Research On Supor's Investment Efficiency From The Perspective Of De-familializatio

So far,the family business has become a key force in the development of the real economy.However,family enterprises are also facing challenges and tests.The restriction of family structure and the dilution of the thought of "son inheriting father’s business" make a large number of family enterprises "have no successors".The lack of investment knowledge of family executives in family enterprises and the frequent embezzlement of investment funds lead to the ineffective improvement of investment efficiency,which restricts enterprises to cultivate and maintain core competitiveness.Therefore,de-familization has become one of the important means to maximize the value of enterprises.However,the research on the positive economic consequences of de-familization is not sufficient.Although existing research has revealed the negative economic consequences caused by familiarization,it can not prove that de-familization can help the development of enterprises,so it needs to be further studied.At the same time,the report of the 19 th national congress pointed out that in order to achieve high-quality economic development,we must promote efficiency reform,carry out stable investment,and actively guide enterprises to increase effective investment.However,in the past,the extensive economic model led to too many inefficient investment behaviors in most of China’s real enterprises.How to improve investment efficiency has also become the focus of enterprises.The improvement of investment efficiency also plays an indelible role in boosting the development of enterprises.Therefore,this thesis focuses on the relationship between de-familization enterprises and their investment efficiency,explores the internal mechanism between them,and provides a reference for enterprises to achieve high-quality development after de-familization.Based on this,this thesis selects SUPOR,a family enterprise that has completed de-familization,and takes "Research on investment efficiency from the perspective of de-familization" as the core research content on the basis of existing research results and Supor’s actual situation.It mainly answers two sub-questions:(1)whether the familiarization improves Supor’s investment efficiency;(2)De-familization is the specific internal path that affects Supor’s investment efficiency.In view of the above first problem,according to the changes of Supor’s control and management rights,taking 2007 and 2016 as nodes,this thesis divides the whole development process of Supor into complete familiarization stage,de-familization stage,and complete de-familization stage.At the same time,based on the Richardson model,the investment efficiency of Supor in each year is calculated respectively,and the investment efficiency of Supor in three stages is compared.It is found that the investment efficiency of Supor in the period of de-familization(2007-2015)and the period of complete de-familization(2016-present)has been improved.In addition,in order to ensure the robustness of the above results,this thesis verifies the reliability of the results again through regression analysis and other investment efficiency models.Secondly,aiming at the second problem,this thesis mainly explores the path of Supor’s de-familization to improve investment efficiency by reducing agency costs,reducing the interest occupation of senior executives,and making up for investment expertise and calculates and analyzes the relevant data of relevant indicators.The above three impact paths have been verified.Finally,based on the conclusions,this thesis puts forward reasonable suggestions for the development of Supor and the family enterprises that are about to face de-familization.The application value of this thesis: on the one hand,the existing literature focuses on the relevant impact after complete de-familization,while ignoring the enterprise development trend caused by the process of de-familization.Based on the specific case of Supor,this thesis analyzes in detail the changes in investment efficiency in three different stages: complete familiarization stage,de-familization stage,and complete de-familization stage,which enriches the relevant theoretical research.On the other hand,this thesis enriches the research on the influencing factors and mechanism of investment efficiency and deeply analyzes the path mechanism of de-familization affecting investment efficiency,which not only helps to deeply understand the elements and ways to improve investment efficiency but also has certain practical significance and Enlightenment for improving investment efficiency and promoting enterprise development.