雷士照明公司控制权争夺案研究

发布时间：2018-04-20 05:20

本文选题：雷士照明 + 控制权争夺　；参考：《广东财经大学》2016年硕士论文

【摘要】：本文选取了近年来倍受关注的雷士照明公司控制权争夺案作为案例,通过对雷士照明公司发生的三次带有连贯性但又各具特色的控制权争夺事件进行梳理,以案例事实为依据,从公司治理--委托代理关系的角度研究分析雷士照明公司控制权争夺的共性原因和本质,再分别从股权融资、股东行动主义、创始股东特质三个方面分析各个争夺主体参与公司控制权争夺的异性原因,同时分析其他利益相关者这一关键配角在控制权争夺中的动机和作用。本文主要分为四大部分,第一部分是理论的阐述,对公司控制权、控制权私有收益、控制权争夺的内涵进行了全面的描述和界定;第二部分是案例描述,将雷士照明公司控制权争夺案的过程完整呈现,细致描述三次控制权争夺的前因后果;第三部分是案例分析,结合理论和案例事实,从整体上分析雷士照明控制权争夺案的本质、共性原因、所带来的影响,再分别从争夺的各方主体(外部投资者、创始股东、其他利益相关者)参与公司控制权争夺的个性原因展开分析;第四部分是启示和结论,通过对雷士照明控制权争夺案的研究分析,回归到公司治理上,提出避免公司控制权争夺的的五条建议,给我国民营企业的发展提供借鉴。通过对雷士照明公司控制权争夺的研究分析得出,诱发公司控制权争夺的因素是多元的,获取控制权私有收益最大化是控制权争夺的本质,也成为各方主体争夺控制权背后的强劲动力。股权融资使创始股东的股权被摊薄,为控制权争夺埋下了伏笔,随着所有权与控制权的分离,委托代理关系引发的大股东利益侵占和职业经理人的道德逆向选择促发公司各方主体的利益冲突,创始股东忽视“契约精神”和自身的性格缺陷导致与外部投资者的矛盾激化,这些元素的相互交织互相作用最后导致了公司控制权争夺的发生,利益相关者在控制权争夺中始终以自身利益为导向,并发挥着重要的作用。公司控制权的争夺在优化公司治理的同时又会给公司带来极其负面的影响。为了避免恶性的公司控制权争夺事件的发生,各主体应该在公司治理的过程中寻找利益的平衡点,实现共赢。
[Abstract]:In this paper, the author chooses the case of Race Lighting Company which has been paid more attention in recent years as a case, through combing the three events with coherence but different characteristics, and taking the facts of the case as the basis. From the point of view of corporate governance-principal-agent relationship, this paper analyzes the common reasons and essence of the contention for control rights of Rush Lighting Company, and then from the perspective of equity financing and shareholder activism, This paper analyzes the heterosexual reasons for the participation of different contenders in the contention for corporate control from three aspects of the characteristics of the founding shareholders, and analyzes the motivation and role of other stakeholders as the key supporting actors in the contention for control rights. This paper is mainly divided into four parts, the first part is the theoretical elaboration, the company control right, the control right private income, the control right contention connotation has carried on the comprehensive description and the definition; the second part is the case description, the second part is the case description, the second part is the case description. The paper presents the whole process of the Race Lighting Company's contention for control, and describes in detail the causes and consequences of the three times' contention for control. The third part is the case analysis, which combines the theory with the facts of the case. From the overall analysis of the essence, common reasons, the impact of the Race Lighting Control dispute case, and then from the main parties (external investors, founding shareholders), The fourth part is the enlightenment and conclusion, through the research and analysis of Race Lighting Control contention case, it returns to the corporate governance. Five suggestions to avoid the scramble for corporate control are put forward to provide reference for the development of private enterprises in China. Through the research and analysis on the contention for control rights of Reese Lighting Company, it is concluded that the factors inducing the contention for control rights of the company are multiple, and the essence of the contention for control rights is to obtain the maximization of the private income of the control rights. Also become each party main body struggles for control behind the strong motive force. Equity financing has diluted the equity of founding shareholders, laying the groundwork for a struggle for control, as ownership and control separate, The usurpation of major shareholders' interests caused by principal-agent relationship and the moral adverse selection of professional managers promote the conflicts of interests of all parties in the company, and the founding shareholders ignore the "spirit of contract" and their own personality defects, which lead to the intensification of contradictions with external investors. The interweaving and interplay of these elements leads to the competition for corporate control rights, and stakeholders always take their own interests as the orientation and play an important role in the scramble for control rights. The scramble for corporate control will bring negative influence to the company while optimizing corporate governance. In order to avoid the vicious competition for corporate control, the main body should find the balance of interests in the process of corporate governance to achieve win-win.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F426.6

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