家族傳承之股權架構 - 以A公司為例

Abstract

台灣家族企業的企業控制人年齡平均六十一歲，台灣經濟自1970年代起飛，創辦人、 第一代企業主，目前紛紛面臨企業交班、財富傳遞的階段。創業人除了將財富傳遞，永續經營也是創業人將營運果實傳承給世代子孫的要務。然而，家族成員常因為分家，財產分配的問題反目，更嚴重者，紛爭也對家族企業經營及其股價帶來負面影響，家族傳承規劃著實必要。家庭教育、財務、股權、同為所有的家族成員，及下一代的重要的課題。 世代交棒規劃分為軟性及硬體的部分，在軟性的部分，以家族治理、家族憲法為主軸，作為凝聚家族成員及事業的決策基石。硬體方面包括基金會、信託、或是可利用閉鎖性公司來加強對股權的控制。 本文提出六個台灣家族、三個海外家族的繼承實例，以顯示家族企業在交棒規劃的重要性，在這些例子中看到，家大業大，第二代面臨遺產稅時，還是需要現金; 第二代不一定能成功繼承到長輩的特殊資產; 長輩的分家規劃，第二代不一定同意，家族面臨了「分家分業」的挑戰; 長輩的遺願，並不一定得到法律或其他家族成員的支持; 家族紛爭，使成員更不和諧，間接影響家族企業的運作等等。再者，以股權傳承為要點，討論目前企業家在國內所應用的架構及其優缺點。同時，本研究將透過深度訪談的方式來了解個案公司的接班布局想法，並諮詢相關單位來蒐集資料。

結論中我們指出，在范博宏教授、Morten的《接班人計畫》中，對於以信託方式繼承家族企業的說明中，他提到信託契約的靈活性及時間持續性，這和研究個案所考慮的永久信託理念並不相符。歐美對家族企業的治理傾向採取經營權與所有權分離；而華人家族企業往往經營權與所有權結合，這些可能都是起源於東方固有的文化思想。然而，無論創辦人如何的緊密架構及法律上的設計，當家族間已經不存在互信關係，再完善的制度也無法讓這個家族企業繼續傳承下去。家族的凝聚力是要以軟性的家族治理，家族憲章為出發點，惟有「人」及「信念」才是決定家族競爭力及價值的根本條件。

As Taiwan’s economy took off in the 1970’s, entrepreneurs controlling many of the Taiwan family enterprises are now 61 years old, on average. These founders and first generation entrepreneurs are now all facing the stage when they have to handover their wealth and businesses to the next generation. Beside the transfer of wealth, business founders also have the important mission of ensuring the continuation of their businesses by their descendants. However, family members often end up turning against each other as a result of problems arising from inheritance distribution. Worse, disputes can adversely affect the family business and stock prices. Family succession planning and implementation are, therefore, necessary. Family education, finance, company shares are all important issues for family members and the next generation.

Family succession planning is separated into two parts, software and hardware. The principle of family succession software is family constitution, which consolidates family members and is a decision-making unit. The hardware consists of foundations, trust funds, or using closedly-held company to increase control of company shares.

This paper uses 6 Taiwan family succession and 3 overseas cases to show the importance of planning for family business succession. From these cases, one can see that if the family is big and the business is immense, the second generation needs a large amount of cash when it comes to inheritance tax. The second generation may not successfully inherit special assets. They may not agree with the inheritance distribution plan of family elders. The family and the family business, therefore, face the challenge of getting broken up. The last will of the elders may not be supported legally or by other family members. Family dispute will result in lack of harmony amongst family members which, in turn, will affect the family business’ operation and etc.

Furthermore, this paper will focus on the transfer of company shares, discuss the pros and cons of the application structure used by current entrepreneurs domestically. In conclusion, this paper will point out, in Morten’s “The Family Business Map”, when talking about using the trust method in family succession, one must pay attention to the flexibility of the trust contract. This is different from the idea of a perpetual trust. While Europe and America tend to lean towards separating business operation control from ownership when it comes to family business governance, the Chinese family businesses often combine the two together. This could be the result of the culture and thoughts of the East. However, regardless of how meticulous the founders might have been with the design in terms of structure and legality, when family members no longer trust one another, even a more comprehensive system would not allow for succession of family business. The cohesiveness of the family required family succession software, beginning with family governance, only ”man” and “belief” are the fundamental deciding factors of family competitiveness and value.