家族企业收购,私募股权和战略变革[文献翻译]

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18542816_从家族企业到企业家族

经典案例CLASSIC CASE从家族企业到企业家族——百亿正泰集团股权“稀释”成长路在温州，大部分民营企业都是从家庭作坊发展起来的，老板往往就是唯一的股东，几乎没有人愿意“稀释”股权。

但是，正泰集团靠5万元起家，一步步发展成具有600亿规模的国际化大型企业集团，成为全国低压电器开关行业龙头老大，其“秘诀”却正是通过“稀释”股权。

稀释个人股权40%，赢得年收入5000万1984年，对南存辉来说是极具历史性意义的一年。

这一年，南存辉给家里人特别是父亲做了大量的思想工作，最终靠着父亲把家里的几间老屋抵押贷款的5万元钱，和同学合作办起了一家小工厂，也就是正泰的前身——乐清县求精开关厂。

1991年，就在求精开关厂发展态势比较好的时候，南存辉与同学因经营思路和价值观不同，产生意见分歧。

基于求精开关厂当时1比1的股权比例，将精益开关厂一分为二，南存辉拿到属于自己的100万元资产，挣到了他人生的第一桶金，同时也积累了创综合报道/本刊记者戎文华在今年全国“两会”上，全国政协常委、全国工商联副主席、正泰集团董事长南存辉表示，“民营企业从无到有、从小到大，现在已经进入高质量发展的新时代，民营企业的高质量发展一定会有非常好的预期。

”南存辉所说的，其实也正是正泰集团从家族企业到企业家族的真实写照。

业和管理经验。

那个时候，温州柳市镇聚集了1000多家低压电器厂家，被誉为“中国电器之都”。

在南氏家族中，有不少人都在柳市镇开办“前店后坊”式的低压电器厂，或是专门做电器销售的，有一定的生产、管理和销售能力与经验，并且积累了一些资本，但是单打独斗力量毕竟有限。

而且最为重要的是，南存辉看中了家族成员团结一致——“人和”。

因此南存辉做了一次重要的决定，将家族的力量整合起来形成合力。

他从妻兄黄李益融资15万美元成立了中美合资温州正泰电器有限公司，黄李益的融资名为投资，实为借款。

接着弟弟南存飞、外甥朱信敏、妹夫吴炳池和林黎明等纷纷加入，南存辉完成了家族增资扩股，组建了典型的家族企业，南存辉100%的股权被稀释为60%，其余家族成员占剩余的40%。

家族企业管理论文：家族企业代际传承中的影响因素与对策分析

家族企业管理论文：家族企业代际传承中的影响因素与对策分析摘要:中国的家族企业发展到今天,代际传承已经成为制约家族企业可持续成长的重要因素。

只有在继任前后及其过程中尽可能地考虑到各方面的因素,制定好传承的计划才有可能提高家族企业继任过程的满意度从而使我们的家族企业基业长青。

关键词:家族企业;代际传承;策略分析20世纪70年代末80年代初以来,中国不断深入的改革开放的大环境与家族主义和泛家族主义文化传统的结合,注定了我国企业将再现家族经营模式。

经过三十多年的发展,我国的家族企业取得了长足的进步,但创业者们也面临着如何将企业顺利的转向下一代继承者的问题。

根据浙商研究会的研究,有80%的浙商家族企业面临交接危机。

方太集团主席茅理翔更是进一步断言:在未来5~10年,将有一部分家族企业在交接班中消亡。

一、文献回顾近年来,国内外学者关于家族企业代际传承问题的研究主要涉及继承中的继承计划问题、继承者的选择问题、继承中继承者与利益各方的关系问题、代际传承时机问题等方面。

伊布拉希(I-brahim)等人对Quebecor这一家族的继承过程进行了案例研究,强调了家族企业实施继承计划的重要性。

凯尼格(Koenig)也指出了继承计划的重要。

Robert H.Brockhaus(2004)指出,教育水平、技术能力、管理能力和财务管理能力常常被用来评估潜在继承者迎合家族企业这种战略能力。

在继承过程中,在职者和继承者的关系在某种程度上决定了继承的进程、时机和效力。

贺小刚(2009)指出影响到我国家族企业继任满意度的因素主要体现在七个方面,即现任者与继任者的“目标一致性”、“继任者抱负”、“相关者态度”、“继任流程性”“继任组织性”、“继任者才能”、“继任者经历”,其中最为重要的是继任者必须与现任者的目标要一致。

Tan和Fock(2001)进行的案例研究表明,在家族企业继承中,企业家具有的态度和能力是获得成功的关键。

李新春等(2008)指出家族企业的跨代成长关键并不仅仅在于权利与职位的成功更替,更关键的是在于接班人是不是真的能够继承创始人的创业精神,将创业精神在企业内进行落实,并从行为上体现出来。

家族企业代际传承治理模式研究综述

家族企业代际传承治理模式研究综述【摘要】本文主要围绕家族企业代际传承的治理模式展开研究，通过对家族企业代际传承的特点分析和挑战与问题进行探讨，分类研究家族企业代际传承治理模式，并结合实践案例进行分析。

在最后部分，提出了家族企业代际传承治理模式的优化策略，总结了研究的启示以及未来发展方向，强调了这一领域研究的重要性。

通过本文的综述，将有助于深入了解家族企业代际传承治理模式的现状和问题，为相关领域的研究和实践提供借鉴和指导。

【关键词】家族企业、代际传承、治理模式、研究、特点、挑战、问题、分类、实践案例、优化策略、启示、发展方向、重要性1. 引言1.1 家族企业代际传承治理模式研究综述家族企业代际传承是家族企业发展中的重要环节，也是家族企业持续经营的关键之一。

在家族企业代际传承过程中，正确的治理模式能够有效地保障家族企业的可持续发展。

本文旨在对家族企业代际传承治理模式进行综合研究，分析其特点、挑战与问题，并对不同类型的治理模式进行分类研究。

通过实践案例分析，探讨家族企业代际传承治理模式的运用情况，总结优化策略，为家族企业代际传承提供参考。

在将从研究的启示、未来发展方向以及研究重要性等方面进行总结，为家族企业代际传承治理模式的研究和实践提供理论支持和实践指导。

通过对家族企业代际传承治理模式的系统研究与总结，有助于深入理解家族企业代际传承的特点和规律，为家族企业的可持续发展提供理论和实践支撑。

2. 正文2.1 家族企业代际传承的特点分析1. 深厚的家族文化传统：家族企业代际传承通常基于家族内部的价值观和文化传统，这种传统通常是长期积累的，具有深厚的历史背景和情感纽带，对家族企业的发展和稳定起着重要作用。

2. 家族成员间的亲情关系：家族企业的继承往往是由家族内部的成员来完成，他们之间存在着亲情关系，这种情感因素会对企业的经营决策和管理方式产生影响，同时也可能带来利益冲突和管理困难。

3. 长期经营理念与业绩目标：家族企业代际传承往往注重长期经营理念和业绩目标的传承，追求企业的可持续发展和家族的长远利益。

家族企业的公司治理问题及对策

家族企业的公司治理问题及对策【摘要】家族企业在公司治理方面面临诸多问题，主要体现在公司治理结构不完善、决策权过于集中、家族成员管理能力参差不齐等方面。

这些问题导致公司运营效率低下、决策不够科学、内部矛盾频发。

为解决这些问题，家族企业需要通过建立健全的公司治理机制、规范家族成员的行为、提高公司的透明度和公正性等措施来提升公司治理水平。

实施这些对策也会面临着家族成员的抵制、制度建设的难度等挑战。

家族企业要认识到公司治理问题的重要性，积极应对变革挑战，推动公司治理不断完善。

未来，家族企业需要注重聘用专业管理人才、加强内部监督制约机制等措施来提升公司治理水平，实现长远发展。

【关键词】关键词：家族企业、公司治理、问题、对策、特点、原因、解决、难点、挑战、重要性、发展趋势、建议1. 引言1.1 家族企业的公司治理问题及对策家族企业的公司治理问题一直备受关注，因为家族企业在经济中占据重要地位，但其特殊性也容易产生一些治理难题。

