家庭企业占全球企业约三分之二，麦肯锡估算其贡献了全球GDP中的近似同等份额。按本文定义（家族持有至少20%的股份或表决权，且完成过至少一次代际交接），全球大型上市企业中几乎有四分之一是家族企业，美国约占1/16、欧洲约占1/7、亚洲约占1/3，研究样本覆盖美欧亚主要指数约1600家非金融上市公司。
在过去20年，家族企业对股东的回报（含分红）与非家族企业大体相当，但不同产业、国家和时期差异明显。它们在零售和消费品行业占比超过三分之一，并且在2007—2009年金融危机与COVID初期虽然与其他公司同步下跌，但后续反弹更强，部分因为其净负债相对权益更低、现金更充足。
代际更替压力正在上升：仅57%的美国非上市家族企业有接班计划，营收超过10亿美元的美国非上市家族企业中不足三分之一预计下一任CEO来自家族；若引入职业经理人，德勤估计约四分之三会继续维持外部管理层。Ifo调查显示，拟出售家产的继承人比例从2020年的14%上升到2023年的23%，显示家族在出售控股或全部所有权的意愿在上升。
Family firms account for about two-thirds of all businesses worldwide, and McKinsey estimates they generate a similar share of global GDP. Under the article’s definition (family control of at least 20% of shares or voting rights and at least one generational handover), nearly one quarter of large listed firms globally are family-controlled, with the regional shares about 1 in 16 in America, 1 in 7 in Europe, and 1 in 3 in Asia; the study sample covers around 1,600 non-financial listed companies across major indices in America, Europe, and Asia.
Over the past two decades, family firms delivered shareholder returns including dividends that were broadly comparable to non-family peers, but outcomes varied by sector, country, and period. They represent more than one-third of firms in retail and consumer goods, and while they lost as much value as peers during the initial 2007-09 and COVID shocks, they rebounded more strongly, in part because they carry lower debt relative to equity and tend to hold larger cash buffers.
Succession pressure is intensifying: only 57% of unlisted U.S. family firms have a succession plan, and among unlisted American family firms with revenue above $1bn, fewer than one-third expect the next CEO to come from the family; if professional managers are installed, Deloitte estimates three-quarters keep that arrangement. In the 2023 Ifo survey, heirs willing to consider a sale rose from 14% in 2020 to 23%, indicating rising readiness to divest ownership through public listings, private equity, or sales to competitors, including cases like Schroders ending almost two centuries of family control.
Source: A giant succession wave is coming for family businesses
Subtitle: Many will not survive
Dateline: 4月 09, 2026 04:24 上午