第一财经、感谢一财大V号，非常荣幸参加2025年度财 经思想者盛典。我分享的年度主题是：2025中国财富传承"觉醒之年"的未了局。 我认为从2025年开始，中国的财富传承开始进入"觉醒年代"，其中的典型案例是民营企业家和高净值人 士，但其实普通家庭也面临相似的继承焦虑。回顾2025年，宗氏家族信托争议、爱马仕继承人被骗150 亿等真实案例充分暴露了时代财富传承的典型风险。从亲情到利益、从一代到二代、从私人到法人、从 本土到离岸、从家族到社会利益相关方。围绕着宗庆后遗产和娃哈哈股权的司法纷争尚未落槌终审，相 关博弈仍在进行。我们看到过太多知名企业的传承风险、普通人的遗产纠纷。集体性的焦虑和心理共鸣 其实都在昭示着中国家庭财富传承"觉醒年代"的到来。 全球地缘经贸冲击、产业与科技转型换挡、家族代际传承过渡的"三期叠加"让财富与企业传承的"未了 局"充满变数。局面既令人深感岁月不待人的紧迫，也催促中国企业家群体增强传承接班的系统科学思 维。略显遗憾的是，中国企业家们面对"传宗"接班的必答题时，很多处在无知无觉和半知半觉状态。所 谓"无知无觉"就是对"身后事"采取回避的态度。 ...

民营企业已成为推动我国经济高质量发展的重要力量，而不少改革开放后崛起的民营企业，正面临关乎存续的"传 承大考"。 据上市公司企业家交流中心统计，我国80%以上民营企业采用家族式经营，但仅有30%能成功传至第二代，传至 第三代的比例更骤降至13%。当前，超50%的民营企业家步入50-60岁阶段，300多位民营上市公司董事长年过65 岁，企业"无人接班"的窘境与"治理断层"的风险相互叠加，成为制约民营经济可持续发展的关键瓶颈。 近日，汇垠德擎基金董事长、上市公司企业家交流中心发起人许长忠接受了中国证券报记者专访，这位从一级市 场股权投资起家，并致力于搭建上市公司企业家交流平台的资深投资人，围绕当前民营企业突出的"二代接班"困 局，提出了自己的思考与建议。 他表示，"十五五"规划建议将"完善中国特色现代企业制度"与"弘扬企业家精神"并列提出，为破解这一困局指明 方向—— 唯有通过治理架构的系统性重塑，才能实现从"家族传承"到"制度传承"的跨越，为百年企业筑牢根基。 许长忠，清华大学EMBA，清华五道口GFD。汇垠德擎基金董事长，中国产业海外发展协会副会长，上市公司企 业家交流中心创始发起人。 民企"二代接班"面临现 ...

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]

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].

Core Viewpoint - The article emphasizes the importance of intergenerational succession in private enterprises in China, highlighting the need for emotional recognition and systematic planning to ensure the continuity and growth of these businesses [3][6]. Group 1: Current State of Private Enterprises - As of May 2025, there are expected to be 185 million private economic organizations in China, accounting for 96.76% of total operating entities, with 58 million private enterprises playing a crucial role in employment, innovation, and growth [3]. - The average lifespan of private enterprises in China is only 3.7 years, significantly lower than the global average, indicating a pressing need for effective succession planning [3]. - The average age of founders in Zhejiang's top 100 private enterprises has reached 64 years, with nearly 80% of second-generation successors entering core business roles, marking a critical period for intergenerational transition [3]. Group 2: Factors Influencing Succession - Successful succession in private enterprises is influenced by emotional recognition and systematic planning, requiring both the older generation to manage transitions effectively and the younger generation to start from grassroots levels and undergo gradual training [3]. - Examples of successful transitions include the case of Boss Electric's Ren Fujia, who was motivated by familial ties, and Fotile Group's Mao Zhongqun, who implemented a nine-year plan for gradual growth in various business areas [3]. Group 3: Policy Environment and Future Outlook - The upcoming implementation of the "Private Economy Promotion Law" in 2025 will legally enshrine the support for private economic development, emphasizing the importance of fostering entrepreneurial spirit and ensuring the sustainable, healthy, and high-quality growth of the private sector [6]. - The article stresses the urgency for private enterprises to adapt to the AI revolution and global changes, highlighting the need for transformation to maintain core competitiveness and contribute to national development and rejuvenation [6]. - The essence of private enterprise succession is not merely the transfer of wealth but the continuation of entrepreneurial spirit and development goals across generations, aligning personal aspirations with the broader mission of Chinese modernization [6].

Core Viewpoint - The article discusses the challenges of succession in Chinese family businesses, highlighting the complexities of power transfer and the need for systematic succession planning to ensure long-term stability and growth [1][2][3]. Group 1: Succession Challenges - The average age of first-generation non-public economic individuals in China is 63.5 years, with 80% of businesses expected to enter succession phases in the next five years, predominantly through intergenerational transfer [2]. - A "strongman paradox" is identified, where the more capable the founder, the more difficult the succession process tends to be, as seen in cases like Wahaha and Shuanghui [2][6]. - The lack of institutional mechanisms for succession can lead to crises, as evidenced by the governance turmoil at Wahaha following the founder's death [3][6]. Group 2: Family Dynamics and Governance - Family structure changes, such as multiple marriages and children, complicate succession and can intertwine family conflicts with business challenges [8]. - The article emphasizes that vague succession arrangements act as time bombs, potentially igniting family disputes and corporate crises [8]. Group 3: Successful Succession Models - Some companies adopt a directed training model, where successors are identified early and systematically groomed for leadership roles, as seen in companies like Taikang Insurance and Trina Solar [10][12]. - The "racehorse mechanism" is highlighted, where multiple potential successors compete in different business areas, fostering collaboration and reducing the risks associated with appointing a single heir [20][24]. Group 4: Professional Management - The article discusses the trend of separating ownership and management, with examples like Midea Group, where a professional manager was appointed instead of a family member, leading to significant growth [28][30]. - The importance of viewing the business as a public asset rather than a family possession is emphasized, advocating for governance structures that facilitate multi-tiered succession [30]. Group 5: Conclusion - The article concludes that the next decade will see millions of private enterprises in China facing succession challenges, presenting both risks and opportunities for high-quality development in the transition from an entrepreneurial era to a succession era [34].