家族企业的公司治理问题主要体现在所有权与控制权的分离、家族成员之间的权力斗争、规范管理机制不健全等方面。

由于家族企业往往以家族成员为管理者，会导致经营过于个人化，缺乏独立监督和公平竞争。

这些问题可能影响企业的长期发展和经营稳定性。

解决家族企业公司治理问题的关键在于建立健全的公司治理结构，强化独立监督机制，确保家族成员间的权力平衡，制定明确的继任计划和管理规范。

实施对策的难点在于家族成员间的情感纠葛、传统观念的约束以及家族文化的影响，需要通过改革家族企业的治理理念和模式，加强专业化管理和培训，才能有效应对挑战。

加强家族企业公司治理对于企业长期发展至关重要，未来家族企业公司治理的发展趋势将更加注重专业化、透明化和规范化，建议家族企业在治理上不断创新，与时俱进，确保企业的可持续发展。

2. 正文2.1 公司治理问题的现状分析公司治理问题是家族企业发展中的一个长期存在的难题。

在现实生活中，家族企业公司治理问题主要表现为权力过分集中、决策效率低下、内部监督不到位、家族成员争斗等。

论家族企业的发展及中国家族企业的变革

些企业就是从家族企业发展而来的，且有的而
大股东，且希望将企业交给子女继承，此他们而因会集中精力推动长期战略。家族企业在短期内很少会向股民派发红利，很少向其他产业扩张。也事实是，族企业把资金的大部分都投入到企业家
１．。欧洲的情况也类似，族企业的发展指０８家
迅速壮大的，发展围绕着如何使资本家获得更其
大的利润展开，且资本主义崇尚的是 “自由、而平
等、爱 ” 使得西方家族企业的管理风格更多体博，现为以人为中心，决策中往往以个人为主，重在注
现也非常优异，１按０年平均值计算，国家族企美
族企业高出很多。例如，制德国宝马汽车公司控
的匡特家族，上世纪９年代，终坚持在企业在０始行业的主流方向发展，与此同时，一家公司戴而另
据美国《商业周刊》次调查显示，标准普尔一在５０指数的成份股公司当中，１７家属于家族０有７
企业，《富》０在财５０强企业中有１６家企业可以７被看作是家族企业，过３。世界上最成功的超７

