代际传承是家族企业在成长过程中面临的重大问题。“子承父业”是众多家族企业普遍采用的权力转移模式。这种模式符合我国现阶段的国情,在今后相当长的时期内这种模式仍是家族企业传承的主流模式。文章对这种模式的存在合理性和治理效率进行了分析,指出我国家族企业普遍采取“子承父业”的权力转移模式,说明这种治理现状是与我国的制度环境基本契合的,是家族企业主在特定制度约束下的一种自主选择;尽管可能存在非理性的情况,但却是利益相关者在环境约束下的一种多方博弈均衡。 Intergenerational inheritance is a major issue that family-owned enterprises face in their growth. “Subordinate father ” is the power transfer mode commonly used by many family-owned enterprises. This model is in line with China’s national conditions at this stage, in the future for a long period of time this model is still the mainstream mode of family business heritage. The paper analyzes the existence rationality and governance efficiency of this model and points out that the majority of family-owned enterprises in our country adopt the power transfer mode of “subordinate father and father”, which shows that the current status of governance is basically in line with the institutional environment in our country. Is a kind of autonomous choice of family business owners under the restriction of specific system. Although there may be irrationality, it is a kind of multi-party game equilibrium under the restriction of environment.