Reconstruction of Corporate Governance Model and Control Rights Fighting: A Case Study Based on Battle for Control of Vanke

Abstract

Abstract:

In this paper, the author takes the case:‘battle for control’ of Vanke as the background, studies on the influence of the change of the state of control right allocation on the battle for corporate control in the process of corporate governance model reconstruction from the "Shareholder centralism" to the "board centralism". This paper analyzes the differences in the forms, paths and obstacles of the control battle before and after the reconstruction of the corporate governance model, and puts forward the paths and methods of the management control maintenance and the protection of the shareholders'interests under the corporate governance model of "board centrality". This paper considers that the reconstruction of corporate governance model is derived from the decentralization of ownership structure and the separation of ownership and management rights, as well as the roles transition of human capital and material capital in the value creation process. Changes in the state of control right allocation contribute to the instability of the control of the company, which is the driving force for the control battle of the company. Under the "board-centralism" corporate governance model, the specificity of human capital management and the harmonious relationship between management and shareholders is the main obstacle to the control battle; specific human capital investment of the management and the construction of dual ownership structure, as well as the implementation of the "partner system" are effective means to prevent the risk of control; To conduct equity incentives for the management of and give full play to the supervision of independent directors and outside directors are effective measures to maintain the stability of the company control and protect the interests of shareholders.

Key words: shareholder centralism, board centralism, corporate governance model, battle for control

Zhang Hua, Hu Haichuan, Lu Ying. Reconstruction of Corporate Governance Model and Control Rights Fighting: A Case Study Based on Battle for Control of Vanke[J]. , 2018, 30(8): 275-289.

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