IPO Application In The Context Of Family Business Financing

Family business has a long history which can be dated back to 1400 years ago.Till now,it is still a universal organization of business across the world.Since 90 s,as non-state-owned enterprises have been gaining more recognition,especially for being recognized as an important component of Socialism Market Economy,private sector has been developing rapidly;whereas,family business is the major contributor of private sector.Family business is different from other forms of company due to its “familization” characteristics which consist of highly centralized power,exclusivity,etc.As a result,these characteristics make family business financing activities complex and special.Unveiling secrets in family business financing and solving family business financing problems have become a trending topics for many scholars and institutions.At the same time,as the most important channel of financing,IPO has formed a complete theory system in western mature capital markets as well as Chinese capital market under Socialism market economy with Chinese characteristics.However,this special group,family businesses,is rarely researched and analyzed for this topic.Hence,by researching IPO application in the context of family business financing,this thesis tries to discover theories that are valuable to family business financing.This effort will not only help family business to improve financing efficiency and accelerate development of financing markets,also it will enrich corporate financing theory system which has important academic value.From micro perspective,it will provide new thoughts and methodologies to family business which accelerate integration of internal and external capital effectively.In addition,it will also improve corporate financing efficiency and improve stock structure as well as strengthen management capability,which will serve as an engine for sustainable development of family business.From practical perspective,researching family business IPO activities will accelerate financial system reform,normalize market order,and develop more healthy capital market.At the same time,researching family business external financing activities is also a research on distribution of financial resources and social capital.This research will make social resource distribution more reasonable and effective,which will accelerate healthy development of private economy even domestic economy.