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论文编号：	9456
作者编号：	2220150564
上传时间：	2017/12/5 14:50:51
中文题目：	基于企业创始人控制权视角的万科案例研究
英文题目：	A Sudy on the Control Power of Founder Managers of Vanke
指导老师：	薛有志
中文关键字：	险资举牌，野蛮人，创始人控制权，双重股权结构
英文关键字：	venture capital placards; barbarian; founder control; Dual equity structure; Social capital
中文摘要：	摘 要对于我国来说，资本市场的发展并不稳定，经常出现险资举牌现象。调查显示，2015年A股市场的险资举牌次数为143次，2016年的险资举牌次数则为98次。这种现象固然由多重因素导致，但是与某些流动资金的强势注入也有着必然的关系。最近几年，恒大、阳光、安邦分别完成了对万科、伊利、格力的股票增持任务。虽然这些决策并不会扭转A股的运行方向，但却使资本市场的发展受到一定的制约，也是促使险资举牌的一股暗流。股票价格的异常波动、上市公司组织结构的改变，与险资举牌难以撇清关系。“野蛮人”的频繁闯入，对公司创始人的控制权构成了较大威胁，并将导致企业发展不善、实体经济疲软。由于我国并未出台强有力的反收购制裁法，上市公司面对险资举牌往往也是束手无策，因此在这种背景下，如何采取科学有效的措施遏制创始人控制权旁落现象便成为一个重要的研究课题。本文以万科为研究对象，在深入调查的基础上，结合当前我国资本市场的发展现状，确定了以下研究内容：一，从社会资本、股权结构、内部管理等立场出发，对当前万科集团创始人的控制权问题进行剖析。二，对外部管理不完善、社会资本不稳固、融资环节不周全、内部管理不严谨等威胁创始人控制权的因素进行探究。三，针对导致万科集团创始人控制权旁落的原因，从双层股权的构建、外部治理的完善、内部治理的强化以及社会资本的辅助等4个方面，提出一些合理化建议。本文的创新点包括：第一，对股权与控制权的关联性进行了研究，并以此提出了企业构建良好股权结构的建议。第二，从“野蛮人”等社会主导资本的角度，对创始人控制权不稳固问题进行了深究，提出可以通过强化内部资本来实现对企业的控制，这也是对社会资本研究理论的完善。第三，对社会资本控制过程中的不足之处进行了分析，提出相关改进措施，可使上市公司创始人为完善其控制权从中得到借鉴。
英文摘要：	Abstract For our country, the development of the capital market is not stable, often appear venture capital placards. Survey shows that in 2015 the A stock market risk capital placards 143 times in 2016, the insurance capital is 98 times the number of placards. This phenomenon is caused by multiple factors, but with some strong liquidity injection there is inevitable relationship. In recent years, Hengda, sun, Ampang were completed to Vanke, Yili, GREE's stock holdings. Although these decisions and will not reverse the running direction of the A shares, but the development of the capital market subject to certain constraints, but also to promote venture capital placards undercurrent. StockAbnormal price fluctuations, the organization structure of listed companies, and venture capital placards to disassociate themselves. Frequent "barbarians" in control of the founder of the company constitutes a greater threat, and will lead to the development of enterprises. Due to mismanagement, weakness in the real economy in China is not a powerful anti takeover law, listed the company in the face of risk capital is often at a loss what to do justice, so in this context, how to adopt scientific and effective measures to curb the founder control sidelined phenomenon has become an important research topic. In this thesis, Vanke as the research object, on the basis of deep investigation, combined with the current development of China's capital market, identified the following contents: first, from the social capital, ownership structure, internal management standpoint, control of the Vanke Group founder problem analysis. Two, the external management perfect social capital financing link is not stable, not comprehensive, strict internal management is not the threat of Founder control factors were explored. In three, the cause of Vanke Group founder control sidelined, from the construction of double ownership, improve the external governance, internal governance and the strengthening of social capital assisted 4In the end, some reasonable suggestions are put forward The innovation of this thesis includes: first, relevance of equity ownership and control are studied, and put forward the construction of good enterprise ownership structure. Second, dominant capital from "barbarians" and other social aspects of Founder control unstable problems were deep research, put forward by strengthening the internal capital to achieve control of the enterprise, which is the theoretical research on social capital improvement. Third, the social capital shortage in the process of control are analyzed, puts forward relevant improvement measures, can make the listed company founder for the control of learn from it.
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