Research On The Formation Path Of Financial Performance Of High-growth Private Enterprises

"High growth enterprise" is derived from the basic concept of "enterprise growth".It refers to those enterprises that develop rapidly in a long period of time(such as 5-10 years),can bring high benefits,have high value-added ability,can cause changes in the field of contemporary production,and are at the forefront of contemporary economy.In recent years,"fortune" released the "world top 500 list",domestic well-known private enterprises are frequently listed.Why can these enterprises achieve rapid development in a relatively short period of time? Based on the above problems,this paper selects a typical case of HNA Group.In a short period of more than 20 years,HNA Group has developed from a local airline with one plane and one route to a large aviation industry group,from a single air transport enterprise to a diversified modern service integrated operator,and successfully realized the transformation from a local traditional aviation enterprise to a world-class giant enterprise group.Based on the analysis of the development process of HNA Group from 1993 to 2017,this study explores the formation path of financial performance of high growth private enterprises,aiming to provide good reference for developing enterprises and promote the healthy development of private enterprises.This paper will use the methods of literature research,case analysis,comparative analysis and qualitative and quantitative research to analyze HNA Group.First of all,it combs the literature and theoretical basis related to financial performance transmission path.Secondly,by introducing the general situation,business scope,development process and financial performance of HNA Group,it lays the foundation for the subsequent analysis of financial performance formation path.Thirdly,the paper analyzes the transmission relationship of the three aspects of enterprise development motivation,development behavior and financial performance in different stages,and constructs the transmission model of financial performance formation path of high growth private enterprises.Finally,according to the specific analysis of the formation path of HNA Group's financial performance,this paper puts forward corresponding suggestions and Countermeasures for the development of the enterprise.This paper finds that:(1)the development motivation of high growth private enterprises is not invariable,but changes according to the changes of domestic and foreign policy factors and environmental factors in different periods.Among them,it is greatly influenced by policy factors.(2)The essence of the formation path of financial performance of high growth private enterprises is the transmission relationship between development motivation,development behavior and financial performance.Among them,the two wheel drive strategy of enterprise industry and capital promotes and supports each other,which is an important part of the formation path of financial performance of high growth private enterprises.(3)The formation process of financial performance of high growth private enterprises is also the process of the transition of core competence from low level to high level.It mainly relies on the implementation of diversified development strategy,and its development context roughly follows the transformation from vertical integration to concentric circle diversification strategy.(4)Through the organizational rewriting of personal values,enterprise leaders can summarize and refine them into the core values of the organization,which plays an important role in the formation of financial performance of high growth private enterprises.Based on the above findings,on the one hand,according to the development process of HNA Group,this paper puts forward the transmission model of financial performance formation path of high growth private enterprises,and points out the characteristics of development motivation,development behavior and financial performance transmission in the formation path of financial performance.On the other hand,it provides reference for the formulation and optimization of financial strategy of other enterprises or groups.