Research On New Hope's Intergenerational Inheritance Of Investment Behavior And Enterprise Performance

In 2017,a report on the younger generation of family business was released in the capital of China.This report shows that the younger generation of family business in China has officially entered the stage of the times.In fact,as early as 2015,the number of second-generation succession of family enterprises in China has reached 165,accounting for 18.1% of the private enterprises in Shanghai,so the family enterprise system in China has entered the peak stage of succession of the previous generation.There are roughly two ways of inheritance and handover of a family business,one is that the successors and successors are family members,which is called "son inherits father's business".The other is that the successors are family members and the successors are non-family members.The greatest feature of this kind of inheritance is that enterprises introduce and train professional managers from the beginning,and take professional managers as successors.A reserve of talents.Under the influence of our traditional "family" culture,in reality,family businesses seldom use the second form of handover,because it is difficult for founders to readily hand over the first-hand rivers and mountains to "outsiders".They prefer to abdicate early and help their sons or daughters take over their careers as backing instructors.Although there are also successful cases for Mode 2,such as the founder of Midea completed the new era of professional managers taking over,more enterprises such as Fotile Group and Metersbonwe have said that they will never pass on to professional managers,so in reality,the inheritance of family business from father to father is still the main trend.Because the intergenerational inheritance of enterprises is a long-term strategic process,in order to ensure the everlasting growth of enterprises' basic industries,we should study the impact of specific economic behavior of enterprises in intergenerational inheritance on enterprises,and then find out what measures we can take to lead the impact to a good development situation.The specific economic behavior of enterprises can be divided into three parts: investment decision-making,financing decision-making and profit allocation.At the same time,investment behavior has become the key factor of checking and balancing financing decision-making and allocation policy.Therefore,this paper focuses on the investment behavior of enterprises.Based on the above background,this paper takes New Hope Liuhe as the main case to study the relationship among family business intergenerational inheritance,investment behavior and corporate performance.Firstly,this paper combs and summarizes the literature on the research topics,determines the research ideas and methods,and then divides the intergenerational inheritance period of enterprises into three stages based on principal-agent theory,enterprise investment behavior theory and property rights theory.With the investment behavior of enterprises as the research focus,this paper uses the method of comparing companies to determine the succession of New Hope VI and Intergenerational inheritance in turn.Reasonable and stable,whether intergenerational inheritance has positive significance to the investment decision-making of enterprises and whether the performance of enterprises will improve or deteriorate after inheritance are analyzed and studied.According to the research,the following conclusions can be drawn:(1)the professional background of the second generation,which is different from the parents,makes the investment structure of enterprises diversified after intergenerational inheritance,and the investment areas gradually infiltrate into the first and second-tier cities,so that the distribution of investment market is more balanced;(2)New Hope Sixth and Intergenerational inheritance have no obvious improvement on the level of R&D investment and Over-investment of enterprises,but the inheritor's concept of capital investment shows an upward trend in the intensity and level of capital investment after intergenerational inheritance;(3)New Hope Six and a reasonable assistant inheritance model have a positive effect on the stability of the improvement of enterprise performance level,which is conducive to the inheritor's better and quicker adaptation to the role of managers.As the second generation takes power independently for a longer time,enterprise performance tends to be better.