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第 34 卷摇 第 5 期 谢志华: 公司控制权的本质

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Research on Essence of Corporate Control Right

XIE Zhihua
(School of Business/ Collaborative Innovation Centre for State鄄owned Assets Administration,
Beijing Technology and Business University, Beijing 100048, China)

Abstract: Research on corporate control right mainly focuses on the probe into the fight for corporate control right. The es鄄
sence of fight for corporate control right is a process of reconfiguring and adjusting the corporate control right which is unreasona鄄
bly 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 cor鄄
porate 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 im鄄
portance 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 re鄄
search 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.
Key Words: fight for control right; configuration of control right; residual control right; residual claim right; element pro鄄
vider; value creation
(本文责编摇 王沈南)

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