机构投资者崛起、创业股东控制权博弈与公司治理——基于雷士照明的案例研究

Institutional Investors’Activism,Venture Shareholders’Control Rights Competition and Corporate Governance: A Case Study on NVC Lighting Technology Corporation

雷士照明案例表明,企业快速扩张过程中,以股权投资基金为代表的机构投资者的积极行动会对创业股东控制权和公司治理产生影响。不断分散的股权结构和日益强大的机构投资者将是中国上市公司未来面对的格局,机构投资者是否会改善公司治理,取决于其动机、偏好及收益权衡。若借助机构投资者之力改善公司治理,创业企业家必须提升与资本博弈的能力。长远来看,机构投资者崛起有助于提高公司治理效率、企业家资本运作与风险防范能力,有利于职业经理人市场建设和利益相关者利益保护。

With the example of NVC Lighting Technology Corporation,this thesis examines the influences of institutional investors’activism on venture shareholder’s control rights and corporate governance. This research reveals that constantly dispersed shareholding structure and increasingly powerful institutional investors will become normal in China. Whether institutions as large shareholders will improve corporate governance depends in part on their objectives,their preference and cost-revenue tradeoff. In the long term,institutional investors’activism will promote corporation governance,and help to improve venture shareholders’financial abilities and risk prevention abilities,and will contribute to a mature professional managers market and more powerful protection of stakeholders’interests.