企业并购文献综述及外文文献资料

本文档包括改专题的：外文文献、文献综述一、外文文献Financial synergy in mergers and acquisitions. Evidence from Saudi ArabiaAbstractBusinesses today consider mergers and acquisitions to be a new strategy for their company's growth. Companies aim to grow through increasing sales, purchasing assets, accumulating profits and gaining market share. Thus; the best way to achieve any of the above-mentioned targets is by getting into either a merger or an acquisition. As a matter of fact, growth through mergers and acquisitions has been a critical part of the success of many companies operating in the new economy. Mergers and acquisitions are an important factor in building up market capitalization. Based on three structured interviews with major Saudi Arabian banks it has been found that mergers motivated by economies of scale should be approached cautiously. Similarly, companies should also approach vertical mergers cautiously as it is often difficult to gain synergy through a vertical merger. Firms should seek out mergers that allow them to acquire specialized knowledge. It has also been found that firms should look for mergers that increase market power whilst avoiding unrelated mergers or conglomerate mergers.Keywords: Synergy, Mergers and Acquisitions, Saudi Arabia 1. IntroductionThere is a major difference between mergers and acquisitions. Mergers occur between similarly sized companies and the collaboration is "friendly" between both companies. However, Acquisitions often occur between differently sized companies and the partnership is usually forced and hostile.Wheelen and Hunger (2009) define a merger as a transaction involving two or more corporations in which stock is exchanged but in which only one corporation survives. In other words, the two companies become one and the name for the corporation becomes composite and is derived from the two original names. Furthermore, an acquisition is the purchase of a company that is completely absorbed as an operating subsidiary or divisionof the acquiring corporation (Wheelen and Hunger, 2009). The authors also state thathostile acquisitions are called takeovers.The main reason for firms entering into mergers and acquisitions (M&A) is to grow, andcompanies grow to survive (Akinbuli, 201 2). Growth strategies expand the company's activities and add to its value since larger firm have more bargaining power than smaller ones. A firm sustaining growth will always have more opportunities for advancement, promotions and more jobs to offer people (Wheelen and Hunger, 2009). In general, mergers and different types of acquisitions are performed in the hope of realizing an economic gain. For such a business deal to take place, the two firms involved must be worth more together than each was apart.A few of the prospective advantages of M&A include achieving economies of scale, combining complementary resources, garnering tax advantages, and eliminating inefficiencies. Other reasons for considering growth through acquisitions contain obtaining proprietary rights to products or services, increasing market power by purchasing competitors, shoring up weaknesses in key business areas, penetrating new geographic regions, or providing managers with new opportunities for career growth and advancement (Brown, 2005).Many firms choose M&A as a tool to expand into a new market or new area of expertise since it is quicker and cheaper than taking the risk alone. Furthermore, M&A happen when senior executives feel enthusiastic and excited about a potential deal ; the idea of successfully pursuing and taking over another company before the company s competitors are able to do so. Competition in a growing industry drives firms to acquire others. In fact, a successful merger between companies increases benefits for the entire corporation.However, failures also occur in M&A as indicated by Haberbserg and Rieple (2001) and Akinbuli (2012). They showed that 50% of acquisitions are unsuccessful; they increase market power but do not necessarily increase profits. Brown (2005) explains the reasons for the high failure rate of M&A as follows:(a)Over-optimistic assessment of economies of scale. Economies of scale are usually achieved at certain business size. However, expansion beyond the optimum level results in disproportionate cost disadvantages that lead to various diseconomies of scale.(b)Inadequate preliminary investigation combined with an inability to implement the amalgamation efficiently. Resistance to change and the inability for the acquired company to manage change well is a main reason for failure due to the resistance of the employees and management of both companies involved.(c)Insufficient appreciation of the personnel problems, which will arise, is due mainly to the differing organizational cultures in each company.(d)Dominance of subjective factors such as the status of the respective boards of directors.Therefore, drafting careful plans before and after the merger is a necessity that should not be overlooked. Some companies find the solution in hiring a change manager who will add value and better manage the transition of the "marriage between both companies" (Brown, 2005).2.Synergy in M&A and financial synergyThis section discusses the literature review in order to identify the importance of acquiring financial synergy in the M&A.2.1Synergy in M&ASynergy, as defined in the business dictionary, is the state in which two or more agents, entities, factors, processes, substances, or systems work together in a particularly fruitful way that produces an effect greater than the sum of their individual effects. Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings (Mergers and acquisitions: Definition, n.d.).Synergy is also expressed as an increase in the value of assets as a result of their combination. Expected synergy is the justification behind most business mergers. For example, the 2002 combination of Hewlett-Packard and Compaq was designed to reduce expenses and capitalize on combining Hewlett-Packard's reputation for quality with Compaq's impressive distribution system (Synergy Business Definition, n.d.).Through research it has been noted that synergy is the concept that two businesses will generate greater profits together than they could separately (Wheelen and Hunger, 2009). Synergy is said to exist for a divisional corporation if the return on investment of each division is greater than what the return would be if each division were an independent business (Wheelen and Hunger, 2009). In order to succeed cooperation between the partners is the basic ingredient for achieving growth through synergy (Rahatullah, 201 0). This requires partners to build trust, commitment, and secure consensus, to achieve their targets (Gronroos, 1997; Ring and Van-de-Ven, 1994).Synergy can take several forms. According to Goold and Campbell (1 998) synergy is demonstrated in six ways: benefiting from knowledge or skills, coordinated strategies,shared tangible resources, economies of scale, gaining bargaining power over suppliers and creating new products or services.M8<A result in the creation of synergies, the sharing of manufacturing facilities, software systems and distribution processes. This type of synergy is referred to as operational synergy and is seen mostly in manufacturing industries. Another motive for forming an acquisition is gaining greater financial strength by purchasing a competitor, which increases market share. The aim of mergers and acquisitions is to achieve improvement for both companies and produce efficiency in most of the company's operations. (Haberberg and Rieple, 2001).However, Brown (2005) summarizes the sources of synergy that result from M8<A underthe following headlines:1.Operating economies which include:(a)Economies of scale: Horizontal mergers (acquisition of a company in a similarline of business) are often claimed to reduce costs and therefore increase profits due to economies of scale. These can occur in the production, marketing or finance divisions.Note that these gains are not expected automatically and diseconomies of scale may also be experienced. These benefits are sometimes also claimed for conglomerate mergers(acquisition of companies in unrelated areas of business) in financial and marketingcosts.(b)Economies of vertical integration: Some acquisitions involve buying out other companies in the same production chain. For example, a manufacturer buys out a rawmaterial supplier or a retailer. This can increase profits through eliminating the middleman in the supply chain.(c)Complementary resources: It is sometimes argued that by combining the strengths of two companies a synergistic result can be obtained. For example, combining a company specializing in research and development with a company strong in the marketing area could lead to gains. Combining the expertise of both firms would benefit each company through the gained knowledge and skills that individually they lack.(d)Elimination of inefficiency: If either of the two companies had been badly managed; its performance and hence its value can be improved by the elimination of inefficiencies through M&A, Improvements could be obtained in the areas of production, marketing and finance.2.Market power; Horizontal mergers may enable the firm to obtain a degree of monopoly power which could increase its profitability. Coordinated strategies between both companies will lead the entire organization in gaining competitive advantage. Gaining bargaining power over suppliers is realized since the company is larger in size after the merger.3.Financial gains; Companies with large amounts of surplus cash may see the acquisition of other companies as the best application for these funds. Shared tangible resources such as sharing a bigger building, more office supplies, equipment, manufacturing facilities and research and design labs will also lead to a reduction in costs translated into better financial performance. McNeil (2012) identifies that the shareholders of a business under M&A process may benefit from the sale of their stocks, this is especially true if the M&A is with a better, bigger and more reputable prospective partner.4.Others; such as surplus management talent, meaning that companies with highly skilled managers can make use of their qualified personnel only if they have problems to solve. The acquisition of inefficient companies allows for maximum utilization of skilled managers. Incorporating the efforts of both management teams will drive the creation of innovative products or services.The synergy factor prevails in the M&A when the firms produce a greater return than the two individual firms owing to reasons such as improvements in efficiency and an increase in market power for the merged or acquired firms (Berkovitch and Narayana, 1993).2.2Financial synergyAs defined by Knoll (2008), financial synergies are performance advantages gained by controlling financial resources across businesses of firms. There exist four types of financial synergies, which are:1.Reduction of corporate risk: Reduction of corporate risk is increasing the risk capacity of the overall firm, which means the ability of the firm to bear more risk. Meaning that by increasing the risk capacity the shareholders will invest more in the company and the firm will gain benefits such as coinsurance effects.2.Establishment of internal capital market: Establishing internal capital gains means that the firm will decrease its financing costs and will increase financialflexibility which results in the company having higher liquidity and the ability to payits creditors easily.3.Tax advantages: Tax advantages by reducing the tax liabilities of the firm using the losses in one business to offset profits in the other business referred to as "profit accounting".4.Financial economies of scale: Financial economies of scale reducing transaction cost in issuing debt and equity securities (Knoll, 2008).3.Methodology and resultsFor this project, the method of interviews was used due to it being the most appropriate way to gather information about the interpretation of events, as to why some mergers produce synergy while others do not; and to understand the reasons why companies enter into mergers. In Saudi Arabia it is difficult to secure responses from senior executives. Approaching such a person is not only difficult protocol wise but there are bureaucratic hurdles. The quantitative analysis is more suitable for large scale data collection (Denzin and Lincoln, 1997). Whereas, qualitative research provides the researcher with the perspective of target audience members through captivation and direct interaction with the people under study (Glesne and Peshkin, 1992). These methods help to comprehend what others perceive of a certain phenomenon, postulates Creswell (1994).The planned interview method was to use a structured interview. In a structured interview, the researcher knows in advance what information is needed and asks a predetermined set of questions (Sekaran and Bougie, 2009). The same questions are asked of all interviewees, which allows for better comparison of the responses than unstructured interviews, where the interviewees are asked different questions. The structured interview process does allow the researcher to ask different follow up or probing questions based on the interviewee's response. This allows the interviewer to identify new factors and gain a deeper understanding of the topic (Sekaran and Bougie, 2009).Since the interviewees were located in different parts of Saudi Arabia the interviews were scheduled in advance and conducted face to face. The data was gathered by taking notes during the interviews, which were not recorded as that may have seemed too intrusive.When conducting interviews it is important to conduct them in a manner that is free of bias or inaccuracies. According to Sekaran and Bougie (2009), bias can be introduced by theinterviewer, interviewee or the situation. Interviewers can introduce bias by distorting the information that they hear so it aligns with their expected responses to the question or through simple misunderstandings. To prevent this, the respondents' answers were summarized back to them before moving on to the next question. Interviewees can introduce bias if they do not like the interviewer or if they phrase the answers to be biased towards what they think the interviewer wants to hear. Since the interviewees were obtained through referrals, it is highly unlikely that they gave false responses. Also, the basic area of research was discussed with the interviewees, but no hypothesis was advance to them, such that they would skew their answers to what they though the interviewer wanted to hear.Three companies were interviewed and asked a specific set of questions (see Appendix). There are numerous reasons to interview three companies in Saudi Arabia. These are the following:*The M&A in Saudi Arabia are normally carried out by large size companies.