father: “My dear son, the family business after the ship is on by you and my daughter at the helm of it!” (Design dialogue) CFP for Figure
“Forbes” starting “Chinese family business Billboard” the performance of family businesses in Guangdong polarization
“Forbes” magazine China has just announced the Billboard family business, were listed in China’s A share market performance of the best and worst performing 10 listed family firms. The best performance of the top three is a family business: Suqian, the main basic chemical family of Pei service; Shenzhen, the main environmental and facilities services, Liu Shui family; Shenzhen, semiconductor products, Feng Lin ALFA family. The family business is the worst: the main real estate development in Guangdong and the same family of Liu Shaoxi main leisure products in Guangdong Liao Jin family, and Jiangsu, the main building, agricultural machinery and heavy trucks Tao Anxiang family.
high return on total assets listed family firms
“Forbes” magazine why attention to the Chinese family enterprise? The magazine staff, Miss Song said, because the family business in China started relatively late, and these changes in the family business system is also very interesting. Today, the family business issues facing heritage, and the “Forbes” that this is a very worthy topic of discussion and research.
According to “Forbes” magazine, in 2272 domestic listed companies in 1268 as a private listed companies, of which 460 for the family business, private listed companies accounted for 32.68% of the total. IPO this year there are 62 family business, accounting for 44.6% of total IPO this year. In fact, since 2006, listed on the family business potential blowout of a total of 370 companies in the last five years to enter the capital market. We can say that the performance of family businesses are very active this year.
Moreover, from the data point of view, listed family firms outperformed non-family business, it’s the total return on assets reached 6.66%, which is significantly better than the 1.75% state-owned listed companies and listed non- family business 2.82% rate of return. Compound rate of growth in net profit, although slightly down from the family of listed companies listed on private non-family business, but still far better than the listed state-owned enterprises. This situation and the performance of listed family firms in Europe and America are basically the same.
then these family members play in the enterprise, what kind of role? According to “Forbes” magazine statistics of the data, although the executives in these companies, only 14% of family members, the proportion of non-family members 86%, but the company’s decision-making power remains firmly in the family Members of the hands. Because 80% of the chairman of the board are family members. But to the implementation level, family members and professional managers are evenly divided.
“son” in the family business in the rise
family business a very significant feature is the family relationship, which seems to have become their core competencies . According to statistics, in the family business leaders, couples up, it can be said that China’s listed family firms, the largest is the “mom and pop.” In addition to husband and wife relationship, followed by brothers, father and son relationship, mother-child relationship, which should be the phrase: Tiger brothers, father and son soldiers into battle.
At the same time, a huge number of family businesses are experiencing inter-generational transmission of the test. Listed family firms in the 460, only 21 companies completed the second generation took over as chairman of the family, only 4.57%. Not without success stories, such as the side of Mao Li Xiang Tai Group has successfully passed the business to his son Mao Zhong. However, this is just the case.
the background of this phenomenon is the second generation of the family’s overall performance as good as the first generation. Older people with complex eyes of their own children, these pioneers who not only want to “inherit his father,” and worried that their children were unable to undertake this task, making the premature decline of the family business. When the descendants of poor business, or indeed not interested in doing business, companies must consider to hire professional managers from outside to participate in the management.
another very interesting phenomenon is that the power-law is on the rise, this is no children’s entrepreneurs have to face the choice, but the son is not strong in the case-law is a a good choice. Hals is typical of the first generation of family control sample were childless, as the actual control of the company’s current chairman Lu Qiang and his wife Kim share of U.S. children will be transferred to the eldest daughter and son-Lvzhen Fu Lvli Zhen, the second daughter and son Ouyang Fei Lvli wave, two son were 4.5% stake held by Hals Hals and served as director of the company.
distribution from the industry point of view, is a listed family business manufacturing the most concentrated areas. Most of which are chemical industry, consumer durables, clothing, machinery and pharmaceuticals. Distribution of the largest areas in Guangdong, Zhejiang and Jiangsu.
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