Research On Investment Efficiency In The Intergenerational Inheritance Process Of Family Businesse

The private economy’s standing within the national economy is ever-evolving,while the family business-a significant organizational element of the private economy-is vigorously advancing in the same direction.This has a significant effect on enhancing people’s livelihoods and encouraging employment.As a big province of private economic development,Zhejiang has given favorable policy support to the development of family enterprises.The20 th Congress of the party proposed a shift from "Have you" to "Good" and "High quality" development,with the aim of fostering harmonious coexistence between man and nature.To achieve this,an industrial structure should be constructed that is high in technology,low in resource consumption,and low in environmental pollution,thus creating a pattern of high-quality development with high resource efficiency,reduced emissions,a clean environment,and ecological security.Strengthening the guidance of family enterprises to enhance investment efficiency is essential for constructing a superior economic development pattern and augmenting economic investment efficacy.The investment efficiency of family enterprises in Zhejiang province is not high in the process of inter-generational inheritance.This thesis focuses on the comparative changes of investment efficiency of family firms in the process of inter-generational inheritance,and puts forward some humble opinions for the sustainable development of family firms.This thesis takes Zhejiang Geely Holding Group as a case study,combining existing family business research literature with the development of the company in the intergenerational succession process.The focus is on the strategic change and investment efficiency of this process.reasons for intergenerational succession are analyzed,and detailed case statements are made,three dimensions of innovation and change in the process of succession analysis of Zhejiang Geely Holding Group Co.,Ltd.in different stages of inter-generational succession of strategic change,it also studies the changes of investment efficiency in the process of inter-generational succession of family enterprises:(1)whether the investment efficiency of Zhejiang Geely Holding Group Co.,Ltd.is improved;(2)the specific internal path that the intergenerational inheritance of family business influences the investment efficiency of Zhejiang Geely Holding Group.Based on the actual control rights and operating rights of Zhejiang Geely Holding Group Co.,Ltd.changes in 2012 and 2016 as the node,the whole development process of Zhejiang Jili Holding Group Co.,Ltd.is divided into four stages: the stage of owner’s separate management,the stage of New Generation’s training and development,the stage of father-son partnership and the stage of power transmission,it focuses on the father-son partnership stage,the Power Transfer Stage,and studies the different stages of intergenerational transmission.At the same time,based on Richardson model,the investment efficiency of Zhejiang Geely Holding Group in each year is calculated,and the investment efficiency of Zhejiang Geely Holding Group in two stages is compared,it is found that the investment efficiency of Zhejiang Geely Holding Group has been improved in father-son partnership stage(2012-2016)and power transmission stage(2016-till now).To guarantee the dependability of the outcomes,this thesis applies regression analysis and other investment efficiency models to validate their strength.This thesis focuses on the ways to enhance Zhejiang Geely Holding Group’s investment proficiency,such as cutting agency costs,curtailing executive interests,and augmenting investment professional knowledge.Additionally,related indicators are calculated and evaluated,and the three impact paths have been confirmed.Finally,based on the conclusions of the Zhejiang Geely Holding Group and the development of the family business is about to complete the generation of rationalization of the proposal.This thesis,based on the Zhejiang Geely Holding Group case,delves into the strategic transformation and investment effectiveness alteration in father-son partnership and power transfer stages,thus augmenting the pertinent theoretical studies.Conversely,this thesis furthers the research on the factors and mechanisms of investment efficiency that have an impact.deeply analyzes the path mechanism of investment efficiency in different stages of intergenerational inheritance of family firms,it is not only helpful to understand the essential factors and ways to improve the investment efficiency,but also has some practical significance and enlightenment for improving the investment efficiency and promoting the development of enterprises.