*It is difficult to reach out to the senior managers to discuss such issues.*The officers are also tied by company confidentiality rules to not divulge information.*The number of M&A is also significantly less in comparison with other countries.*The researchers, using diverse resources including personal contacts and formal requests, were able to reach out to three of the major companies of the Kingdom.An interview was conducted with National Commercial Bank (NCB) NCB is an international bank headquartered in Saudi Arabia and engaged in personal, business and private banking, and wealth management (NCB, 2011 ). Another interview was done with Samba Financial Group. Samba is also an international bank headquartered in Saudi Arabia that is engaged in personal and business banking (Samba, 2011). The third company that was interviewed was Savola Holding Company, which is headquartered in Jeddah, Saudi Arabia and is engaged in the food industry. Through subsidiary companies, Savola is engaged in the manufacturing of vegetable oils, dairy products and food retailing operations both in Saudi Arabia and other international markets. Due to strict confidentiality of the companies interviewed, the names of the people will not be mentioned or their titles. This was the most important condition in order to conduct these interviews.Each of the three companies has been involved in significant mergers. NCB's most significant merger was when it acquired a Turkish bank, Turkiye Finans Katilm Bank in 2008.Samba's most significant merger was its acquisition of Cairo Bank in 1 999. Savola's most significant acquisition was its acquisition of Al-Marai in 1 991.NCB has engaged in four mergers overall and three international mergers. In addition to its acquisition of the Turkish bank, it acquired Estate Capital Holdings, The Capital Partnership Group Limited and NCB Capital. The acquisition oftheTurkish bank was considered its most successful acquisition because it allowed NCB to expand into a new international market with strong growth.While NCB does not consider any of its acquisitions to be a failure, it has recognized losses through goodwill impairment, even in the Turkish bank acquisition. Samba's most prominent M8<A has been with Cairo bank of Egypt.Savola has engaged in about 10 mergers including a few international mergers. It considers its acquisition of Panda (a supermarket chain) in 1998 to be its most successful because it allowed Savola to gain a major presence in the food retailing market and increases revenues significantly. Savola has had a couple of mergers that it considered to be failures. One such example was when it acquired a real estate company in Jordan. This company was outside Savola's core business and outside its home country. Savola's learning from this failure was not to invest outside its core business in a foreign country as there was no ability to create any value through this merger and it was investing in a country that it did not know as well as its home country. Another failed merger occurred when it acquired an edible oil company in Kazakhstan. This merger failed because even though the acquired company had good fundamentals, the value creation mechanisms were quite different between the two companies.Strategic motivations for mergers were discussed with the companies and Samba provided details. One motivation is to increase lines of business. Another motivation is to move into a new geographic area. In many cases when expanding into a new country, it is easier to acquire an existing business than try to start a new one. Another motivation is to increase market share.Particularly in a mature industry, a company can gain market share quickly through an acquisition, while it is usually a slow process to gain market share organically in an incremental manner.All the companies tried to achieve company growth and synergy in their mergers.The criteria and selection process for mergers were also discussed with the companies. Savola worked with financial institutions to identify acquisition target companies. Savola looked for companies that were among the leaders in their respective markets. Savola believed that companies that were leaders generally had good processes and were well managed, so their operations would be good to acquire. After the failed merger with the real estate company, Savola looked to acquire companies related to its core food manufacturing and sales business. All companies obviously reviewed financial statements closely to assess the financial condition of the acquired firm. Samba noted that sometimes in the banking and financial industry, strong banks will acquire banks that are in a weak financial condition in a rescue operation, often due to political reasons. In reviewing candidates for a merger, Savola engages its operations and technical team to assess the target company's operation, processes and potential fit into the business group.The three interviewed companies use various metrics to evaluate the success of the merger. Savola evaluates the revenue growth of the sector where the acquisition occurred along with the market share and operating cost. The goals are to increase revenue,increase market share or reduce operating cost. Samba evaluated similar metrics of market share and operating cost.Samba noted that it usually takes until the second year after a merger to evaluateits success. In the first year, there are onetime costs associated with integration costs of the merger. It usually takes until the second year to see reduced operating costs from activities such as closing and consolidating branches.The different ways to obtain synergy in a merger were discussed with the companies. Savola looked to obtain synergy through economies of scale, as acquisitions would add to the company's shipment volume, which would allow the company to reduce freight and distribution costs. Samba also looked to obtain synergy through economies of scale and eliminating the duplication of activities. When it acquired Cairo bank, which had previously acquired United Saudi Commercial Bank, Samba was able to cut costs in Saudi Arabia by reducing the number of bank branches and ATMs. NCB was able to gain financial synergies in its mergers by developing a more diversified and lower risk portfolio ofinvestments.From the responses to the questions included in the structured interview, thefollowing findings can be highlighted:A.Mergers to Expand to International Markets:One finding is that firms undertake some mergers to expand into new international markets. In doing so they are gaining the synergy of the acquired firm's knowledge of the market. In these cases, the acquiring firm saves the costs of starting up a business in the new country, gaining the necessary approvals, learning how to do business successfully in the market and building a brand in the country. This is especially true in the bank and finance industry, where the industry is closely regulated. It can be easier to acquire a company that already has all of the necessary regulatory approvals as opposed to trying to gain all of the necessary approvals to conduct business legally in the selected market. Also, building a brand is important in the banking industry, as consumers and commercial customers prefer to do business with a trusted firm. In these mergers, synergy can be gained through the acquired firm's knowledge of the market and the acquiring firm's capital. The new infusion of capital can often allow the acquired firm to grow in the market. The NCB acquisition of the Turkish bank is a good example of this type of synergy.Even when a firm acquires a company within their own market there is the chance to create synergies through knowledge gained and transferred. In many cases, the acquired firm has certain processes in some areas that are better than the acquiring firm, so selecting the best process allows the merged firm to improve its overall processes. Also, the acquiring company usually has some processes that are better than the acquired firm's processes in some areas, which allows the company to improve the newly acquired operations. As noted by Samba in its interview, the goal is to utilize the optimum processes from both companies to produce synergy from the merger.B.Mergers to Gain Economies of Scale:Firms also seek and gain synergies through economies of scale. Larger businesses can often gain economies in certain business activities including manufacturing, distribution and sales. One of the goals of Samba's mergers was to gain synergies through economies of scale. In their mergers, Savola hoped to gain economies of scale in shipping and distribution activities. Economies of scale can also be achieved in the banking industry since the cost of processing checks or issuing credit cards is likely to decline on a per unit basis with increasing volume; therefore the fixed cost associated with these activities can be spread over a larger volume. The result is reduced costs, which makes the merged firm more profitable and more competitive in the market.C.Eliminating Inefficiencies:Another way to achieve synergy is through elimination of inefficiencies. Removing the duplication of resources can eliminate inefficiencies. In horizontal mergers, it is common for the merged company to consolidate operations, close offices and reduce staff. Samba mentioned that reducing the number of bank branches, ATMs and staff was one of the ways that they drove cost efficiencies after acquiring Cairo Bank. Samba also provided the insight that there is a delay for these cost efficiencies to show up in financial performance, since it takes time to remove the duplication of resources involved and there are one-time costs associated with removing the duplication of resources. The official also pointed out that the success or failure of a merger should not be evaluated until at least two years after the merger.D.Gain More Market Power:Firms also try to achieve synergies through an increase in market power, by controlling a larger share of the market. Discussions with all respondents implied increasing market share to be one of the motivations to enter into a merger. Savola and Samba both mentioned increasing market share as a way to judge the success of a merger. Greater market power can improve profitability through a couple of mechanisms. One such mechanism is greater monopoly pricing power in the market, which allows firms to increase prices due to reduced competition. This is one reason that major mergers have to be approved by government regulators who s objective is to maintain a competitive market. A second mechanism is increased buyer power over suppliers. Since the merged firm represents a greater portion of an industry's business, suppliers to the industry want the merged firm's business more, which gives the merged firm better negotiating power over suppliers. This allows the merged firm to reduce its costs and increase it profits. However, a strategic perspective could be on the supplier side as Porter (1 998) identifies that the stronger the company becomes the weaker the supplier becomes thus reducing their bargaining power.E.Gain Growth:Growth is one of the main reasons that firms undertake mergers, as this was mentioned by all of the companies interviewed. Companies seek growth through mergers because it can allow them to gain market power, which generally leads to increased profits. Mergers are also a way to satisfy investors'/shareholders' expectations for growth. In many cases, itis difficult to grow a business in a mature market organically, so mergers are often the best way to achieve growth.Samba provided a perspective on the use of acquisitions as a growth strategy. Samba believed that within the same industry organic growth was less expensive than growth through acquisition because a premium had to be paid for another company's operations in the same industry. Samba believed that when trying to expand into a different industry, growth through acquisition was less expensive than organic growth because the firm had no knowledge or expertise in the new industry. Samba used this philosophy when formulating their strategic growth plans. If the company simply wanted to expand within their current industry, the focus would be on organic growth initiatives, whereas if the company wanted to grow by expanding into new industries, the focus would be on acquisitions.F.Reducing RisksFirms can gain synergies by reducing their overall risk through diversification and reducing their cost of capital. Generally, this is a weak form of synergy and prone to failures because it often entails firms moving into businesses outside of their core competencies. The businesses are then run without the knowledge of how to run a business successfully in that market. This leads to operational losses or subpar performance in the industry, which negates any synergistic gains from reducing the company's overall risk.This was experienced by Savola, who acquired a real estate company, which was outside its core business of the food market. Consequently, the acquired real estate business produced subpar performance and losses, which negated any gains from reducing risk. Thus, the merger was considered to be a failure because it reduced the overall value of the firm. Due to the difficulties of creating financial synergies through diversification, there are few conglomerate mergers and few conglomerate companies.The companies interviewed look for synergies when considering mergers and try to estimate the potential synergistic gains that could be attained in a proposed merger. The potential synergies gained depend on the industry and the characteristics of the company acquired. In the failed mergers, the firm overestimated the amount of synergy that could be gained through the merger. Savola overestimated the synergy that could be gained through the acquisition of a real estate company because the only synergy that could be gained was。

