上市公司内部人控制问题的成因及其治理——基于“国美控制权之争”的案例分析

Causes and Solutions to the Problem of Internal Control in Listed Companies:Based on Battle for Control of Gome

公司治理是保护投资者利益的重要机制。以"国美控制权之争"为典型案例,分别从"董事会中心主义"导致权力滥用、"委托-代理关系"引发逆向选择的道德风险、缺乏对利益相关者有效的激励与监督三个方面剖析了造成"国美控制权之争"的内部人控制问题的成因,进而提出通过对内理顺委托-代理关系、完善公司内部治理结构与治理机制,对外充分发挥市场机制的作用,加强公司外部治理的思路。国美电器控股权之争是中国公司治理的经典案例,对于完善我国公司治理结构、提高公司治理能力和治理效率,具有重要的现实意义。

Corporate governance is an important mechanism to protect the interests of investors. Taking the case of the Battle for Control of Gome, this paper analyzes the causes from three aspects as follows ：the abuse of power resulted from centralism of the board of directors, the moral hazard of adverse selection coming from the principal‐agent relationship, the lack of incentives and supervisions to the stakeholders .Then it proposes a thought of smoothing the principal‐agent relationship internally, perfecting the internal control structure and governance mechanism, exercising full role of market mechanism externally and strengthening the external control .The Battle for Control of Gome, a typical case of China＇s corporate governance, is of great significance to perfect the corporate governance structure, improve the capability and efficiency of corporate governance in our country .