股权激励方案落地执行
十年股权整理解决方案落地实施

初代企业家们创造了自己的商业硕果，积累了一定规模的企业与家族财富，但一代人的时光之后，如何完成家族企业间的代际传承，成了备受关注的话题。

The first generation of entrepreneurs created their own business achievements and accumulated a certain scale of enterprise and family wealth, but after a generation, how to complete the intergenerational inheritance of family businesses has become a topic of great concern.

根据相关数据调查显示，只有30%的家族企业能够延续到第二代，只有10%的家族企业可以传承到家族第三代。在被调查的企业家中，超过90%希望“让子女接班管理本企业”，而其子女有接班意原的仅占35%。家族企业代际传承之难可见一斑。

According to relevant data surveys, only 30% of family businesses can continue to the second generation, and only 10% of family businesses can be passed down to the third generation. Among the surveyed entrepreneurs, over 90% hope to have their children take over the management of the company, while only 35% of their children have the intention to take over. The difficulty of intergenerational inheritance in family businesses is evident.

股权设计不合理

Unreasonable equity design

家族企业代际传承面临的风险

The risks faced by intergenerational inheritance of family businesses

目前，我国有相当规模的家族企业正面临着交接班的问题，从企业层面进行家族传承时，最关键的便是股权架构的设计。

At present, a considerable number of family owned enterprises in China are facing the problem of handover. When carrying out family inheritance at the enterprise level, the most crucial aspect is the design of equity structure.

但当家族企业进行代际传承时，继承人未必能很好地处理公司业务和家族成员之间的复杂关系，且股权设计设计不合理的情况下，家族企业传承将面临很大风险。

But when family businesses carry out intergenerational inheritance, the inheritors may not be able to handle the complex relationships between the company's business and family members well, and if the equity design is unreasonable, the inheritance of family businesses will face great risks.

风险一：股权均分

Risk 1: Equal distribution of equity

部分家族企业，在二代接班的时候，会出现多个继承人的情况，初代企业家如果维持“一碗水端平”的家庭理念，给继承人们均分股权，将会导致企业控制权分散，缺乏一锤定音的“家族头人”。后续一旦继承人间经营理念出现差异，容易形成公司“难以决策或无任担责”的僵化局面，甚至继承人间出现兄弟反目、抢班夺权的情况。此时，将严重阻碍公司的发展，甚至关门倒闭。

In some family businesses, when the second generation takes over, there may be multiple heirs. If the first generation of entrepreneurs maintain the family philosophy of "a bowl of water is even" and divide the shares equally among the heirs, it will lead to the dispersion of corporate control and the lack of a definitive "family leader". Once there are differences in the management philosophy among the inheritors in the future, it is easy to form a rigid situation where the company is "difficult to make decisions or irresponsible", and even there may be sibling conflicts and power grabbing among the inheritors. At this point, it will seriously hinder the development of the company, and even close down and go bankrupt.

?如曾经的酱油之王杨协成家族是比较典型的案例。1956年，家族管理人杨天恩将酱油厂资产分成七份，分别由家族兄弟五人和子孙两人获得。然而，随着企业的不断发展壮大，杨氏家族内部开始不断就投资决策争吵，管理理念出现重大分歧。尽管杨协成采用集体决策手段救济，但由于家庭成员越来越多，再加上当时的主席兼总裁杨至耀不断掣肘，无法有效管理，决策十分困难。直至1994年，杨志耀向法院申请解散杨协成公司。

? The Yang Xiecheng family, the former king of soy sauce, is a typical case. In 1956, the family manager Yang Tianen divided the assets of the soy sauce factory into seven parts, which were obtained by the five brothers and two descendants of the family. However, with the continuous development and growth of the enterprise, the Yang family began to constantly argue about investment decisions and significant differences in management concepts. Although Yang Xiecheng used collective decision-making methods to provide relief, due to the increasing number of family members and the constant constraints of the then chairman and CEO Yang Zhiyao, effective management was unable to be achieved, making decision-making extremely difficult. Until 1994, Yang Zhiyao applied to the court to dissolve Yang Xiecheng Company.

风险二：没有设计股权防火墙，财产安全面临风险

Risk 2: Failure to design equity firewall poses a risk to property security

大多数初代企业家在创业时，不了解企业股权设计，股权结构相对单一。许多成立一人有限责任公司的，不能证明公司财产独立于自身财产的（实际上很难证明），应对公司债务承担连带责任；许多由自然人直接持股，没有设计股权防火墙，自然人作为股东直接持股的风险极大。

Most first generation entrepreneurs are not familiar with the design of corporate equity when starting a business, and their equity structure is relatively single. Many individuals who establish a one person limited liability company cannot prove that the company's assets are independent of their own (which is actually difficult to prove) and should bear joint and several liability for the company's debts; Many are directly held by natural persons without a designed equity firewall, and the risk of natural persons holding shares directly as shareholders is extremely high.

?如在港上市的富贵鸟执行董事林国强去世，因为没有设计完善的股权防火墙，林国强子女为了避免林国强的高额债务而放弃了遗产继承权。原因是，银行正在起诉林氏兄弟和富贵鸟集团，富贵鸟集团与农业银行石狮支行的借款合同中，林国强签字担保人，因此林国强去世后，银行提出诉讼请求，要求追究其配偶及子女作为第一顺位继承人，在继承遗产范围内承担连带清偿责任。于是林国强子女未来规避巨额债务，不得不选择方起继承权。

? Lin Guoqiang, the executive director of Fuguiniao listed in Hong Kong, passed away due to the lack of a well-designed equity firewall. Lin Guoqiang's children abandoned their inheritance rights in order to avoid Lin Guoqiang's high debts. The reason is that the bank is suing the Lin brothers and Fuguiniao Group. In the loan contract between Fuguiniao Group and Agricultural Bank of China Shishi Branch, Lin Guoqiang signed as a guarantor. Therefore, after Lin Guoqiang's death, the bank filed a lawsuit requesting that his spouse and children be held as the first in line heirs and bear joint and several liability within the scope of inheritance. So Lin Guoqiang's children had to choose Fang Qi's inheritance rights to avoid huge debts in the future.

