股权激励方案落地执行
十年股权整理解决方案落地实施

在家族企业中，传承是一个长期的过程。其中，家族企业的股权规划，不仅是企业设立中的重要事项，更对家族企业的发展与传承具有重大影响。

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、设立合理的股权架构，稳固公司的控制权，隔离经营风险。

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

1、控制权设计，分股不分权

1. Control Design, Divided but Not Divided

首先需要厘清“控制权”和“控股权”的区别。企业家族内传承的时候一定要确定领导企业未来发展的“家族领头人”，让其牢牢掌握企业的控制权。在平衡多个继承人利益分配的时候，可以通过设立家族控股公司、设立有限合伙企业、“金字塔”股权架构布局，签订《一致行动人协议》、AB股等方式做到分股不分权，保证控制权不被分散，核心继承人能始终掌控企业的未来发展。

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、建立防火墙，隔离经营风险

2. Establish a firewall to isolate business risks

风险隔离是指企业股权顶层架构设计需要实现企业风险与股东个人风险相互隔离的效果。家族企业可以设立家族控股公司或者集团公司，来控股实体经营公司，形成“家族成员—家族控股公司—实体经营公司”的架构模式。控股公司不从事任何实质经营活动，从而避免企业经营风险影响到家族资产。诚然，若公司资产达到较大的规模，还能采取设立家族信托工具、搭建“VIE”红筹架构模式等用于保障股东的财产安全。

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、进行家族股权信托

3. Conducting a family equity trust

家族股权信托是将家族成员的股权转移到专门的信托机构，成为信托财产，家族成员成为信托受益人。信托机构管理股权，负责股权的保值增值，为家族受益人发放分红收益。信托可以根据家族企业实际情况和家族成员需求，设定不同的代际传承方案，同时虽然股权转入信托，但家族仍然可以通过信托合同和其他协议保留对重大经营决策的发言权。这种方式可以维护家族团结，避免内部争端，但同时也面临着不菲的代理费用以及利益流失和对企业控制权的削弱。

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、完善家族治理体系，使家族治理制度化合规范化。

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

在参与控股的家族成员较多的情况下，可以设立家族股权管理办公室/委员会，由家族内有威望的人员出任委员会成员，完善委员会议事规制，负责企业的重大事项，用企业章程规定下来，提升家族内的凝聚力，增强家族对企业的控制力。

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.

如李锦记的家族委员会（FC）的传承模式，家族委员会包括李惠森的父亲(第三代传人李文达)、母亲以及5个兄弟姐妹共7位成员，家族委员会每三个月开一次历时4天的会议，建立沟通平台，解决大大小小的问题。家族委员会的建立有利于明确家族系统和企业系统的分界线，并为那些不在企业工作也不拥有所有权的家族成员提供表达意见的机会，大大降低因家族关系不和而对企业经营、政策可能造成的不良影响。

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、培养接班人与引入职业经理人同步计划进行，并预留股份推行以股权激励为核心的合伙人制度。

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.

家族企业应当重视对于接班人的培养，但能力的养成不是一朝一夕就能够达成的。如果在继承人范围内没有合适的接班人选，要积极引入职业经理人，不断吸纳人才，寻求各方面都能征善战的人才，推行股权激励为核心的合伙人机制，保证企业的稳定持续发展。

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.

如碧桂园的事业合伙人激励机制就是很典型的家族传承案例。其推行的三阶段事业合伙人机制吸引了大批能力强、经营丰富的内外部优秀员工。这些优秀员工弥补了碧桂园接班人资历合经验不足的缺陷，顺利实现了接班。

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、完善企业内部管控和风险防范能力

4、 Improve internal control and risk prevention capabilities of enterprises

随着越来越多的人员加入企业，股权架构愈加开放，公司管控和风险防范能力都急需进行升级和完善。

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.

如在美的创始人退休之前，美的集团就着手建立精细化的集团管控体系，设计“股东会-董事会-经营管理层”三权分立规则，明确不同层级对不同事项的权利合义务。并在集团创始人宣布“退休”后，将企业管理大权交给职业经理人方洪波。美的集团在方洪波的带领下市值突破5000亿元人民币。由此可见，在家族企业二代不接班的情况下，通过规范的集团管控和“股东会-董事会-经营管理层”三权分立同样可以较好地实现企业的传承。

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.