多元股东决策权配置:行为逻辑与路径策略——基于万科集团的案例研究

摘要/Abstract

摘要：

多元股东决策权配置在理论研究与实践中引发广泛关注。股权结构的分散化与治理机制多样化引致了多元股东出现并参与公司决策。具有不同身份及偏好的多元股东突破传统的股权结构决策框架，形成了以经济、社会关系为纽带的网络结构决策框架。本文基于股权结构与网络结构的双重视角对"宝万之争"事件开展案例研究，探究多元股东获取与维持决策权的行为逻辑与路径策略。研究发现：股权和网络权力共同构成了多元股东参与决策的权力基础；依据股权比例与网络权力高低形成了4种决策权配置模式；对应4种配置模式，多元股东在决策过程中形成了4种不同角色。基于决策权的力量模型以及交易模型，本文对不同角色的股东主体开展行为逻辑分析，厘清多元股东参与决策并获取决策权的路径策略，进一步拓展股东治理理论。此外，研究结论还表明，在股权结构与网络结构的共同作用下，多元股东的决策权与控股权呈现分离趋势，网络权力成为决策权的重要维度；通过合理的决策权细分与配置，才能够将多元股东的资源禀赋与行为偏好统一到公司的科学决策之中以提升决策质量。

关键词: 多元股东决策, 决策权配置, 股东决策网络, 网络权力

Abstract:

Decision rights allocation of pluralistic shareholders has aroused considerable attention in academic researching and business practice. Decentralized and diversified ownership structure leads to the appearance of pluralistic participators incorporate governance. With different identities and preferences, pluralistic participators break the linear decision frames of ‘Shareholders-Boards-Management’ and form decision networks linked by economic and social relationships. Through the case study of Vanke control conflict under "ownership-networks" mechanisms, it is found that ownership and network power serve as the foundation of decision rights in pluralistic participators decisions. According to the different level of ownership and network power, we summarize 4 patterns of decision rights allocation. Corresponding to that 4 patterns of decision rights allocation, pluralistic shareholders may play 4 different roles in decision-making process and follow different behavioral logics. Based on the decision power contest and decision power transaction model, we analyze the behaviors of pluralistic shareholders within the decision rights allocation model. Then, we can find paths of decisions participation and power acquisition. Except that, our conclusion also shows that decision rights separate from ownership and get more diversified under the circumstance of decentralization of ownership structure; Networks power becomes an important dimension of decision rights. So the networks centrality becomes more important for pluralistic shareholders. It is necessary to subdivide the decision rights and allocate properly to different pluralistic shareholders, then we can integrate their preferences in scientific decision making.

Key words: pluralistic shareholders decision, decision rights allocation, shareholders decision network, network power

马连福, 杜博. 多元股东决策权配置:行为逻辑与路径策略——基于万科集团的案例研究[J]. , 2019, 31(10): 273-289.

Ma Lianfu, Du Bo. Decision Rights Allocation of Pluralistic Shareholders: Behavior Logic and Path Analysis——A Case Study of Vanke Co.,Ltd[J]. , 2019, 31(10): 273-289.

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