美國摩根家族企業經營模式成功之探討

家族企業是全球企業的主要經濟的主體，而能夠幫助一個國家成為世界強國並對全球金融造成直接影響力，同時又能為己企業成功發跡並創造巨額財富的家族企業，非19世紀末20世紀初之摩根家族企業莫屬。而根據歐美家族企業研究顯示，只有30%的家族企業能夠延續到第二代，12%的家族企業能夠延續到第三代，而3%的家族企業能夠成功的延續到第四代或以後，足以顯現家族企業接班傳承的困難程度，摩根家族企業也不例外，於第三代全盛時期時其血親成員逐漸退居幕後，將經營權交給專業經理人，家族保有所有權與控制權，即正式進入專業管理階段的家族企業經營里程碑，創造一個新的國際豪門家族企業模式。然而摩根家族企業在接班傳承過程中是否仍可以血親成員繼續掌握經營權之家族企業呢？本研究旨在對於摩根家族企業經營成功模式以及對於摩根家族企業接班傳承進行可行性之研究分析，並提出家族企業接班傳承規劃策略。透過本研究探索性的分析，希冀為各產業之家族企業提供在經營發展與接班傳承方面的參考價值。因此本研究遂以內容分析法為主及輔以George Z.F.Bereday的比較研究法為基礎，並依據過去的研究結果發展出研究命題及對摩根家族的文獻資料進行內容比較分析，並透過以摩根家族企業戰略夥伴的杜邦家族之接班傳承永續發展的成功因素，藉以分析摩根家族接班傳承之可行性評估。根據本研究結果顯示，首先摩根家族企業成功經營的關鍵成功因素，結合了「資金」，擁有雄厚的財務實力是企業開創初期以及企業拓展持續過程中重要的基礎；「人才」，掌握創業的機會以及企業再造輝煌的契機是需要擁有充裕能力的人才與永續合作的人脈資源；「環境」，在競爭的市場環境裡必須透過具備掌握及創造營運市場能力以快速因應環境的變化與規避風險。其研究結果顯示，摩根家族企業若得以成功接班傳承，必須重視「家族繼承人選及接班繼承規劃」及「家族辦公室與家族憲章的建立」，是為確保家族企業永續發展及財富傳承最重要的環節，其次為成功接班傳承之關鍵成功因素依序包含了必須長期規劃次代教育以永續傳承、家族與員工之團隊內部的凝聚力並能夠進行權力的分享、透過家族聯姻建構血親繼承成員、家臣或專業經理人建立共治模式與隔代傳承、家族財產信託及投資配置與參與公益事業以回饋社會，得以保障其股權不分散。

關鍵字

豪門接班；摩根家族；杜邦家族；內容分析；比較研究

並列摘要

Family business are major economic entities of global business. The family business that can help a country become a great power and have a direct impact on global finance, and at the same time can make a fortune for its own business and create massive wealth is the Morgan family business in the late 19th and early 20th centuries. According to the research on family business in Europe and the United States, only 30% of family businesses can survive into the second generation, 12% into the third generation, and 3% into the fourth or later generations. It shows how difficult it is for the family business to continue to inherit. The Morgan family business is no exception, in the heyday of the third generation, its blood relatives gradually retreated behind the scenes, handing over the management rights to professional managers, and the family retains the ownership and control, which is the milestone of family business operation that officially entered the professional management stage, creating a new international large-scale family business model. However, can the blood relatives of the Morgan family business continue to control the management rights of the family business in the process of succession and inheritance? The purpose of this study is to analyze the feasibility of the successful business model of the Morgan family business and the succession and inheritance of the Morgan family business, and to propose a planning strategy of family business succession and inheritance. Through the exploratory analysis of this research, it is hoped to provide references for family businesses in various industries with business development and inheritance succession. Therefore, this study is based on the content analysis methodology and supplemented by George Z. F. Bereday's comparative research methodology, to compare and analyze the content through the research proposition based on the past research results and the literature data of the Morgan family, and through the success factors of the succession and sustainable development of the DuPont family, which is the business strategic partner of the Morgan family business, to analyze the feasibility assessment of the Morgan family succession. According to the results of this study, first of all, the key success models for the successful operation of the Morgan family business are combined with “capital”- strong financial resources are an important foundation for the initial stage of an enterprise and the continuous process of enterprise expansion, “talents”- to grasp the opportunity of starting a business and the opportunity to recreate the glory of the enterprise need capable talents and human resources for sustainable cooperation; “environment”- in a competitive market environment, we must be sensitive and risk-taking to gain high returns and have quick adaptability to master changes in the environment and avoid risks. The study results show that if the Morgan family business succeeds in inheritance succession, it must pay attention to “family succession candidates and succession planning” and “establishment of family office and family charter”, which are the most important factors to ensure the sustainable operation of the family business and the inheritance of wealth. Secondly, the key success factors for successful inheritance succession sequentially include the need for long-term planning of next-generation education for sustainable inheritance. suggestions on improvement strategies for the successful and continuous succession of the Morgan family business include the need for long-term planning of next-generation education for sustainable inheritance, the cohesion within the family and employees and the ability to share power, the establishment of inherited members through family marriage, the establishment of co-governance models and intergenerational inheritance by retainers or professional managers, the family property trust and investment allocation and participation in public welfare undertakings to give back to the society, so that ensure that their equity is not be dispersed.