From the equity transfer and equity structure before and after the listing of Wanda Cinema Line (002739, Share Bar), it can be seen that Wang Jianlin has been planning the road of family inheritance of enterprises, that is, the road of actual management, aiming at cultivating his son's successors through the traditional path of "enterprise rotation-department head-enterprise head-enterprise general manager-enterprise chairman".
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20 15 5438+00 In June, Hurun Research Institute released the Hurun Rich List. Wang Jianlin, 6 1 year old, topped the list with assets of 220 billion yuan. In an interview, Wang Jianlin mentioned that he planned to retire in 2002. If so, it means that at least in the next Five-Year Plan, Wang Jianlin will begin to arrange the inheritance of family businesses. In view of this, the author tries to explore Wang Jianlin's enterprise inheritance by using the existing family fortune management analysis paradigm and the existing public information on the Internet.
Analysis of Family Wealth
In family fortune's management analysis paradigm, based on Keynes's consumption function theory based on life cycle, we have established the life cycle capital balance sheet managed by family fortune, which divides capital into tangible capital and intangible capital, tangible capital into financial assets and non-financial assets, intangible capital into human capital and social capital, and liabilities into living expenses, financing expenses and charity expenses. Since this article focuses on the corporate inheritance of Wanda Group, next, we will focus on three related aspects.
First, the existing financial assets inheritance arrangements. It is reported that in 20 10, before the listing of Wanda Cinema, Wang Jianlin sold 5 million shares of Wanda Cinema to his son at a price of 1 yuan, and sold 3 million shares to his four brothers at the same price. Looking at the equity relationship of Wanda Cinema (Figure 1), the dominant equity of the whole family in Wanda Cinema is 68%. To sum up, at present, the whole family holds more than 70% of the shares of Wanda Cinema through explicit holding and previous inheritance arrangements.
Second, analyze social capital with family pedigree. One of the main means to plan the succession arrangement of family business in the world is to draw a genealogical map of family relationship, on the one hand, it can analyze the best candidate in the eyes of parents; On the other hand, it analyzes the relationship between the best personnel and family members, and how to get along with family members after the successful inheritance of the enterprise. Limited by the domestic birth policy, if Wang Jianlin chooses family inheritance, his only choice is his son Wang Sicong. According to public information, there are some obstacles in communication between father and son due to the common generation gap.
Third, the road of enterprise inheritance with capital operation as an attempt. According to public information, Wang Sicong's work experience in social capital includes the director of Wanda Group, the founder of IG E-sports Club and the chairman of Pusi Capital, among which the most low-key and high-profile position is the chairman of General Investment, because his investment field involves almost all aspects of his life cycle. For example, the concepts of Halla Mountain and Dining in catering enterprises, Fushou Garden in funeral industry, Ruier Dentistry in medical industry, Yunyou Holdings and fun games in entertainment and leisure. Not only that, but also high-tech enterprises, Hagood new technology of new energy enterprises and Wuxi (real estate) pioneer. But they have never promoted the high-profile enterprises they invested in. In fact, when my father ranked first in the Hurun Report (20 15), Wang Sicong also ranked among them with a value of 4 billion yuan, mainly due to the brilliant performance of Bos Capital, and five companies have been listed.
The road of wealth inheritance
Based on the analysis paradigm of family fortune management, combined with the above basic analysis, some conclusions and suggestions can be given. The goal of Wang Jianlin's family business management is "an international Wanda, a century-old enterprise", and there are two ways for family inheritance and professional managers to learn from. Among them, family inheritance can be divided into two ways: actual holding and virtual holding, and the treasurer selection method in the "east palm system" of Shanxi merchants can be used as an important reference for selecting professional managers at present.
In fact, from the equity transfer and equity structure before and after the listing of Wanda Cinema, it can be seen that Wang Jianlin has been planning the road of family inheritance of enterprises, that is, the road of actual management, aiming at cultivating his son's successors through the traditional path of "enterprise rotation-department head-enterprise head-enterprise general manager-enterprise chairman". Considering his son's overseas study experience and personal interests, he invested 500 million yuan to set up Pusi Investment on 20 12. In just three years, the investment income is as high as seven times, which shows that Wang Sicong's capital operation ability is extraordinary. Therefore, the second alternative of Wang Jianlin's family inheritance is to hold the virtual shares of its enterprises through financial groups. According to the information in the public annual report, Wanda Group announced on 20 14 that it intends to set up a financial control group, which has also been reported. At the same time, it should be noted that it is necessary to avoid the phenomenon of "Xianghai Pharmaceutical (002099, shares it)" and "Hisense Group" in family inheritance.
Finally, if Wang Jianlin chooses the third way-professional manager, we think that the "two strategies and four steps" shopkeeper optimization method of Shanxi merchants' east palm system can be used for reference. From the beginning of apprenticeship, the bank of Shanxi merchants only used locals. On the one hand, it is convenient to know the situation, on the other hand, it also increases the reputation risk of the apprentice. If an apprentice is dismissed by this bank because of some problems, the possibility of re-employment in other banks is extremely low, because the information between different banks is interoperable. This is the "local" strategy of Shanxi merchants. In addition, Shanxi merchants also used the "trust system" strategy. An apprentice must have a guarantor at the beginning of his career and bear joint liability for life. If the guarantor leaves his job halfway or has an accident, the guarantor will either leave his job or find another guarantor. In addition, the guarantor will also bear unlimited joint liability for the guarantor. In other words, if the guarantor has any problems, such as making false accounts, causing losses and the guarantor is unable to repay, the guarantor will bear the responsibility.
Under normal circumstances, before an apprentice becomes a shopkeeper, there are two stages: group friend and semicolon manager, during which he has to go through at least 20 years of tempering. Here we extract the semicolon manager's inspection method of the shopkeeper for reference: "far away, it is easy to bully, far away, it is loyal;" Being close is easy, and being close is respect; If you are bored, it will be difficult to manage, and if you are bored, you will see it; It is difficult to be a pawn, and it is wise to be a pawn; Urgent is easy to clip, urgent is its letter; Wealth is easy to be greedy, and wealth depends on its benevolence; Dangerous and changeable, observe its danger; Miscellaneous place is easy to lust, send wealth to watch its color. "
The writer is the director of the Wealth Management Research Center, Institute of Finance, China Academy of Social Sciences.