在家族企業(yè)中,，傳承是一個長期的過程,。其中，家族企業(yè)的股權(quán)規(guī)劃,，不僅是企業(yè)設(shè)立中的重要事項,，更對家族企業(yè)的發(fā)展與傳承具有重大影響。

In family businesses, inheritance is a long-term process. Among them, the equity planning of family businesses is not only an important matter in the establishment of enterprises, but also has a significant impact on the development and inheritance of family businesses.

一,、設(shè)立合理的股權(quán)架構(gòu),，穩(wěn)固公司的控制權(quán)，隔離經(jīng)營風(fēng)險,。

1,、 Establish a reasonable equity structure, consolidate the company's control, and isolate operational risks.

1、控制權(quán)設(shè)計,，分股不分權(quán)

1. Control Design, Divided but Not Divided

首先需要厘清“控制權(quán)”和“控股權(quán)”的區(qū)別,。企業(yè)家族內(nèi)傳承的時候一定要確定領(lǐng)導(dǎo)企業(yè)未來發(fā)展的“家族領(lǐng)頭人”，讓其牢牢掌握企業(yè)的控制權(quán),。在平衡多個繼承人利益分配的時候,，可以通過設(shè)立家族控股公司、設(shè)立有限合伙企業(yè),、“金字塔”股權(quán)架構(gòu)布局,，簽訂《一致行動人協(xié)議》、AB股等方式做到分股不分權(quán),，保證控制權(quán)不被分散,，核心繼承人能始終掌控企業(yè)的未來發(fā)展。

Firstly, it is necessary to clarify the difference between "control" and "controlling equity". When inheriting within a business family, it is necessary to identify the "family leader" who will lead the future development of the enterprise, so that they can firmly grasp the control of the enterprise. When balancing the distribution of interests among multiple heirs, it is possible to establish a family holding company, a limited partnership, a "pyramid" equity structure layout, sign a "concerted action agreement", AB shares, and other methods to achieve non separation of shares and ensure that control is not dispersed, and the core heirs can always control the future development of the enterprise.

2,、建立防火墻,，隔離經(jīng)營風(fēng)險

2. Establish a firewall to isolate business risks

風(fēng)險隔離是指企業(yè)股權(quán)頂層架構(gòu)設(shè)計需要實現(xiàn)企業(yè)風(fēng)險與股東個人風(fēng)險相互隔離的效果。家族企業(yè)可以設(shè)立家族控股公司或者集團(tuán)公司，來控股實體經(jīng)營公司,，形成“家族成員—家族控股公司—實體經(jīng)營公司”的架構(gòu)模式,。控股公司不從事任何實質(zhì)經(jīng)營活動,，從而避免企業(yè)經(jīng)營風(fēng)險影響到家族資產(chǎn),。誠然，若公司資產(chǎn)達(dá)到較大的規(guī)模,，還能采取設(shè)立家族信托工具,、搭建“VIE”紅籌架構(gòu)模式等用于保障股東的財產(chǎn)安全。

Risk isolation refers to the design of the top-level equity structure of a company that needs to achieve the effect of isolating corporate risks from individual shareholder risks. Family businesses can establish family holding companies or group companies to control entity operating companies, forming a structural model of "family members family holding companies entity operating companies". The holding company does not engage in any substantial business activities to avoid business risks affecting family assets. Indeed, if the company's assets reach a large scale, it can also adopt measures such as establishing family trust tools and building a "VIE" red chip structure model to ensure the property safety of shareholders.

3,、進(jìn)行家族股權(quán)信托

3. Conducting a family equity trust

家族股權(quán)信托是將家族成員的股權(quán)轉(zhuǎn)移到專門的信托機(jī)構(gòu),，成為信托財產(chǎn)，家族成員成為信托受益人,。信托機(jī)構(gòu)管理股權(quán),，負(fù)責(zé)股權(quán)的保值增值，為家族受益人發(fā)放分紅收益,。信托可以根據(jù)家族企業(yè)實際情況和家族成員需求，設(shè)定不同的代際傳承方案,，同時雖然股權(quán)轉(zhuǎn)入信托,，但家族仍然可以通過信托合同和其他協(xié)議保留對重大經(jīng)營決策的發(fā)言權(quán)。這種方式可以維護(hù)家族團(tuán)結(jié),，避免內(nèi)部爭端,，但同時也面臨著不菲的代理費用以及利益流失和對企業(yè)控制權(quán)的削弱。

Family equity trust is the transfer of the equity of family members to specialized trust institutions, becoming trust property, and family members becoming beneficiaries of the trust. Trust institutions manage equity, are responsible for the preservation and appreciation of equity, and distribute dividend income to family beneficiaries. Trusts can set different intergenerational inheritance plans based on the actual situation of the family business and the needs of family members. At the same time, although equity is transferred to the trust, the family can still retain the right to speak on major business decisions through trust contracts and other agreements. This approach can maintain family unity and avoid internal disputes, but at the same time, it also faces significant agency costs, loss of benefits, and weakening of corporate control.

二,、完善家族治理體系,，使家族治理制度化合規(guī)范化。

2,、 Improve the family governance system and institutionalize and standardize family governance.

