公司控制权的本质

Research on Essence of Corporate Control Right

中文关键词:  控制权争夺  控制权配置  剩余控制权  剩余索取权  要素主体  价值创造

英文关键词:fight for control right  configuration of control right  residual control right  residual claim right  element provider  value creation

中文摘要:

      学术界关于公司控制权的研究主要集中在对公司控制权争夺的探讨上,而公司控制权争夺的本质是对公司不合理配置的控制权进行重新配置和调整的过程。总结了Facebook、雷士照明、万科和阿里巴巴等国内外关于控制权争夺的案例,认为公司产生和发展的前提在于控制权的合理配置,并归纳了公司控制权在重新配置和调整过程中的五种趋势。在此基础上,进一步指出公司控制权配置的基础,即包括政府、出资者、经营者和员工等在内的各要素主体所提供的环境要素、物质要素、决策要素和执行要素对公司价值创造的重要性程度。最终,明确了公司控制权配置和调整的整体趋势,即哪个主体提供的要素对公司价值创造的重要性程度越高,其享有的控制权也就越多。研究结论揭示了公司控制权重新配置和调整的规律,深化了公司控制权领域的研究,同时也为缓解实践中的控制权争夺问题提供了借鉴和启示。

英文摘要:

      Research on corporate control right mainly focuses on the probe into the fight for corporate control right. The essence of fight for corporate control right is a process of reconfiguring and adjusting the corporate control right which is unreasonably allocated. Through a summary on the domestic and foreign cases such as Facebook, NVC Lighting Co., Vanke, and Alibaba in the fight for corporate control right, this paper believes that the reasonable configuration of corporate control right is the premise to the formation and development of a company. Moreover, it summarizes the five trends of corporate control right in the process of reconfiguration and adjustment. On that basis, this paper further points out the importance of bases for the configuration of corporate control right to the value creation of a company, namely environment factor, material factor, decision-making factor and implementation factor provided by the element providers including governments, investors, operators, and employees. Finally, this paper makes clear the overall trend in the configuration and adjustment of corporate control right, namely the higher the importance of an factor to the value creation of a company that an element-provider can do, the more the control right it can enjoy. The research conclusion reveals the general laws in the reconfiguration and adjustment of corporate control right to deepen the research in the field of corporate control right. In the meantime, it also provides reference and enlightenment to alleviating the fight for control right problem in practice. 