家族企业成功案例_成功励志

家族企业成功案例以家族企业为主要组成部分的民营企业已渐渐成长为促使我国市场经济发展长河的中流砥柱。

以下是小编为大家整理的关于家族企业案例，欢迎阅读!家族企业成功案例1：格兰仕--家族式企业中进行制度变革、转型最为成功，也最为生动的案例让经理们放手去干梁庆德认为，“人是格兰仕的第一资本。

有高度事业心、责任感、使命感、认同感，与企业荣辱与共、同舟共济的人才是格兰仕的中流砥柱。

”梁庆德五上上海登门求贤，以一片真诚感动了当时全国著名的微波炉专家，使他们抛弃了上海优越的工作和生活条件，前来格兰仕创业。

在资金困难的情况下支持刚到企业来的俞尧昌在全国媒体上做引导消费如何使用微波炉的宣传。

危机管理格兰仕老板梁庆德认为：决胜市场成功的最为锐利的武器就是在企业内部实行危机管理，这种危机意识不是居安思危，而是居危思危。

“危机，离我们不远”，“我们的危机时刻存在”，格兰仕把这些警句式的观念作为企业的世界观印在自己的宣传品上。

他们认为，昨天的辉煌不足以抵抗明天的危机，今天必须拼搏才能消除明天的危机。

大家的格兰仕一个好汉三个帮，梁庆德说，格兰仕是大家的，靠我一个人是没用的。

而这句话化为格兰仕的企业就是：“格兰仕是格兰仕人创下来的，是每个格兰仕人的光彩。

”通过骨干持股，梁庆德成功地解决了在民营企业中员工与企业利益分离和员工“为谁干”的难题，使格兰仕人有了归属感。

现在在格兰仕，全部骨干所拥有的股份达20%多。

因为是大家的格兰仕，所以梁庆德对于员工的使用与擢升奉行“赛马”原则：“能者上，平者让，庸者下;只认能力，不认关系。

”从“大家”到“小家”，再从“小家”到“大家”，格兰仕在这种螺旋式的上升中获得了新的发展动力。

家族企业成功案例2：家长公司——力帆集团50多岁力帆老板的尹明善1986年正式下海，因为做过编辑，所以他先搞二渠道发书。

1992年，尹明善不顾亲朋好友的反对，开始了自己的摩托车事业，亲友们认为他此时下手年龄过大了。

但8年后，力帆的综合经济效益就在全国同行业中排名第二，20xx年产销摩托车发动机150万台，为中国第一，现已进入全国私企前8强，20xx年，进入汽车行业，20xx年产销汽车超过5万辆。

家族企业股权构架分析报告

家族企业股权构架分析报告1.引言1.1 概述家族企业股权构架分析报告概述：家族企业是指由同一家族控制和经营的企业，其股权构架往往呈现出独特的特点和模式。

家族企业的股权构架分析旨在深入研究家族成员在企业内部的股权分配和控制方式，以及与外部投资者之间的关系。

通过分析家族企业股权构架，可以更好地了解企业的治理模式和发展趋势，为企业未来的发展提供重要参考。

本报告将通过对家族企业概念、特点和治理模式的分析，结合影响家族企业股权构架的因素和家族企业发展趋势的探讨，对家族企业股权构架进行全面的分析和总结，以期为家族企业的未来发展提供有益的建议和展望。

1.2 文章结构文章结构部分的内容应包括对本篇长文的整体架构和组织安排的描述。

例如，可以强调文章分为引言、正文和结论三个部分，每个部分又包含几个小节，从而为读者提供清晰的阅读指引。

还可以简要说明每个部分所涵盖的内容和重点，以及各部分之间的逻辑关系和衔接。

部分的内容文章1.3 目的:本报告旨在通过对家族企业股权构架的深入分析，探讨家族企业在股权结构方面的特点和治理模式，从而深入了解影响家族企业股权构架的因素，为家族企业的发展提供有益参考。

