金融资本对上市公司控制权的争夺及其经济后果——两个案例的比较研究  

Financial Capital’s Fight for the Control Right of Listed Companies and Its Economic Consequences:A Comparative Study of Two Cases

作　　者：徐寿福[1] 程琼 XU Shou-fu;CHENG Qiong(School of Finance,Shanghai University of International Business and Economics,Shanghai 201620,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620

出　　处：《管理案例研究与评论》2020年第4期444-459,共16页Journal of Management Case Studies

基　　金：国家自然科学基金青年项目“管理层股权激励对资本市场错误定价的影响及其监管研究”(71503162);上海市哲学社会科学规划一般课题“股票流动性对实体企业金融化的影响及治理研究”(2019BGL024)。

摘　　要：金融资本实施股权投资是资本市场引导资源优化配置的重要手段,也是实现市场在资源配置中发挥决定性作用的重要体现。然而,金融资本在股权投资中的利益诉求和权力边界,会对被投资企业的治理结构和公司业绩产生重要影响。以资本方"宝能系"强势进入南玻和万科并提出更换管理层的控制权争夺事件为例,探讨资本方获取公司控制权以及参与公司治理的条件、途径、结局以及局限性,发现股权分散、经营业绩良好、低估值的企业更容易成为资本方的猎物,企业治理模式、创始人个性、关系股东和管理层反争夺方式是影响资本方能否获得企业控制权的重要因素。同时,由于通常不具备上市公司实体企业经营所要求的专业技能和行业经验,资本方直接经营上市公司会带来较大的负面影响。研究结果为客观评价金融资本的作用提供了重要依据,也对相关企业完善公司制度尤其是保护创始人权益具有一定的借鉴意义。The equity investment of financial capital is one of the important methods of the capital market to allocate resources efficiently,which also embodies the decisive role of the market in resource allocation.However,the definition of the benefit and power of financial capital in the process of equity investment will affect the governance structure and corporate performance of the target firm significantly.This paper explores the conditions,ways,endings and limitations of the capital party to obtain the control right of the company and participate in corporate governance,based on the case that Baoneng System buys the shares of Vanke and Nanbo and proposes to change their management teams.Through the analysis,it is found that in addition to the equity dispersion,the target enterprises have many characteristics of good business performance,low valuation,and imperfect corporate system.The corporate governance mode,the founder’s personality,the relationship with shareholders and the anti-competition for control rights are the important factors that affect whether financial capital can obtain corporate control rights.Meanwhile,due to the lack of professional skills and industrial experiences,financial capital will bring greater negative effects by governing the company directly.This paper provides an important basis to evaluate the role of financial capital,and also has certain reference significance for companies to improve the corporate governance system,especially to protect the rights and interests of the founders.

关 键 词：金融资本 创始团队 股权投资 控制权转移 

分 类 号：F832[经济管理—金融学]