Research On Finance Governance Of New Hope Liuhe Group During Intergenerational Succession

Since the Reform and Opening up, China family firms has made great progress in China, and has become an important force to promote economic development and social progress. Family firms in the continuous development process are bound to carry out the intergenerational succession, but the power transfer of high cost and high failure rate makes family firms to take various measures to ensure the smooth completion of intergenerational succession. As the core of corporate governance, financial governance has a profound impact on the intergenerational succession and optimization of financial governance model to reduce the risk of intergenerational succession and transaction costs. Therefore, compared with the previous generation, family family in the intergenerational succession of financial management mode is also bound to have different characteristics.Based on the above analysis, this paper take New Hope Liuhe Group as a case research to previous intergenerational succession and the intergenerational succession of as a starting point, analyzes New Hope Liuhe Group in both periods different financial governance model, and the two financial governance differences were explored, this paper analyzes the rationality and applicability New Hope Liuhe Group in the intergenerational succession of the financial governance model adopted, and a preliminary analysis of the intergenerational succession of its supporting role. Finally, the financial governance model A-share family firms intergenerational succession of further research carried out, and put forward the family firms optimization intergenerational succession of financial governance recommendations.Financial Governance of different development periods of family firms also have different characteristics. Early in intergenerational succession, a high concentration of ownership, family governance and management authority should be supported and encouraged. After the family firms into the intergenerational succession of corporate financial governance should also change accordingly. As the founder out of business, higher ownership concentration increases the risk of intergenerational succession and integration costs, the Board "family-oriented" features increased external funding and human resource barriers to entry, finance corporate governance structure should be realized as for the more structure directors low ownership concentration and multi-level body. In respect of financial operation mechanism, financial decision-making system elements and requirements change management support to generation to participate in the occasion demands, the importance of financial decision making scientific and equity incentive increasingly important, the financial governance model showing different characteristics, but also meet the needs of enterprise development during this period.Through the intergenerational succession of rationality and adaptability to explore the financial governance model, we find, sound financial governance model for the intergenerational transmission of transfer of ownership and proprietary assets supportive, optimize financial management mode, you can achieve the realization "financial governance practices-corporate performance-intergenerational succession " of value delivery. Financial Governance intergenerational succession of family firms, there are still many problems, the needs of enterprises with their own situation can be optimized to ensure the smooth implementation of intergenerational inheritance.