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在中国四十多年的改革开放过程中，私营经济得到了很大的发展，在这一过程中涌现出了一大批优秀的家族企业，它们对国家经济的发展起到了很大的作用，成为了国家经济发展的中流砥柱。目前，由于第一代家族创始人已渐趋老迈，而新一代的家族人员日渐涌现，我国家族企业的传承已经步入了高峰期。权威作为家族企业的一个典型特征，权威的确立是其代际传承的关键，与企业长远发展密切相关。对国内外家族企业传承案例进行综合、全面的剖析后，可以发现，战略变革是一种继承人建立权威行之有效的方法，它有助于提升继承人的合法性，从而建立起自己的权威。但是，据中航信托联合瑞银发布的报告显示，一般来说，两代之内，70%的财富通常会流失，而90%的财富会在三代内流失，也就是我们常言说的“富不过三代”，家族企业似乎都逃不过“一创、二守、三败”的魔咒，而“昙花一现”抑或“家道中落”等鲜活的事例更是比比皆是，那是不是二代继承人为了建立权威实施战略变革而导致企业价值逐渐减少的呢？遗憾的是，已有的研究都没有关注到这种行为以及它背后的战略动机。

本文拟选取大禹节水作为案例研究对象，运用案例分析的研究方法，并创新性的融合权威理论、社会认同理论和高阶理论等理论，围绕大禹节水的整体传承过程开展相关的研究，通过收集、梳理两代企业家的过往经历、接班人的培养模式以及传承者的传承特点等，对大禹节水的传承背景和过程有了一定的了解，然后将其与同行业企业、行业指数等进行比较，探讨接班人王浩宇在这一过程中所实施的投资战略变革，从而揭示接班人继承前后企业的投资战略是如何变革的，其具体表现在哪几个方面，在此基础上分析了基础财务指标和综合财务指标等绩效评估环节下的企业价值变动。

本文的研究结论主要有：第一，通过对传承者的提前选择、规划和培育，可以减少因突发事件而造成的代际传承的风险和损失；第二，接班人可通过投资战略变革来提高企业的价值，进而建立起自己的权威。通过以上分析，本研究得到以下几点启示：首先，对家族企业而言，制订一套完整的传承规划非常重要，在早期培养继承人的同时，将其引入到继承者的角色中，可以帮助其更早、更快速地树立起自己的权威；其次，在代际传承的过程中，不能忽略战略变革在接班人权威建构中的影响；最后，战略变革要循序渐进进行，不能操之过急，避免企业价值出现大的波动。希望通过这一案例得到的结论和启示，对中国家族企业如何实现传承有一定的参考价值，能够促进传承者深层次的认知结构变化，推动传承者对继承者的选择和培育，并进一步充实和完善我国家族企业的理论研究成果。

In China's 40-plus years of reform and opening up, the private economy has been greatly developed. In this process, a large number of excellent family enterprises have emerged, which have played a great role in the development of the national economy and become the mainstay of the national economic development. At present, as the first generation of family founders is getting older and the new generation of family members is emerging, the succession of Chinese family businesses has entered the peak period. As a typical characteristic of a family business, the establishment of authority is the key to its intergenerational inheritance and is closely related to the long-term development of the business. After a comprehensive and comprehensive analysis of family business succession cases at home and abroad, it can be found that strategic change is an effective method for the successor to establish authority, which helps to enhance the legitimacy of the successor, so as to establish their own authority. However, according to the report released by China Aviation Trust and UBS, in general, 70 percent of wealth is lost within two generations, and 90 percent of wealth is lost within three generations, which is what we often say, "three generations of wealth". Family businesses seem to be unable to escape the curse of "first, second, third failure". There are many vivid cases such as "flash in the pan" or "fall in the family line". Is it that the second-generation successors gradually reduce the value of the enterprise in order to establish authority and implement strategic changes? Unfortunately, none of the available research has looked at this behavior or the strategic motivations behind it.

This paper intends to select Dayu water-saving as the case study object, use the research method of case analysis, and innovatively integrate authoritative theory, social identity theory and advanced theory to carry out relevant research on the overall inheritance process of Dayu water-saving. By collecting and sorting out the past experience of entrepreneurs of the two generations, the training mode of successors and the inheritance characteristics of inheritors, etc. Have a certain understanding of the inheritance background and process of Dayu Water-saving, and then compare it with enterprises in the same industry and industry index, discuss the investment strategy reform implemented by the successor Wang Haoyu in this process, so as to reveal how the enterprise's investment strategy changes before and after the succession of the successor and its specific performance in several aspects. On this basis, it analyzes the change of enterprise value under the performance evaluation link such as basic financial index and comprehensive financial index.

The main conclusions of this paper are as follows: first, the risk and loss of intergenerational inheritance caused by emergencies can be reduced through the selection, planning and cultivation of inheritors in advance; Second, successors can build their authority by investing in strategic changes to increase the value of the business. Through the above analysis, this study can obtain the following enlightenments: First, it is very important for family businesses to formulate a complete succession plan. When cultivating heirs at an early stage, introducing them into the role of successors can help them establish their authority earlier and more quickly. Secondly, in the process of intergenerational succession, the influence of strategic change on the authority construction of the successor should not be ignored. Finally, the strategic change should be carried out step by step, not in haste, Avoid large fluctuations in enterprise value. It is hoped that the conclusion and enlightenment obtained from this case will have certain reference value for how to realize inheritance of Chinese family businesses, promote the deep-rooted cognitive structure changes of inheritors, promote the selection and cultivation of inheritors, and further enrich and improve the theoretical research achievements of Chinese family businesses.