Arrangement And Effect Of Family Business Professional Manager Inheritance

As the capital expansion of modern family enterprises is no longer limited to "one city and one pool",the simple intergenerational transmission mode of power transfer among family members gradually reveals many limitations.At this time,the "professional manager inheritance" mode is focused on by many private entrepreneurs and scholars.In this mode of inheritance,the ownership and management control of family enterprises are divided into two parts,and the institutional arrangement shows the importance,and whether it is reasonable or not determines whether family enterprises can survive.This paper takes midea group as the research object,studies and analyzes the motivation and institutional arrangement of midea group's professional manager inheritance,and evaluates the inheritance effect from the perspective of market reaction and financial performance respectively with the event research method and factor analysis method.Case analysis of this paper is mainly divided into four parts:(1)transmission dynamics analysis,combined with the case at the time of the background and the characteristics of the group itself,this paper argues that midea group choose professional managers inheritance patterns of three,respectively is the external business environment change and trust within the family and promote the second generation without desire.(2)the arrangement of inheritance paths and the analysis of special assets.The transition of special assets is closely related to the control of inheritance rhythm.In the case of sino-us group,the inheritance path of the group has the obvious characteristics of "gradual",which is complementary to the inheritance of social capital and founder authority in special assets.(3)analysis of inheritance incentive and constraint mechanism.Different incentive and constraint mechanisms have explicit and implicit differences.This paper specifically divided them into four types:compensation mechanism,control right mechanism,competition mechanism and reputation mechanism.(4)analysis of inheritance effect to evaluate the impact of a major event from the perspective of market reaction--stock price and financial reaction--statement performance.After combing the data,this paper finds that there is abnormal fluctuations in the company's stock price before and after the occurrence of inheritance events,and the data of financial statements in each year also changes significantly in comparison with the same industry.It is found that the influence of midea group's professional manager inheritance on the enterprise is generally positive.The inheritance case of midea group has enlightening effect on other family businesses in China.After the summary,four inspirations can be put forward,namely,pan-family management,new management team construction,equity incentive innovation and balancing explicit and recessive incentive,providing certain reference value for other family businesses that may adopt professional manager inheritance mode.