在參與控股的家族成員較多的情況下,，可以設(shè)立家族股權(quán)管理辦公室/委員會，由家族內(nèi)有威望的人員出任委員會成員,，完善委員會議事規(guī)制,，負(fù)責(zé)企業(yè)的重大事項，用企業(yè)章程規(guī)定下來,，提升家族內(nèi)的凝聚力,，增強(qiáng)家族對企業(yè)的控制力。

In cases where there are a large number of family members participating in the controlling stake, a family equity management office/committee can be established, with respected members of the family serving as committee members. The committee will improve its rules and regulations, be responsible for major matters of the enterprise, and be stipulated in the company's articles of association to enhance the cohesion within the family and enhance the family's control over the enterprise.

如李錦記的家族委員會（FC）的傳承模式,，家族委員會包括李惠森的父親(第三代傳人李文達(dá)),、母親以及5個兄弟姐妹共7位成員，家族委員會每三個月開一次歷時4天的會議，建立溝通平臺,，解決大大小小的問題,。家族委員會的建立有利于明確家族系統(tǒng)和企業(yè)系統(tǒng)的分界線，并為那些不在企業(yè)工作也不擁有所有權(quán)的家族成員提供表達(dá)意見的機(jī)會,，大大降低因家族關(guān)系不和而對企業(yè)經(jīng)營,、政策可能造成的不良影響。

For example, the inheritance model of Li Jinji's Family Committee (FC), which includes Li Huisen's father (Li Wenda, the third generation successor), mother and five brothers and sisters, has seven members. The FC holds a four-day meeting every three months to establish a communication platform and solve problems of all sizes. The establishment of a family committee is conducive to clarifying the boundary between the family system and the business system, and provides opportunities for family members who do not work in the company or have ownership to express their opinions, greatly reducing the potential negative impact on business operations and policies caused by family conflicts.

三,、培養(yǎng)接班人與引入職業(yè)經(jīng)理人同步計劃進(jìn)行,，并預(yù)留股份推行以股權(quán)激勵為核心的合伙人制度。

3,、 The training of successors and the introduction of professional managers are planned synchronously, and reserved shares are implemented to implement a partnership system with equity incentives as the core.

家族企業(yè)應(yīng)當(dāng)重視對于接班人的培養(yǎng),，但能力的養(yǎng)成不是一朝一夕就能夠達(dá)成的。如果在繼承人范圍內(nèi)沒有合適的接班人選,，要積極引入職業(yè)經(jīng)理人,，不斷吸納人才，尋求各方面都能征善戰(zhàn)的人才,，推行股權(quán)激勵為核心的合伙人機(jī)制,，保證企業(yè)的穩(wěn)定持續(xù)發(fā)展。

Family businesses should attach importance to the cultivation of successors, but the cultivation of abilities cannot be achieved overnight. If there is no suitable successor within the scope of inheritors, it is necessary to actively introduce professional managers, continuously attract talents, seek talents who can compete well in all aspects, implement a partnership mechanism with equity incentives as the core, and ensure the stable and sustainable development of the enterprise.

如碧桂園的事業(yè)合伙人激勵機(jī)制就是很典型的家族傳承案例,。其推行的三階段事業(yè)合伙人機(jī)制吸引了大批能力強(qiáng),、經(jīng)營豐富的內(nèi)外部優(yōu)秀員工。這些優(yōu)秀員工彌補(bǔ)了碧桂園接班人資歷合經(jīng)驗不足的缺陷,，順利實現(xiàn)了接班,。

The incentive mechanism for business partners in Country Garden is a typical case of family inheritance. The three-stage business partnership mechanism it implements has attracted a large number of capable and well managed internal and external outstanding employees. These excellent employees have made up for the lack of qualifications and experience of the successors at Country Garden, and successfully achieved their succession.

四、完善企業(yè)內(nèi)部管控和風(fēng)險防范能力

4,、 Improve internal control and risk prevention capabilities of enterprises

隨著越來越多的人員加入企業(yè),，股權(quán)架構(gòu)愈加開放，公司管控和風(fēng)險防范能力都急需進(jìn)行升級和完善,。

With more and more personnel joining the enterprise, the equity structure is becoming more open, and the company's control and risk prevention capabilities urgently need to be upgraded and improved.

如在美的創(chuàng)始人退休之前,，美的集團(tuán)就著手建立精細(xì)化的集團(tuán)管控體系，設(shè)計“股東會-董事會-經(jīng)營管理層”三權(quán)分立規(guī)則,，明確不同層級對不同事項的權(quán)利合義務(wù),。并在集團(tuán)創(chuàng)始人宣布“退休”后，將企業(yè)管理大權(quán)交給職業(yè)經(jīng)理人方洪波,。美的集團(tuán)在方洪波的帶領(lǐng)下市值突破5000億元人民幣,。由此可見，在家族企業(yè)二代不接班的情況下,，通過規(guī)范的集團(tuán)管控和“股東會-董事會-經(jīng)營管理層”三權(quán)分立同樣可以較好地實現(xiàn)企業(yè)的傳承,。

Before the retirement of the founder of Midea, Midea Group began to establish a refined group control system, designing a separation of powers rule of "shareholder meeting, board of directors, and management", clarifying the rights and obligations of different levels on different matters. And after the founder of the group announced his retirement, he handed over the power of enterprise management to professional manager Fang Hongbo. Under the leadership of Fang Hongbo, Midea Group's market value has exceeded 500 billion yuan. From this, it can be seen that in the case where the second generation of family businesses does not take over, the inheritance of the enterprise can also be better achieved through standardized group control and the separation of powers among the shareholders, board of directors, and management.