亚洲私人銀行-亞洲家族的財產轉私和繼承.ppt

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1、White paper,Asian families:,Emotional aspects of wealthtransfer and inheritance,Produced in partnershipwith INSEAD,Contents,Executive summary.1Introduction.3Challenges faced by successors in family firms.5Generation MBA:In a league of their own.8Planning the future of family business and wealth:Invo

2、lving the next generation.11Changing gender roles:Women making inroads.15Globalised business world:Asian family values.19Conclusion.23Bibliography.25,Charts,Breakdown by country.4Breakdown by line of business.4Highest educational qualification of next generation.8Generation gap:Involvement in busine

3、ss and wealth.11Are children concerned about protecting family wealth?.12Desired future of family business.13Expected role of wife,daughter or daughter-in-law in managing wealth.15Future plans to use wealth.20,Asian families:,Emotional aspects of wealthtransfer and inheritance,Executive summaryIn ea

4、rly 2006,ABN AMRO Private Banking commissioned INSEAD,a leading business school,to undertake a research projectinto the emotional aspects of wealth transfer and inheritance in Asian families.The study,the first of its kind to be conductedin Asia,provides an unprecedented insight into the seldom-shar

5、ed views of more than 30 of Asias high-net-families fromHong Kong,India,Indonesia,Malaysia,Singapore and Taiwan.The majority of private wealth creation in Asia is linked to entrepreneurship and family enterprise;a fact supported by the survey-of the 33 respondents,32 currently run a family business

6、and one had previously sold the family firm.Despite playing a large part in the Asian economy,the contribution of family enterprise is often short lived;in general only threein ten family businesses survive into the second generation and a mere one in ten into the third.As the study identified,it is

7、 oftenthe complex emotional issues that are intrinsic to a family-run firm that lead to its demise.The last two decades have seen an unprecedented pace of change in the social and business landscape in Asia.Asian familiesare becoming increasingly exposed to Western influences.For example,33%of surve

8、y respondents with children,who arestudying for or have completed an undergraduate degree,educated them abroad.26%had MBAs from US and European businessschools.The result is a generation with a radically different outlook on life and success,which is challenging traditional Asianfamily values and bu

9、siness practices.Following are some key findings based on the survey results:,Greater options in life can result in the family firm feeling like a burdenFor young graduates with a multitude of career paths to choose from,inheriting the family business can feel like a burden.A sense of duty clashes w

10、ith the desire to pursue personal life goals and aspirations.This can be aggravated by parentswho insist on controlling the family firm after retirement.The survey,supported by existing INSEAD research,has shown that successful families seek to move members fromdependence to independence.Families su

11、cceed when they respect the needs and aspirations of individual members,anddevelop their capabilities to be independent adults and responsible owners of wealth.A conflict between trustees and managersThe inter-generation conflict is particularly visible in planning the family firms future growth str

12、ategy.The new generationsaggressive management style and growth plans for the family business clash with the previous generations conservative,trustee role.For example,85%of members of the younger generation surveyed saw diversification as a key strategy togrow the family wealth.This is in stark con

13、trast to the older generation who often focus on protecting and preservingwealth and therefore view diversification as too risky.Western management models are gaining greater acceptanceThe rising generation of Asian family business owners emphasises the need for professional management,with 30%ofsur

14、vey respondents keen to involve professionals in the running of the business in the future.The new generation seeksto complement the founders entrepreneurial instincts with the Western management models it feels comfortable with.The survey demonstrated a younger generation with a broad exposure to f

15、inancial issues and fluency in new ways of doingbusiness,such as venture capitalism and internationalisation strategies,which often causes conflict with the morecautious business methodologies of their parents.A shift from authoritative to authoritarian parentingIt is not only the coming generation

16、that is bringing about change,the older generation is too.The survey underlined a shiftfrom an authoritarian do-as-I-say approach to an authoritative style of parenting,which is allowing children greaterfreedom.Authoritative parents encourage independence,provide rational guidance and try to involve

17、 everyone in familydecisions.They are capable of looking at both sides of an issue and admitting that children sometimes know more.Asian parents are loosening controlTrue to this parenting style,the majority of parents interviewed in the survey did not pre-judge and were willing to toleratesome unce

