Research On Optimization Of Financing Structure After Supor’s Family Removal

With the development of time,family business plays a more and more important role in the development of our country.But at the same time,family governance is also facing new challenges and tests.To some extent,the control of family enterprises restricts the ability of enterprises to absorb and integrate new social operating resources.Therefore,"family management" has become an effective way to maximize the value of enterprises.However,"de-familization" is also a process of control transfer,which tends to trigger the encroachment effect of control right,and the financing structure is an important factor affecting the distribution of control right.Therefore,after the family business is de-familization,how to design a reasonable financing structure to prevent managers from competing for control and damaging investors’ interests has become an urgent problem for corporate governance after the family business is de-familization.Based on this,this paper selects Supor,a family enterprise that has completed the de-familization process,and on the basis of the existing research results and the actual situation of Supor,takes "Research on the optimization of financing structure after de-familization process" as the core research content,and mainly answers the main question of "How to optimize the financing structure of enterprises after de-familization process".Taking 2006 and 2017 as nodes,the whole development process of Supor is divided into complete family stage,de-familization stage and complete de-familization stage.At the same time,the current situation of financing structure in each stage is analyzed and compared,and it is found that Supor’s financing channels and financing structure have been expanded and optimized to a certain extent in the complete family stage and the de-familization stage.However,at the same time,Supor also had some problems in the financing structure during the complete de-familization stage,such as excessively high equity concentration,vulnerable minority shareholders’ interests,low asset-liability ratio,affecting investors’ willingness to buy shares,receivables being the main working capital,high asset risk,high current liability ratio,and high short-term debt repayment pressure.In order to solve the above problems,based on the principle of reducing financing risk and financing cost,this paper proposes to attract high-quality shareholders and make full use of equity refinancing;Strengthen debt financing ability to exert financial leverage effect;Support downstream enterprises to ensure the return of sales proceeds;A proposal to adjust the debt structure to mitigate short-term debt service risks.At the same time,it is also proposed to increase equity incentives,reduce agency costs,maintain sound financial management,improve creditor confidence,strengthen capital withdrawal efforts,ensure capital reserves,establish financing risk early warning mechanism,and test solvency protection measures.It is expected to provide reference for Supor to further optimize the financing structure,and also provide reference ideas for other de-familization enterprises to design financing structure.