会计学院知识库

  随着时代的发展，家族企业在我国的发展中起着越来越重要的作用。但同时，家族治理也面临着新的挑战与考验。家族企业的控制权在一定程度上制约着企业吸收和整合新的社会运营资源的能力。因此，“去家族化”经营就成了企业实现价值最大化的有效方式。但“去家族化”也是控制权转移的过程，往往容易触发控制权的侵占效应，而融资结构是影响控制权分配的重要因素。因此，当家族企业完成去家族化后，如何设计出合理的融资结构，来避免管理者争夺控制权损害投资者利益，成为了去家族化后公司治理亟待解决的问题。

  基于此，本文选择已经完成去家族化的家族企业——苏泊尔，并在现有的研究成果和苏泊尔实际情况的基础上，以“去家族化后融资结构优化研究”作为核心研究内容，主要回答了“企业去家族化后该如何优化其融资结构”这一主要问题。以2006年和2017年为节点，将苏泊尔整个发展历程分为完全家族化阶段、去家族化阶段和完全去家族化阶段。同时分析比较每个阶段的融资结构现状，发现相较于完全家族化阶段和去家族化阶段，完全去家族化阶段里苏泊尔的融资渠道、融资结构都得到了一定程度的拓展和优化。但同时，苏泊尔在完全去家族化阶段里在融资结构方面也存在着股权集中度过高，小股东利益易受损，资产负债率水平偏低，影响投资者入股意愿，应收款为主要营运资金，资产风险高，流动负债比例高，短期偿债压力大的问题。为了解决以上问题，本文基于降低融资风险和融资成本的原则，提出外引优质股东，充分利用股权再融资；增强负债融资能力，以发挥财务杠杆效应；支持下游企业，以保证销售货款回笼；调整负债结构来缓解短期偿债风险的建议。同时也提出了增加股权激励，降低代理成本，保持稳健的财务经营，提高债权人信心，加强资金回笼力度，保证资金储备，建立融资风险预警机制，检测偿债能力保障措施。以期为苏泊尔进一步优化融资结构提供参考，也为其他去家族化企业设计融资结构提供借鉴思路。

  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.