风险三：股权高度分散，导致外部干扰增大

Risk 3: Highly dispersed equity, leading to increased external interference

家族成员因婚姻变故及多代继承等原因导致家族企业股权结构不断被分散、外流。长期以往，将导致股权结构发生巨大变化。这样公司容易受外部某些不理想股东的影响和操控，不利于家族对企业的控制力，难以实现企业的长期价值。

Due to changes in marriage and multiple generations of inheritance, family members have led to the continuous dispersion and outflow of equity structure in family businesses. In the long run, it will lead to significant changes in the equity structure. This way, the company is easily influenced and manipulated by some unfavorable external shareholders, which is not conducive to the family's control over the enterprise and makes it difficult to achieve the long-term value of the enterprise.

风险四：家族资产过度集中，没有预留股权给职业经理人、专业的管理人才

Risk 4: Excessive concentration of family assets and failure to reserve equity for professional managers and management talents

根据相关数据调查，很多二代并不愿意接手上一辈的企业管理工作。此时企业若没有预留股权给职业经理人、专业的管理人，便很难吸引到优秀的人才进行公司管理。要求能力不足的二代强行上岗，最终也可能导致企业业绩一落千丈，面临极大的损失风险。

According to relevant data surveys, many second-generation individuals are unwilling to take over the management work of the previous generation. At this time, if a company does not reserve equity for professional managers or professional managers, it is difficult to attract outstanding talents for company management. Forcing the second generation with insufficient abilities to take up positions may ultimately lead to a sharp decline in business performance and face significant risk of loss.

无论接班与否，股权激励实施是不可忽视的大事，资本和人才对企业发展都是至关重要的经营要素，股权激励才能充分调动核心经营人员积极性，资本股和人力股是要家族企业需要充分考虑并提前做出规划。

Whether taking over or not, the implementation of equity incentives is an important matter that cannot be ignored. Capital and talent are crucial business elements for the development of enterprises, and equity incentives can fully mobilize the enthusiasm of core business personnel. Capital and human resources stocks need to be fully considered and planned in advance by family businesses.

家族企业传承

Family business inheritance

该如何进行股权设计？

How to carry out equity design?

家族成员的贡献与角色：股权分配应基于家族成员对企业的实际贡献、投入的资源以及在企业中的角色。例如，如果某个家族成员在企业中担任重要职务并做出了显著贡献，他/她应获得相应的股权份额。

The contribution and role of family members: Equity distribution should be based on the actual contribution of family members to the enterprise, the resources invested, and their roles in the enterprise. For example, if a family member holds an important position in a company and makes significant contributions, he/she should receive the corresponding equity share.

公平与公正：股权结构的设计应遵循公平和公正的原则，避免引发家族成员之间的不公平感和矛盾。这需要充分考虑每个家族成员的权益，确保他们在企业中的利益得到合理保障。

Fairness and impartiality: The design of equity structure should follow the principles of fairness and impartiality to avoid causing unfairness and conflicts among family members. This requires full consideration of the rights and interests of each family member to ensure that their interests in the enterprise are reasonably protected.

企业发展战略：股权结构应与企业的发展战略相契合。如果企业计划在未来进行扩张、并购或上市，那么股权结构需要能够适应这些变化，并为企业的长期发展提供有力支持。

Enterprise development strategy: The equity structure should be aligned with the company's development strategy. If a company plans to expand, acquire, or go public in the future, its equity structure needs to be able to adapt to these changes and provide strong support for the long-term development of the company.

风险控制与隔离：在设计股权结构时，需要考虑风险隔离的原则，即实现企业风险与股东个人风险的相互隔离。这有助于保护家族成员的个人财产安全，防止因企业风险而影响到家族财富。

Risk control and isolation: When designing equity structures, it is necessary to consider the principle of risk isolation, which is to achieve mutual isolation between enterprise risks and individual shareholder risks. This helps to protect the personal property safety of family members and prevent the impact of business risks on family wealth.

传承规划：对于家族企业而言，传承规划是一个不可忽视的问题。在股权结构设计中，需要考虑如何确保企业的顺利传承，包括培养后继人才、设立特殊的股权或信托机制等。

Inheritance planning: For family businesses, inheritance planning is an issue that cannot be ignored. In the design of equity structure, it is necessary to consider how to ensure the smooth inheritance of the enterprise, including cultivating successors, establishing special equity or trust mechanisms, etc.

税务与法律合规：股权结构的设计还需要考虑税务和法律合规的问题。企业应确保股权结构符合相关税法规定，避免因税务问题而引发不必要的法律风险。

Tax and Legal Compliance: The design of equity structure also needs to consider tax and legal compliance issues. Enterprises should ensure that their equity structure complies with relevant tax laws and regulations to avoid unnecessary legal risks caused by tax issues.

家族文化与价值观：家族企业的股权结构也应体现家族的文化和价值观。这有助于增强家族成员的归属感和凝聚力，促进企业的稳定发展。

Family culture and values: The equity structure of a family business should also reflect the family's culture and values. This helps to enhance the sense of belonging and cohesion of family members, and promotes the stable development of the enterprise.