同时，通过对家族企业发展趋势的研究和总结，为家族企业未来的发展提供展望和建议。

通过本报告的撰写，旨在帮助读者更好地了解家族企业在股权构架方面的情况，为相关研究提供参考依据，为家族企业的发展提供有益指导。

2.正文2.1 家族企业概念及特点家族企业概念及特点家族企业是指由一个或几个家族成员共同经营并控制的企业。

家族企业通常以家族成员之间的血缘关系或婚姻关系为基础，并在企业的决策和控制中发挥重要作用。

家族企业在全球范围内有着广泛的存在，是各国经济体中一个重要的组成部分。

家族企业的特点包括传承性、稳定性和长期性。

首先，家族企业通常具有明显的传承性，即企业的所有权和控制权往往在家族成员之间传承。

其次，家族企业通常具有较强的稳定性，家族成员通常具有对企业长期发展的承诺和责任。

家族企业传承计划

家族企业传承计划家族企业传承计划第一章引言家族企业传承是一个关乎企业未来发展的重要问题，对于家族企业的长治久安和持续发展具有至关重要的意义。

然而，由于家族企业本身存在的特殊性，传承过程中常会面临许多挑战和困难。

因此，制定一份科学合理的家族企业传承计划是至关重要的。

本文将从企业文化传承、管理团队培养、财务规划、法律事务等方面探讨家族企业传承计划的制定。

第二章企业文化传承企业文化是家族企业的灵魂，是企业价值观、行为准则和规范的集中体现。

因此，在传承过程中要重视企业文化的传承。

首先，家族企业应制定家族宪法，明确企业的核心价值观和文化理念，确保这些价值观能够代代相传。

其次，家族成员要注重自我修养，树立正面榜样，引导后辈积极融入企业文化。

最后，家族企业要建立一套完善的培训体系，通过培训来传承企业文化，提高家族成员的整体素养和业务能力。

第三章管理团队培养家族企业传承需要一支年轻有为的管理团队来接班。

因此，在传承计划中要注重管理团队的培养。

首先，家族企业应设立明确的管理岗位，招聘和选拔具备相关专业知识和能力的优秀人才，为年轻一代提供发展的机会。

其次，家族企业要加强对管理团队的培训，通过内部培训和外部培训相结合，提高管理团队的综合素质和创新能力。

最后，家族企业要建立健全的激励机制，激发管理团队的积极性和创造性，使其发挥最大的作用。

第四章财务规划财务规划是家族企业传承计划中一个重要的组成部分。

首先，家族企业应制定财务目标和战略规划，明确财务目标的实现路径和时间表。

其次，家族企业要进行资产管理，优化资本结构，提高资金使用效率，确保企业的健康经营。

最后，家族企业要建立健全的继承税收规划，合法合规地安排家族企业的税务事务，降低税负，保护企业的财富。

第五章法律事务法律事务是家族企业传承中必不可少的一环。

家族企业应建立健全的法律顾问团队，为家族企业提供法律支持和咨询服务。

在传承过程中，要重视财产规划和财产保护，采取合理的法律手段，确保家族财富的安全。

家族企业股权及管理结构

家族企业股权及管理结构1. 介绍家族企业是指由家族成员控制和经营的企业。

家族企业通常是由家族的创始人建立的，随着时间的推移，通过家族内部传承或其他形式逐渐扩大规模。

在家族企业中，股权结构和管理结构通常都具有特殊的特点。

2. 家族企业股权结构家族企业的股权结构通常是由家族成员持有的股份构成的。

家族成员可能是企业的创始人或经营者，也可能是后代家族成员。

在家族企业中，通常存在着不同的股权持有者，他们可能分别持有不同比例的股份，这种情况下会形成不同的股权结构。

家族企业股权结构的特点包括：•家族持股比例较高：家族成员通常持有大部分的股份，以保持家族在企业中的控制权。

•家族内部持股分配不均：在家族企业中，可能存在着不同的家族成员，他们持有的股份比例可能有所不同。

•家族成员持股与企业成功密切相关：家族成员持股情况通常与企业的发展和经营状况紧密相关，有些家族企业可能实行“先进退隐”制度，即随着家族成员的能力和兴趣变化，逐渐调整持股比例。

3. 家族企业管理结构家族企业的管理结构通常是由家族成员和专业经理人共同组成的。

在家族企业中，管理结构可能会受到家族文化、家族价值观和家族成员间关系的影响，因此具有其独特的特点。

家族企业管理结构的特点包括：•家族企业家族成员参与经营管理：家族企业的管理结构中通常有家族成员直接参与经营管理工作，他们可能担任董事、高管或其他管理职位。

•家族管理团队与专业经理团队共同组成：为了保持家族企业的长期稳定经营，通常会聘请专业经理人参与管理，与家族管理团队共同组成管理层。

•家族企业家族文化和价值观影响管理决策：家族企业的管理结构可能受到家族文化、家族价值观和家族成员间的关系影响，这可能会在管理决策中产生独特的影响。

4. 家族企业股权和管理结构的调整随着家族企业的发展和变革，家族企业的股权和管理结构可能需要进行调整。

调整的目的可能包括：•为了促进家族企业的长期稳定发展。

•以适应市场环境的变化和企业经营战略的调整。

2021年4月全国高等教育自学考试《企业经营战略》试题(网友回忆版)

2021年4月全国高等教育自学考试《企业经营战略》试题（网友回忆版）[单选题]1.下列关于企业战略经营领域（SBA）的说法正确的（江南博哥）是()。

A.“明星”SBA是环境引力小与企业实力大的结合B.“瘦狗”SBA是环境引力大与企业实力大的结合C.“金牛”SBA是环境引力小与企业实力小的结合D.“问题”SBA是环境引力大与企业实力小的结合参考答案：D参考解析：企业战略经营领域（SBA）四种形式包括：①“明星”SBA，环境引力大、企业实力大；②“瘦狗”SBA，环境引力小、企业实力小；③“问题”SBA，环境引力大、企业实力小；④“金牛”SBA，环境引力小、企业实力大。

[单选题]2.作为战略环境分析的常用方法，SWOT分析法中W代表的含义是()。

A.劣势B.威胁C.优势D.机会参考答案：A参考解析：SWOT分析法是在外部环境与内部环境分析的基础上，把两种分析相互结合起来而进行的寻求企业在外部环境中的机会与风险和内部的优势与劣势的一种分析方法。

SWOT每个字母分别代表的含义是：优势（Strengths）、劣势（Weaknesses）、机会（Opportunities）、威胁（Threats）。

SWOT分析是编制战略计划的重要步骤，它能够帮助企业将精力集中在关键问题上，避免力量的削弱。

[单选题]3.为扩大市场份额，MT冰箱公司先后收购了两家较大的冰箱企业，那么MT公司采取的战略属于()。

A.前向一体化战略B.后向一体化战略C.横向一体化战略D.同心多元化战略参考答案：C参考解析：横向一体化战略又称水平一体化战略，是指通过联合、购买、合并、集团化等方式，与处于相同行业、生产同类产品或工艺相近的企业实现联合。

本题中，T冰箱公司先后收购了两家较大的冰箱企业，采取的战略属于横向一体化战略。

[单选题]4.企业经营战略控制包括若干层次，其中作业控制层的责任主体是()。

A.企业的控股股东B.企业高层领导者C.企业中层经营单位领导者和各职能部门负责人D.企业基层领导者参考答案：D参考解析：企业经营战略控制包括三个层次：①经营战略控制层，主要是由企业高层领导者为主体组成的控制系统，负责企业的整个经营战略管理过程的工作；②业务控制层，由企业中层经营单位领导者和各职能部门负责人为主体所组成的控制系统；③作业控制层，由企业基层领导者为主体所组成的控制系统，主要是负责将中层所设立的分目标，分解和落实到作业层。

家族企业的经营之道

家族企业的经营之道家族企业的经营之道家族企业作为一种特殊的企业形式，具有独特的优势和挑战。

在过去的几十年里，很多家族企业成功地经营下来并取得了长足发展，而一些家族企业却在不久后消亡。

这是因为家族企业的经营之道关系到企业的永续经营，对于家族企业的发展至关重要。

下面将重点从家族企业的发展战略、家族企业的组织文化和家族企业的领导力三个方面来探讨家族企业的经营之道。

首先，在家族企业的发展过程中，制定发展战略是至关重要的。

家族企业需要明确自己的发展目标，并制定相应的发展计划。

这意味着家族企业不仅要关注眼前的利益，还要有长远的眼光，考虑到企业的可持续发展。

家族企业可以通过扩大市场份额、发展新产品或进入新市场来实现增长。

另外，家族企业还可以通过收购或联合合作来扩大规模。

此外，制定合理的财务计划和预算也是非常重要的。

只有通过合理的经营策略和明确的发展目标，家族企业才能在激烈的市场竞争中立于不败之地。

其次，家族企业的组织文化对于企业的发展也起到了至关重要的作用。

家族企业的组织文化是企业价值观和行为规范的集中体现。

家族企业的文化应该弘扬家族价值观和传统，并融入到企业的各个方面。

家族企业的文化可以激励员工奋发向前，保持团结一心的精神。

此外，家族企业的文化也能够塑造企业的形象和品牌，提高企业的价值和竞争力。

因此，家族企业应该注重营造良好的组织文化，加强与员工的沟通和互动，建立团队精神和企业动力。

只有发展出浓厚的家族企业文化，企业才能在激烈的市场竞争中立于不败之地。

最后，领导力也是家族企业经营之道的重要组成部分。

作为家族企业的领导者，他们承担了企业发展和家族传承的重任。

家族企业的领导者应该具备良好的管理能力和领导风格，能够协调家族利益和企业利益的关系。

家族企业的领导者应该有远见卓识，能够把握市场机会和风险，制定明确的发展战略。

此外，家族企业的领导者还需要注重团队建设，激发员工的潜力和创造力。

他们应该能够引领团队朝着共同的目标努力，推动企业持续发展。

家族所有权与非控股国有股权对企业绩效的交互效应研究——互补效应还是替代效应

家族所有权与非控股国有股权对企业绩效的交互效应研究——互补效应还是替代效应家族所有权与非控股国有股权对企业绩效的交互效应研究——互补效应还是替代效应引言在现代经济体系中，企业的股权结构对其绩效有着重要影响。

