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论文编号：	3044
作者编号：	2120092705
上传时间：	2011/5/18 10:53:10
中文题目：	基于融资的我国民营企业控制权研究-以国美电器为例
英文题目：	The Study of Control Power Based on Financing in Private Enterprise of China Take Gome as an Example
指导老师：	黄福广
中文关键字：	民营企业;控制权;国美电器
英文关键字：	private enterprises; control power;Gome Electrical Appliances Holding Ltd.
中文摘要：	企业的控制权对企业发展具有重要的意义，对处于高速发展中的我国民营企业更是如此。我国民营企业的控制权掌握在谁的手中不但决定了企业的发展战略，也决定了企业的社会效率。民营企业创始初期可能不需要太多的资金，但是如果想发展，实现自有资产快速增值就要引入外部资本，在引入外部资本的过程中难免会涉及到控制权配置的问题,创始企业家要用行之有效的控制权模式来保护自己。只有企业中的控制权配置均衡协调，才能实现企业的最佳业绩、社会的最优效率。 本文的研究内容主要是通过国美电器控制权争夺事件，结合相关理论方法，试图寻找合理有效的控制权配置模式，能够促进企业的健康有序发展，也能能尽可能的避免因为控制权的不均衡带来的种种低效率的问题。 本文首先对文章的选题背景以及国内外对有关控制权问题的研究做了简要的回顾， 提出了文章选题的理论与现实意义，而后又介绍了相关的基础理论，其中包括利益相关者理论、委托代理理论以及控制权安排理论、GHM模型和Aghion-Bolton模型。接着又研究了我国民营企业的具体经营特征、控制权特征及其重要性。探讨了影响我国民营企业控制权的几种特殊因素，尤其将民营企业家的能力作为首要因素。由于企业的控制权配置状况是由企业的融资策略导致，所以作者接着在论文中介绍了几种常见的企业融资方式，并且分析了不同融资方式和控制权之间的关系。通过分析推论，最后作者得出了控制权配置根据不同企业的特点及具体因素不同相机分配的结论。 最后的案例分析中作者又通过分析国美电器的控制权争夺，提出了国美电器控制权配置与其重要的影响因素的不匹配才是引发控制权争夺，产生内耗的主要原因。
英文摘要：	Control power is very important in the business development of enterprises, especially for the rapid developing private enterprises of China. The final direction and destination are decided by the control power, which not only determines the business development strategy, but also determines the corporate social efficiency. If enterprises want to develop its own assets and achieve value development, it is necessary to introduce external capital, which involves the configuration of control. The effective configuration of control will be necessary for the enterprise. The best performance of enterprise value and the optimal efficiency of the community would be achieved only if the configuration of control is balanced and harmonious. In this study, the evolution of control power of Gome caused by financing is reviewed, the reasonable and effective control allocation and financing strategies which can effectively finance, avoid the control of the original shareholders abuse and reduce the risks of existing shareholders caused by the introduction of external capital are predicted. Firstly, the background and related work at home and abroad are studied, the theoretical and practical significance are presented, and the related theory is introduced, including the stakeholder theory, principal agency theory, the GHM model and the Aghion-Bolton model. Then, the idiographic characteristics and fundamentality of operation and control power, as well as the influencing factors in private enterprise are studied. Considering that the configuration state of control power is affected by financing strategy, the common financing method is introduced, the relationship between the financing method and control power is analysed. Based on the analysis, the conclusion that the control power should be configured according to the specific factors is achieved. Finally, according to the analysis of scramble for the control power in the case of Gome, the author indicated that the mismatch of the configuration of control power and the important factors is the primary cause of scramble of control power and internal friction.
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