利益相关者参与控制权争夺的动因研究--宝万控制权之争的案例分析  

A Study on the Determinants of Stakeholders’Involvement in the Control Right Struggle:Case Study of Control Rights Fighting Between Baoneng and V anke

作　　者：罗肖依 周建[2,3,4,5] LUO Xiao-yi;ZHOU Jian(School of Management,Lanzhou University,Lanzhou730000,China;Business School,Nankai University,Tianjin 300071,China;China Academy of Corporate Governance,Nankai University,Tianjin300071,China;School of Economics and Management,Sichuan Normal University,Chengdu610066,China;Nankai University Binhai College,Tianjin 300270,China)

机构地区：[1]兰州大学管理学院,兰州730000 [2]南开大学商学院,天津300071 [3]南开大学中国公司治理研究院,天津300071 [4]四川师范大学经济管理学院,成都610066 [5]南开大学滨海学院,天津300270

出　　处：《管理案例研究与评论》2021年第5期500-517,共18页Journal of Management Case Studies

基　　金：国家自然科学基金青年项目“公司主导联合体利益相关者取向的价值创造机制研究”(72002091);国家自然科学基金面上项目“差异化组织治理、董事会战略决策权配置与企业战略决策有效性研究”(71672088);教育部学位与研究生教育发展中心“2019年优秀案例教师工作计划”(JS2019004);天津市2020年度哲学社会科学规划重点委托课题“中美经贸摩擦背景下天津市持续改善营商环境研究”(TJZD-WT202001-13)。

摘　　要：敌意收购者与以创始人为首的高管团队的控制权争夺,是公司治理与战略管理研究者关注的热点问题。已有研究主要从利益相关者参与公司治理的途径,及控制权争夺主体拥有的社会资本的视角,分析控制权争夺主体如何获取实际控制权。本研究基于资源基础理论和社会认同理论,通过对宝万控制权之争的案例研究,识别了利益相关者参与控制权争夺的动因:一是高管团队资本较高的租金产生能力使得“有限”自利的利益相关者能够获得高于其要素机会成本的超额回报,进而对高管团队产生较高的经济依赖;二是敌意收购者入侵使得利益相关者感知到组织身份威胁,利益相关者会增加对高管团队的社会认同。利益相关者对高管团队产生的“经济依赖”和“社会认同”,是促使高管团队获取控制权优势的根本决定因素。The control right struggle between hostile takeovers and the top management team led by the founder has always been a hot topic,which has been given lots of attention by scholars of corporate governance and strategic management.E xtant literatures that study how subjects of control right fighting acquire real authority are mainly from the perspectives of the approaches that stakeholders adopt and the social capital owned by the subjects.Through the case study of control right dispute between Baoneng and Vanke,this research makes use of the resource-based theory and social identification theory and recognizes the determinants on why stakeholders.participate in the dispute.One is that the high rent-generating capabilities of the top management team capital could make self-interest bounded stakeholders gain supernormal returns that exceed the opportunity cost of production factors,thus can make stakeholders have a high economic dependence on the top management team.The other is that the invasion of hostile takeovers can make stakeholders perceive the threat of organizational identity,thus make them increase the social identification to the top management team.The“economic dependence”and“social identification”to the top management team are the fundamental determinants that prompt the latter gain the superior position in the control right struggle.

关 键 词：利益相关者经济依赖 利益相关者社会认同 高管团队资本 万科 

分 类 号：F272[经济管理—企业管理]