家族所有权是一种常见的股权结构形式，其在全球范围内广泛存在。

与之相伴随的是，一些国家拥有非控制性的国有股权。

这两种股权形式对企业绩效可能产生交互效应，但研究结果不一致。

本文旨在梳理相关研究，并对家族所有权与非控股国有股权对企业绩效的交互效应进行分析，以确定其互补效应还是替代效应。

1. 家族所有权对企业绩效的影响家族所有权是指家族成员持有的股权，在很多国家和地区都占据重要地位。

早期研究发现，家族所有权可以提高企业的绩效。

这是因为家族所有权通常伴随着长期的经营理念和价值观，认同公司的长期稳定发展目标，更倾向于在企业上投入个人资源，从而提高了企业的经营质量和效率。

然而，随着研究的深入，发现家族所有权对企业绩效的影响并非一成不变。

有研究指出，当家族所有权高度集中时，随着家族成员数量的增加，企业绩效可能会下降。

这是因为家族成员之间的冲突和个人对企业治理的不当干预可能会损害企业长期发展。

2. 非控股国有股权对企业绩效的影响非控股国有股权指的是国家或政府持有企业的一定比例的股权，但在企业治理中并不具有控制权。

研究表明，非控股国有股权通常与较低的企业绩效相关。

国有股权背后隐含着政治利益和官员行为等因素，这可能导致缺乏市场竞争力和效率，从而影响企业绩效。

然而，并非所有研究都得出相同的结论。

有的研究发现，在一些特定的情况下，非控股国有股权对企业绩效可能产生积极影响。

这是因为国有股权可以提供稳定的资金供给和强大的政策支持，尤其在政府干预高度的行业中。

3. 家族所有权与非控股国有股权的交互效应家族所有权和非控股国有股权作为两种常见的股权形式，它们之间可能存在交互效应。

直观上，两者可能是互补的。

家族所有权能够提供长期稳定的经营理念和价值观，而国有股权提供稳定资金和政策支持。

“去家族化”如何影响家族企业战略基于跨国并购视角的动态分析

“去家族化”如何影响家族企业战略基于跨国并购视角的动态分析一、本文概述随着全球经济的日益一体化和市场竞争的加剧，家族企业在寻求持续发展和扩大市场份额的过程中，跨国并购已成为一种重要的战略选择。

然而，在跨国并购的过程中，家族企业常常面临着一系列挑战，其中之一便是如何在保持家族控制的实现企业的“去家族化”。

本文将深入探讨“去家族化”对家族企业战略的影响，特别是在跨国并购的背景下，分析这一过程的动态变化和挑战。

我们将对“去家族化”的概念进行界定，明确其在家族企业发展过程中的含义和影响。

接着，我们将从跨国并购的视角出发，分析家族企业在实施“去家族化”战略时可能遇到的困难和挑战，如文化传承的冲突、管理模式的转变等。

然后，我们将通过案例研究的方法，分析一些成功实现“去家族化”的家族企业案例，探讨它们在跨国并购过程中如何平衡家族控制和企业发展的关系，以及这种平衡对企业长期发展的影响。

我们将对“去家族化”战略对家族企业的影响进行总结，并提出一些建议，以帮助家族企业在跨国并购的过程中更好地实施“去家族化”战略，从而实现企业的持续发展和成功转型。

二、家族企业战略现状分析在当前全球经济一体化的大背景下，家族企业作为一种特殊的企业组织形式，其战略选择与发展路径受到了广泛关注。

家族企业普遍面临着传承与创新、家族利益与企业发展等多重挑战。

尤其是在跨国并购这一重要战略手段的运用上，家族企业既有机遇也有挑战。

家族企业战略的核心在于平衡家族利益和企业长远发展。

在传承方面，许多家族企业面临着家族成员接班的问题，这要求家族企业不仅要考虑家族成员的能力和意愿，还要考虑他们是否能够胜任企业的战略发展需求。

在创新方面，家族企业需要在保持家族传统和核心价值的同时，积极适应外部环境的变化，进行战略调整和创新。

跨国并购作为家族企业战略转型的重要手段之一，既能够为企业带来规模扩张、资源整合等优势，也可能带来文化冲突、管理整合等挑战。

在跨国并购中，家族企业需要特别关注目标企业的文化背景、管理制度、市场地位等因素，以确保并购后的整合顺利进行。

我国家族企业股权结构变化及启示———以新希望集团为例

我国家族企业股权结构变化及启示———以新希望集团为例作者：张杰来源：《中外企业家》 2013年第12期张杰（攀枝花学院经济与管理学院，四川攀枝花 617000）摘要：我国家族企业广泛存在于私营企业之中，本文以新希望股权结构的变革为研究对象，归纳出具有普遍借鉴作用的结论，希望能对我国众多家族企业的股权结构治理起到参考作用。

本文分为四个部分：首先介绍相关定义、研究背景、目的和意义，接下来探析家族企业股权结构的现状，再对新希望集团的股权结构变化过程进行分析，最后得出结论。

关键词：家族企业；股权结构；控制中图分类号：F276文献标志码：A文章编号：1000-8772（2013）33-0058-02一、概述目前我国大多数民营企业采用家族企业的管理模式，企业的股权高度集中在少数家族成员手中。

而股权结构又是影响家族企业治理效率的重要因素，一般说来，治理结构与股权结构相对应，它决定企业治理机制的运作方式和控制权的配置，进而影响甚至决定着企业治理的效率。

现阶段我国家族企业家族持股的比例和股权集中程度偏高，股权制衡的程度较低。

如果家族控股的比例适当降低，对股权结构进行优化，可以对家族大股东掠夺中小股东利益的情况产生一定抑制作用，并且家族企业的治理效率将得到提高。

二、我国家族企业股权结构的现状（一）家族股东“一股独大”的现象比较普遍家族股东“一股独大”形成的原因，主要是家族企业在创业的初期通常只有几个少数发起人，并且往往他们具有一定的血缘或亲属关系，自然而然就形成了高度集中的股权结构。

家族企业的上市通常又是通过这些家族绝对控制的公司间接或直接上市，家族股东为了保持自己的绝对控制地位，对社会公众发行的股份数量占总股份的比例很低，由此产生“一股独大”的现象，这也是家族制企业最为主要的特征，绝对控制权始终掌握在家族手中。

（二）上市家族公司多采用金字塔式的股权结构金字塔式股权结构指的是纵向的多层级、多链条类似于金字塔的所有权结构。

代际传承背景下家族企业战略变革过程及结果

新一代领导人需要具备领导能力和管理经验，以应对企业面临的挑战和机遇。
代际传承过程中需要妥善处理上一代和下一代之间的权力转移和利益分配问题，避免企业内部的不稳定和冲突。
03
代际传承背景下家族企业战略变革的过程
战略变革的动因
家族企业继承人意愿
继承人希望在代际传承中实现企业战略的转变，以适应新的商业环境或接管家族企业后的经营需求。
新一代领导人的价值观和管理风格可能与上一代存在差异，可能导致企业战略的调整和变革。
代际传承对家族企业的影响与挑战
代际传承可能引发家族内部的利益冲突和权力争夺，对企业经营产生不利影响。
代际传承对家族企业的挑战
家族企业需要平衡家族利益和企业利益，确保企业长期稳定发展。
代际传承对家族企业的影响与挑战
家族成员担任高层管理职务，对企业具有显著影响。
代际传承对家族企业的影响与挑战
• 代际传承定义：代际传承是指家族企业在不同世代之间的权力转移过程，通常涉及到家族企业的所有权、经营权和领导权的转移。
代际传承对家族企业的影响与挑战
代际传承对家族企业的影响
家族企业的所有权和经营权从一代传递给下一代，可能面临权力转移过程中的挑战和冲突。
建立现代企业制度与治理结构
建立规范的现代企业制度
家族企业应完善企业制度，明确企业产权、管理权和经营权，以降低企业决策的随意性和风险。
VS
引入职业经理人
为提高企业的专业化水平，家族企业可以引入具有管理经验和业务能力的职业经理人，实现更高效的管理和战略决策。
加强员工培训与团队建设
建立完善的员工培训体系
缺乏实证研究
现有研究大多停留在理论探讨层面，缺乏实证研究，难以客观反映代际传承背景下家族企业战略变革的真实情况。

