利益相关者、协同效应及公司控制权配置——基于新黄浦的案例研究

Stakeholders,Synergy and Allocation of Corporate Control:A Case Study Based on New Huangpu

随着民营企业的蓬勃发展,有关公司控制权配置归属问题的研究逐渐成为公司治理的重要话题,但关于利益相关者如何影响公司控制权配置尚缺乏系统、深入的研究。因此,本文在对国内外研究公司控制权配置及利益相关者相互作用有关文献进行梳理的基础上,以新黄浦的控制权争夺事件为研究案例,提炼出利益相关者基于协同效应的理论框架,研究利益相关者对公司控制权的影响及作用机制。研究发现,利益相关者能够通过相互联合形成利益共同体达到企业控制权转移,从而实现公司控制权的重新配置。在此基础上,本文进一步提出制衡利益相关者形成利益共同体影响公司控制权的思路,对利益相关者如何发挥治理效应进而完善公司治理机制以及制衡利益相关者协同效应具有重要意义。

With the vigorous development of private enterprises,the research on the allocation of corporate control has gradually become the core issue of corporate governance.However,there is a lack of systematic and in-depth research on how stakeholders affect the allocation of corporate control.Therefore,by combing the relevant literature about the transfer of control rights of the research companies and the interaction of stakeholders,and taking the control competition of Shanghai New Huangpu as an example,this paper extracts the theoretical framework of stakeholders based on synergy effects and discusses the influence of stakeholders on the control of the company and the mechanism of their actions.It is found that stakeholders can achieve the transfer of control rights of enterprises and reconfigure the control of the company by joining forces to form a community of shared interests,and further put forward the idea of balancing stakeholders to form a community of interests to influence the control.This paper is of great importance to stakeholders on how they effect on enterprises so as to improve the corporate governance mechanism and counterbalance the synergy effect of stakeholders.