The Knowledge Capital Allocation Of Gome Electrical Appliances And Analysis Of Corporate Governance Structure

As capital theory and the continuous development of social economy, theexisting financial capital theory can not fully explain the existence of manyenterprises in the value problem, essential factor capital theory arises at the historicmoment. Especially under the knowledge economy, the increasingly development ofprivate enterprises in our country, many of the problems that enterprises began tohighlight. How to gain a foothold in the international big stage? How to adjustenterprise knowledge reserves to keep up with the steps of the development of theenterprise? How to improve the elements of enterprise capital allocation structure toimprove the efficiency of capital allocation of enterprises? All these need furtherresearch and analysis.Based on the study of the representativeness and the complexity of the problem,this paper adopts a single case study method to research object for further analysis. ToGOME electrical appliances as an example, analysis our country private enterprisecapital structure factors of intellectual capital configuration and elements of theimpact of capital structure on corporate governance structure. As Eisenhardt andGraebner (2007) pointed out "single case studies often provided in extremely rare orextreme cases to explore the phenomenon of a kind of important study opportunity".The main reason this article selects GOME is: the battle for control of GOMEattracted the attention of numerous academic and practice field, GOME cases ofprivate enterprises in the development of the corporate governance of the complexityof the problem and application in the public eye. This for the development of theeconomy in transition China certainly has the milestone significance.The main content of this article is divided into five parts. First chapter isintroduction, mainly discussing the reason of my choice and research questions. The second chapter is literature review, mainly describing the theory basis of case analysisused, including the capital structure and the cost of capital theory, corporategovernance structure theory and its influence factors of capital structure, ownershipstructure theory foundation. This chapter is the soul of the case analysis, this paper asa theoretical support. The third chapter for the case description and insights, toGOME’s struggle to carry on the detailed description and proposed own view. Such asenterprise in the process of development should attach great importance to theaccumulation of currency capital must not only attach importance to the accumulationof knowledge capital, knowledge capital is good for the function of other capital hasan important role, etc. The fourth chapter is case analysis, this part is the core of thisarticle. According to the theory of the second chapter, essential factor capitalallocation and the corporate governance structure in-depth case and the reasons for theproblems, and influence on the enterprise value and entrepreneurs. This paper arguesthat GOME battle comes from elements configuration deficiency of knowledgecapital in capital structure and corporate governance structure in the equity of thenature of the single, entrepreneurial knowledge reserve is insufficient causeenterprises and their damage. The fifth chapter is conclusion and Suggestions,according to the front of the case analysis on factors of capital structure of Chineseprivate enterprises misallocation and relevant impact on the governance structure, inview of the enterprise value promotion put forward the corresponding proposal.Reasonable and novel innovation point of this article is the topic. GOME has notbeen about the case of the surrounding elements form of form the pattern ofownership structure, capital structure plays a decisive role in. However our countryprivately operated enterprise knowledge capital external development mode andinternal governance structure, there is some issues worthy of improvement. So thissubject has important practical significance and academic theory value. Shortcomingin intellectual capital has not quantitative analysis of this article, the knowledgecapital costs and yields still needs further research.