关系资本与财务资本的博弈及其机制化难题——雷士照明控制权争夺的案例研究

Game and Mechanism Problem between Relational Capital and Financial Capital——Case Study of Fighting for Control Right of NVC

雷士照明三次控制权争夺主题是关系资本与财务资本的博弈,副题则是人力资本变化如何影响关系资本的强弱。关系资本长期可以替代,需要不断维护才能强化。雷士照明创始人吴长江早期鲜活的人力资本投入,是企业创业阶段的关键资源,同时形成难以替代的关系资本,由此掌控着企业;但在维护过程中其人力资本贬值,同时不合适地把渠道关系资本作为"人质"机制,在财务资本不断进攻下,关系资本最终失去其控制力。

The theme of fighting for control right in NVC for three times is a game between relational capital and financial capital,while the subtitle is how human capital changes affect the strength of relational capital.In the long run,relational capital can be replaced and needs to be continuously maintained to strengthen.Wu Changjiang,the founder of NVC,invested fresh human capital to NVC in the early time,which is the key resource of NVC＇s start-up stage and then it becomes a type of relational capital that is difficult to be replaced,which makes Wu the controller of NVC;but in the maintenance process,his human capital depreciated,and he regards channel relationship capital as a＂hostage＂mechanism inappropriately.The continuous attacks of financial capital make relational capital eventually lose its control.