中文摘要：

本文以美的集团创始人离任后由职业经理人继任事件为例，从创始人离任导致创始人专用性资产减损和继任者继任过程中专用性资产重构的视角出发，将创始人离任模式和继任者来源相结合，讨论企业继任问题的本质和权力交接的不同路径选择及其对企业成长的影响机制。主要发现和结论是：①创始人专用性资产是企业发展的关键资源，创始人离任后，继任者能够成功继任的关键在于专用性资产的重构，以突破创始人专用性资产对企业成长的约束，实现企业权杖顺利交接;②创始人离任和继任者继任是一个动态复杂、相辅相成的系统性工程，不同权力交接模式具有不同的动因、特征和适用条件，企业应当具体问题具体分析，理性规划，合理安排。企业可以通过“过程培养”、“制度安排”和“文化传承”三个方面的机制设计，将创始人离任时的专用性资产减损程度降至最低，实现创始人专用性资产和继任者专用性资产的转化和替代，形成对职业经理人的互信、激励和约束，实现职业经理人的成功继任，家族利益和企业价值的共赢。本文对于民营企业创始人离任后权力交接的路径选择具有重要的启示意义。

英文摘要：

From the perspective of specific assets impairment and reconstruction during the process of founder turnover, this paper, based on the case of Midea Group, combines the founder＇s departure and successor sources, and discusses the nature of business succession, the different paths of power transfer and its impact on the enterprise growth. Our findings are as follows. Firstly, founder＇s specific assets are the key to the development of enterprises, after the founder leaves office, successful succession lies in the specific assets restructuring, to make up for the loss of the founder＇s specific assets and realize a smooth power transition. Secondly, the systematic project of founder＇s departure and successor succession is dynamic and complex. Different power transfer modes have different motivations, characteristics and applicable conditions. A ease-by-ease planning and arrangements should be in place rationally. Enterprises can reduce the deductible degree of founder＇s special assets to a minimum extent, and achieve the transformation and substitution of the founder and successor＇s special assets through the ＂process fostering＂, ＂institutional arrangements＂ and ＂cultural inheritance＂ three aspects of mechanisms, so as to form mutual trust, encouragement and restraint of managers, to achieve the success of professional manager succession and win-win situation of family interests and enterprise values. This paper is of certain enlightening significance in how to choose the power transition path to achieve smooth business shift and sustainable development.