18、rtainty about their childrens ambitions regarding their careers and lives.1,Women making inroadsAlthough keen to respect their wishes,the childrens desire to pursue their own goals can cause cultural issues for parentskeen that the firm remains in family hands.However,thanks to cultural changes,incr

19、eased chances of higher educationand a younger generation of fathers accepting women in the workforce,an increasing number of daughters have beengaining influence in the family businesses.42%of the survey respondents indicated some form of daughters involvement.Work experience gained outside the fam

20、ily business gives daughters extra credibility,which in turn helps them avoid orcounter tension and rivalry with other family members.The continued success of family firms will rely on the parents ability to let goThe survey showed that involving children in the management of family wealth can be a

21、good entry point for bringing theminto the inner workings of the family business.Leadership examples are crucial.One sign of leadership among parents isthe ability to let go,rather than continuing to be a dominant force in the family firm even after retirement.Asian values continue to provide guidan

22、ceAgainst a backdrop of increased Westernisation in the business environment,Asian family values remain.The Asianbusiness families surveyed reported drawing strongly on Asian religious and philosophical traditions as sources of guidanceand continuity.Family values help different generations recreate

23、 a shared sense of purpose.Philanthropy is of growing importanceIssues such as philanthropy,charity and family legacy have come to the forefront in building and transferring family wealth.52%of first generation respondents in the survey hoped to create positive change through their familys sustained

24、commitment to philanthropy.Wealth management is not getting the attention it needsWorryingly,many high-net-worth Asian families are yet to view wealth management as a lifelong process and give it thesame attention they give to business management.52%of the families surveyed have involved the new gen

25、eration inmanaging the family business.In contrast,only 42%of members of the younger generation reported being involved inmanaging wealth.Planning will be imperative to ensure a smooth transition in an increasingly dynamic environment,The process of transferring wealth to the next generation will al

26、ways be complex.However,as the pace of changequickens and the generation gaps increase,high-net-worth Asian families will increasingly need to engage professionaladvice early on in planning for a succession.This will help reduce the impact of emotions on decision making inside thefamily firm and hel

27、p prepare the children for the responsibilities that wealth brings by building up the right attitudes andunderstanding of the business,wealth and their responsibilities as heirs.The annual turnover of family businesses represented in the survey was distributed evenly among brackets of USD 5-25 milli

28、on,USD 2550 million,USD 50100 million,USD 100250 million and greater than USD 250 million.12%of respondents came fromfamily firms whose turnover exceeded USD 250 million.2,Finding new ways of involving the next generation in the responsibilities of managing the family business and wealth.Understandi

29、ng the complex emotional aspects of transferring wealth between generations.Minimising the potentially destructive effects of emotions on the continuity of the family business and the family itself by,IntroductionBackgroundFamily enterprise is a crucial source of private wealth creation in Asia.Simi

30、larly,a large portion of Asias high-net-worth familiesare business families.In the past 20 years,these firms have seen dramatic changes in the global business environment.Inaddition,the strong focus on family that has defined Asian cultures has not been left unaffected by the economic and culturalgl

31、obalisation that has come in its wake.The level of Asian families understanding of family wealth has also evolved.Because private wealth in Asia,unlike in Europe andthe United States,has been mostly self-made,rather than inherited,until recently Asian families focused purely on the financialaspects

32、of wealth.Increasingly,however when thinking about their strategic wealth management plans,high-net-worth familiesin Asia ask:“What is a good life and how can wealth be used as a mean to reach that good life?”As a result,the long-term success and well-being of the regions high-net-worth families inc

33、reasingly depends on how theymaster the following issues:,carefully and professionally planning for wealth transfer as a long-term process.ABN AMRO Private Banking survey of high-net-worth Asian familiesIn order to explore these issues in depth,ABN AMRO Private Banking sponsored a unique,Asia-focuse

34、d research survey on theemotional aspects of wealth transfer and inheritance.This initiative is reflective of the Private Banks commitment to,andexpertise in,translating personal needs and concerns into financial objectives.The survey was completed by InnovAsia,aninitiative from INSEAD that provides

