透过“万科控制权之争”分析万科公司治理缺陷

发布时间：2018-06-02 10:47

本文选题：公司治理 + 股权结构　；参考：《广东外语外贸大学》2017年硕士论文

【摘要】：2015年年末,在中国资本市场发生了一起国民关注度极高的事件,媒体将这起事件称为“万宝之争”。“万宝之争”即是以王石为代表的万科管理层和宝能系围绕万科控制权展开争夺这一事件的简称。尽管“万科控制权之争”局势复杂,并且引发了专业人士的广泛讨论,但所有分析讨论都围绕公司治理、收购行为、收购资金的组织方式这三个领域展开。一直以来万科因优秀的公司治理饱受好评,吊诡的是,“万科控制权之争”事件发生以后,受到诸多争议与抨击的正是万科的公司治理。本文拟透过“万科控制权之争”分析万科的公司治理缺陷。在查阅了国内外主要公司治理评价系统的内容并综合考虑万科自身的状况之后,本文拟采用股权结构、董事会治理、监事会治理、管理层治理、信息披露这五个维度对万科的公司治理缺陷进行分析。具体而言,本文从股权集中度、股权结构形成过程、股权结构对控制权之争的影响这三个方面分析万科股权结构存在的问题;从董事会组织结构、董事会运作状况、董事薪酬、独立董事这四个方面分析万科董事会治理存在的问题;从监事会组织结构、监事会运作状况这两个方面分析万科监事会治理存在的问题;从内部人控制这一方面分析万科管理层治理存在的问题;从完整性、真实性这两方面分析万科信息披露存在的问题。本文认为万科股权结构过于分散,给万科公司治理造成比较大的负面影响;万科董事会受万科管理层控制,不能均衡代表股东利益,独立董事不具备独立性,未能做到诚信履职;万科监事会对董事会和管理层违背公司治理的种种行为未能尽到监督及纠正的职责;万科管理层权力过大,存在通过侵害中小股东利益推进万科事业合伙人制度等情况,万科有成为内部人控制企业的嫌疑;万科的信息披露更是存在诸多遗漏和不实之处,中小股东无法依据已有信息做出投资决策。万科是我国公司治理领域的标杆企业,“万科控制权之争”暴露出模范企业实则隐藏着大问题,其他企业应当以此为鉴,加强公司治理这一在企业日常经营活动中容易被忽略的问题。本文拟通过对万科公司治理缺陷的分析,提取出能供其他企业借鉴的公司治理经验。此外,本文通过独立思考向监管层提出几条改善我国公司治理监管现状的建议,中小股东作为资本市场的弱势群体,理应有一个更健全、更透明的投资环境。
[Abstract]:In late 2015, China's capital markets saw a highly publicized incident that the media described as a "battle for universal treasure." "the contention of Wanbao" is the abbreviation of Vanke's management and Baoneng, which is represented by Wang Shi, fighting for the control of Vanke. While the battle for control of Vanke is complex and has led to extensive discussion among professionals, all the analysis has focused on three areas: corporate governance, acquisitions and the way money is organized. Vanke has been praised for its excellent corporate governance. What is paradoxical is that it is Vanke's corporate governance that has come under much controversy and criticism since the incident of "Vanke's control rights". This paper analyzes the defects of Vanke's corporate governance through the contention of Vanke's control rights. After consulting the contents of the main corporate governance evaluation systems at home and abroad and considering the situation of Vanke itself, this paper intends to adopt the ownership structure, board governance, board of supervisors governance, management governance, These five dimensions of information disclosure analyze Vanke's corporate governance defects. Specifically, this paper analyzes the problems existing in Vanke's equity structure from three aspects: the degree of ownership concentration, the forming process of equity structure and the influence of ownership structure on the contention of control rights, from the organizational structure of the board of directors, the operation of the board of directors, the remuneration of directors. This paper analyzes the problems existing in the governance of the board of directors of Vanke from the four aspects of independent directors, analyzes the problems existing in the governance of the board of supervisors from two aspects: the organizational structure of the board of supervisors and the operation of the board of supervisors. This paper analyzes the problems existing in the management of Vanke from the aspect of insider control, and analyzes the problems existing in the disclosure of Vanke information from the aspects of integrity and authenticity. This paper holds that the equity structure of Vanke is too scattered, which has a great negative impact on the governance of Vanke, the board of directors is controlled by Vanke management and cannot represent the interests of shareholders in a balanced manner, and the independent directors do not have independence. Failure to perform its duties in good faith; failure of the board of supervisors of Vanke to perform its duties of supervision and correction for board of directors and management against corporate governance; excessive power of the management of Vanke, There are cases such as pushing forward Vanke's partnership system by infringing the interests of minority shareholders, Vanke has become a suspect of insider control of the enterprise, and Vanke's information disclosure has many omissions and misinformation. Minority shareholders are unable to make investment decisions based on existing information. Vanke is a benchmark enterprise in the field of corporate governance in our country. Strengthen the corporate governance, which is easy to be ignored in the daily business activities of enterprises. Based on the analysis of Vanke's governance defects, this paper extracts the corporate governance experience which can be used for reference by other enterprises. In addition, this paper puts forward several suggestions to improve the current situation of corporate governance supervision in China through independent thinking. As a weak group in the capital market, minority shareholders should have a more perfect and transparent investment environment.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F271

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