Research On Diversification Strategy Of Family Business From The Perspective Of Socioemotional Wealth

In the global economy,family business has a large share in both quantity and scale.The family business is an important part of China's economy and has made indelible contribution to the rapid growth of China's economy.Diversification strategy is an important means for family business to expand and make full use of its resources.In 2007,the scholar Gomez-mejia put forward the theory of socioemotional wealth,and then the new theoretical perspective of socioemotional wealth quickly dominated the research field of family enterprises.Therefore,This thesis attempts to explore the mechanism of socioemotional wealth and the diversification strategy of family business,aiming to perfect the theoretical research of relevant subjects.This thesis combines the characteristics of Chinese family business to reclassify the socioemotional wealth dimension into family control,political association,generations will,and family identity in four dimensions.This thesis divides diversification strategy into two aspects: product diversification and regional diversification,and establishes the relationship theory model between socioemotional wealth and family business diversification strategy choice.The main problem of this thesis is the influence of each dimension of socioemotional wealth on the diversification strategy.In order to solve the above problems,this thesis puts forward research hypotheses on the relationship between socioemotional wealth and diversification strategy choice.Then,in 2012-2016 family business as the research sample,this thesis collected variable data about socioemotional wealth and diversification strategy,finally according to these data,using the correlation analysis and regression analysis methods to verify this hypothesis.This thesis concluded as follows:(1)The higher the control of the family business,the more likely the family will be to serve the family purpose in making strategic decisions,and the lower the diversity of products in the family business.(2)The higher the degree of political relevance of the family business,the stronger the company's ability to acquire scarce resources,and the higher the diversity of products of family enterprises.(3)The family of the second generation in order to obtain a positive social identity and the sustainable development of family enterprises to carry out regional diversification business,so the higher the family business between generations will,area the higher the degree of diversification of the enterprise.(4)The higher the family affection in the family identity,the higher the resources and capabilities of the enterprise,the higher the degree of product diversification;The higher the family affiliation in the family identity,the more often the family enterprises restrict the external personnel to participate in the management of the company,so the lower the degree of diversification.This thesis explores the influence mechanism of socioemotional wealth on family business diversification strategy.This study not only further expands the theoretical research of socioemotional wealth and diversification strategy,but also has certain reference value for the management practice of family business diversification strategy.