35、 customised research on new and innovative business developments in Asia.Throughout theprocess,InnovAsia received guidance from Randel Carlock,INSEADs The Berghmans Lhoist Chaired Professor of EntrepreneurialLeadership,Senior Affiliate Professor of Entrepreneurship and Family Enterprise,and Director

36、,Wendel International Centre forFamily Enterprise.The survey emphasised individual and family group emotions and examined the way they shape decision-making processes inareas such as family wealth management,as well as interaction between family generations.The objective was to explore theemotional

37、forces that can strongly influence leadership and the overall functioning of the family.Issues that were at the forefrontof the research effort included personal motivations,aspirations and anxieties.White paperThe surveys research findings,incorporating ideas and opinions shared by families who par

38、ticipated in the survey,are presentedin this white paper.It examines a number of challenges faced by Asian high-net-worth families and presents recommendationsbased on INSEADs ongoing research on family enterprise.In addition,the paper puts forward a prediction on how the up-and-coming generation of

39、 family business and wealth owners will approach the issues that are now confronting their parents 20-30years from now.The findings of the survey were enriched with data from secondary sources as well as ongoing research byINSEADs Department of Entrepreneurship and Family Enterprise,and the Wendel I

40、nternational Centre for Family Enterprise atINSEAD.The objective was to summarise the main observations of the study in a dynamic and stimulating framework.Additionally,many Asian families are seeking concrete,tangible solutions to their problems.In fact,they may be uncomfortablewith highly theoreti

41、cal,process-oriented and insight-oriented strategies.As such,the recommendations put forward in thisdocument aim to provide a practical tool for Asian families seeking clarity and structure in their long-term effort to improve theways they define,manage and transfer family wealth.3,Breakdown by line

42、 of businessBased on responses to:What is the primary lineof business of your group?*,*Other services cited include:Construction,hospitality,logistics,jewellery,retail,telecommunications.,Focus on AsiaOne of the unique features of the survey is the fact that it was conducted exclusively in Asian cou

43、ntries.Research on Asian familysystems,and in particular the strategies that Asian families deploy in managing their wealth,is a new area of managementstudies,drawing on psychology as well as theories of group dynamics.It requires a skillful integration of qualitative and quantitativeresearch method

44、ologies and seeks to incorporate contexts and sensitivities that are specific to Asian cultures.Therefore,inpresenting the findings and the related context through this document,INSEAD InnovAsia analysts were committed to consideringin detail the relevant cultural tradition of the region.Where appro

45、priate,they sought to counter some of the stereotypes regardingAsian family dynamics that have been common in Western literature.Survey methodologyINSEAD InnovAsias team of regional and country analysts administered the survey between March and August 2006.Thesurvey was completed through a series of

46、 in-depth,qualitative interviews with more than 30 high-net-worth families inHong Kong,India,Indonesia,Malaysia,Singapore and Taiwan.Interviews were conducted face to face and over thetelephone.,Respondent demographicsOf the 33 respondents to the survey,one respondent has sold off the family busines

47、s,and another two are planning todo so.Among the 32 families who currently run a family business,85%reported more than ten years experience in theirfamily firm.The overall involvement spans from a few years to more than 30 years.Almost all respondents are managersof the respective business lines in

48、their firms.17%of the family firms in the survey are conglomerates.Other main lines of business involve basic materials,industrialgoods,jewellery,real estate,trading and construction.One firm is run as an investment holding.,22%Singapore6%Malaysia,25%India,19%Indonesia,9%Hong Kong,6%3%UAE China9%Tai

49、wan,17%Conglomerate,33%Otherservices,10%Consumersgoods,17%Industrialgoods13%Financialservices,7%Basicmaterials,3%Healthcare,Breakdown by country,Based on responses to:Where is your businessgroup headquartered?,33%of the firms in the survey have been founded by the respondents fathers,an additional 1

50、5%by the grandfathers and9%by the great-grandfathers.One firm is currently being managed by the sixth generation of the founding family.4,Asian family businesses have enjoyed a prominent place in Asias economic landscape.Increasingly,many Asian familyfirms are becoming active and recognised players