Research On The Influence Of Intergenerational Inheritance Of Family Business On Enterprise Value Recreation

After the reform and opening up,Chinese family businesses have mushroomed.But decades later,with the founders of family businesses getting old,intergenerational inheritance has become an important issue for most family businesses to develop,and it is also the inevitable choice for family businesses to achieve lasting prosperity.In the academic world,there is more and more scholars starting to research on the intergenerational inheritance of family businesses as well as the relationship between the intergenerational inheritance and enterprise value.For family enterprises,intergenerational inheritance is an important event of strategic significance in the development cycle of family enterprises,which affects the value of enterprises and even determines the sustainability of the development.At present,most scholars believe that intergenerational inheritance will have a negative impact on enterprise value.Therefore,it is very important for current family enterprises to find ways to enhance enterprise value during the process of intergenerational inheritance and realize the re-creation of enterprise value.Based on the case study of Country Garden,this paper analyzes how to further promote the growth of enterprise value and realize the enterprise value recreation in the process of intergenerational inheritance,and makes a detailed analysis on the realization path and effect of its value recreation,and then summarizes the reasons why it can realize the value recreation.In order to provide reference for our family business which is or will be in the process of intergenerational inheritance.Among them,the effect of value recreation includes financial performance analysis,EVA analysis and innovation performance analysis,and the main path to realize value recreation refers to strategic transformation and scientific and technological innovation.This paper is divided into seven chapters.In the first chapter,this paper explains the main background and significance of the topic.In the meanwhile,it confirms the framework,research methods,as well as innovation and shortcomings of this paper.The second chapter is about literature review,which summarizes the relevant literature at home and abroad.In this part,this paper reviews the research process and main research results of current scholars on the intergenerational inheritance and enterprise value of family businesses,and also proposes the breakthrough point of this paper according to the current research.The third chapter mainly introduces the theoretical basis of this research,including social emotional wealth theory,life cycle theory and resource-based theory,and combined with the theory of the content of this study is briefly analyzed;At the same time,the specific connotation of "family business" and "value recreation of family business" is clearly defined.Chapter four briefly summarizes the present situation of family business in our country,including the development of family business and intergenerational inheritance,and summarizes and summarizes the main problems faced by family business intergenerational inheritance.The fifth and sixth chapters select the case of Country Garden to specifically analyze the influence of intergenerational inheritance and enterprise value recreation.On the basis of introducing the case background and the specific path to realize value recreation,the author analyzes the effect of enterprise value growth and value recreation of family enterprise from three aspects: financial performance,non-financial performance and EVA.Furthermore,it further explains the specific reasons why Country Garden can realize stable inheritance and value reconstruction.Finally,in the seventh chapter,a systematic summary of the whole case and the final conclusion of the analysis of this paper are put forward,and relevant enlightenment and shortcomings and research prospects are pointed out.