赋予股权还是泛家族化家族企业职业经理人治理的实证研究

赋予股权还是泛家族化家族企业职业经理人治理的实证研究一、概述家族企业作为一种独特的企业组织形式，在全球经济中占据了举足轻重的地位。

随着企业规模的扩大和市场竞争的加剧，家族企业在治理结构上逐渐面临挑战。

如何合理赋予股权以及如何处理泛家族化问题，成为了家族企业治理中亟待解决的难题。

本文旨在通过实证研究，探讨家族企业在职业经理人治理过程中，股权分配与泛家族化现象的影响及其内在机制。

本文首先界定了家族企业、股权分配和泛家族化等核心概念，并梳理了国内外关于家族企业治理的相关研究文献，为后续的实证研究提供了理论基础。

在此基础上，本文选取了一定数量的家族企业作为研究样本，通过问卷调查和深度访谈等方法，收集了关于股权分配、泛家族化现象以及职业经理人治理等方面的数据。

通过对数据的分析，本文试图揭示股权分配与泛家族化现象对家族企业职业经理人治理的影响。

具体而言，本文将探讨股权分配是否会影响职业经理人的决策效率、激励机制以及忠诚度等方面同时，分析泛家族化现象如何影响职业经理人的工作满意度、团队协作以及企业创新等方面。

本文还将进一步探讨股权分配与泛家族化现象之间的相互作用及其对企业整体绩效的影响。

本文根据实证研究的结果，提出相应的政策建议和实践启示。

旨在为家族企业在股权分配和泛家族化问题上提供有益的参考，促进家族企业健康、可持续地发展。

同时，本文也期望为未来的研究提供新的视角和思路，推动家族企业治理领域的研究不断深入。

1. 研究背景：介绍家族企业在全球范围内的普遍性和重要性，以及随着企业发展，家族企业逐渐引入职业经理人的趋势。

家族企业作为一种普遍存在的企业组织形式，在全球范围内占据了重要的地位。

这些企业通常由创始人或其家族成员直接参与管理，并且在家族的控制和主导下持续发展。

家族企业的重要性不仅体现在它们对经济的贡献上，还体现在它们对社会、文化和政治等方面的影响上。

随着家族企业的规模扩大和市场竞争加剧，传统的家族管理模式逐渐面临挑战。

家族企业融资方式探讨

家族企业融资方式探讨【摘要】家族企业作为世界经济中重要的一部分，其融资方式一直备受关注。

本文从家族企业融资现状、传统融资方式及风险、新兴融资方式探讨、家族企业融资策略选择以及家族企业融资的挑战等方面展开分析。

家族企业在融资过程中面临着多方面的挑战和风险，但也有着丰富的融资选择。

未来，家族企业在融资方面应该注重创新，积极应对市场变化，选择适合自身发展的融资方式，并制定有效的融资策略。

家族企业融资的发展趋势将向着多元化和专业化方向发展，更加注重家族文化和企业价值的融合，为家族企业的可持续发展提供更多的机遇和挑战。

【关键词】家族企业，融资方式，现状分析，传统融资，风险，新兴融资，策略选择，挑战，发展趋势，展望1. 引言1.1 家族企业融资方式探讨家族企业是指由家族成员共同经营管理的企业，其融资方式对企业的发展至关重要。

本文将探讨家族企业的融资方式，分析现状、风险，并探讨新兴的融资方式。

家族企业在融资过程中面临着许多选择和挑战，需要科学合理地选择融资策略。

文章将对家族企业融资的发展趋势和未来展望进行探讨，希望通过对家族企业融资方式的探讨，为家族企业在融资方面提供一定的参考和帮助。

2. 正文2.1 家族企业融资现状分析家族企业在中国经济中占据着重要地位，其在融资方面也面临着各种挑战和机遇。

目前，家族企业融资主要包括银行贷款、股权融资、债券融资、小额贷款等多种方式。

银行贷款是家族企业最常见的融资方式之一。

由于家族企业通常拥有稳定的现金流和较高的信用度，银行对其贷款申请较为支持。

银行贷款也存在着利率较高、还款压力大等问题，使得家族企业需要谨慎选择贷款额度和期限。

股权融资是家族企业扩大规模和提高资金效率的重要途径。

家族企业可以选择向风险投资公司或上市公司出售部分股权，获得资金支持并实现资本运作。

股权融资也会带来股东权益分散、决策权下降等问题，家族企业需要权衡利弊。

债券融资是家族企业较少使用的融资方式，但随着发展，其逐渐受到关注。

民族企业与家族企业的承接和变革

民族企业与家族企业的承接和变革民营企业和家族企业作为我国经济的重要组成局部，地位与作用均不容无视。

而由于民营企业大多由家族企业开展而来，在组成方式与结构上有其特殊性。

中国为数众多的家族企业大多完成了资本的原始积累，此时企业的规模效益开始出现，市场份额逐渐扩大，产品品牌和企业的名声也渐为世人所知。

但是即便是精力再旺盛的创业者也无法照顾到企业的方方面面，必然要构建全新的格局。

此时开始走向嬗变的十字路口，面临着成长和转型的挑战。

于是企业的产权结构开始发生变化，股权开始出现多元化和社会化；创始人也逐渐从管理层淡化，经营工作交由职业经理人承当；企业文化的建设也提上了议事日程。

但是要完成这一转变显然并非易事。

此时所有者与经营者的矛盾开始出现，家族成员之间的矛盾也浮出水面，老人和新人也会出现纷争。

这就形成了家族企业开展的一道坎：越过这道坎，企业就会取得可持续开展，成为规模较大的民营企业，甚至走上现代化企业的道路。

越不过这道坎，企业就会轰然倒塌或者退回到起步阶段。

虽然本人对中国广厦建设集团了解不是很多，但本人认为广厦已经成功的迈过这道坎。

已经转变成大型民营企业甚至正在向现代化企业变革。

变革是一个非常重要的过程。

稍有不慎就会满盘结输。

改革开放以来，我国民营企业得到了很快开展，为社会、为国家做出很大奉献。

但同时，由于一些民营企业引发的诸如急功近利、制假售假、污染环境、逃避税收、财务欺诈、拖欠工资、无视平安、蒙骗消费者等社会问题频频出现，触目惊心，使人们对企业在享受公民权利的同时要承当与履行“社会公民企业”的义务与责任。

民营企业往往已初具规模化并进入平稳的开展期。

企业再上台阶时，往往就出现了开展瓶颈；特别是民企老板，会遭遇许多心灵的困惑。

**某电器集团，在资产逾亿抢滩**时，公司老总同我们分享他的困惑历程：在企业规模近百万以前，赚钱为主要目标；当资产上千万逾亿后，物质需求早已满足，但他仍然投资开展、超负荷工作，这是为什么呢？他的答案是源自社会责任感。