Case Study Research On Corporate Control Competition Of SMIC

In recent years, China’s semiconductor industry has developed rapidly, but stilllags a lotbehind the international advanced level.As the representative of China’ssemiconductor industry enterprise, SMIC’s management and development attractstremendous attention from the industry and the society all the time. Broke out in2011,however, the corporate control competition events pushed SMIC to the forefront ofpublic voice. Especially, the control allocation problem behind the events causedextensive discussion.Attached to the corporate policy, corporate control is a kind of right related to theeconomic interests.Corporate control configuration is the core and key of corporategovernance mechanism. Therefore, reasonable configuration of the control of listedcompanies is one of the fundamental approaches to solve the control competitionproblem. Due to the mature development of the capital market, the study on allocationof corporate control started earlier. Scholars put forward balanced-pattern ownershipstructure, board governance and other company’s governance mechanism. However,due to China’s capital market and legal environment still is not perfected, and relevantpolicies and regulations system implementation does not reach the designated position,the mature foreign company control governance mechanism does not fit China’scompany. Therefore, in China’s specific macro environment and the special industry,the exploration on the rational corporate control configuration among these companiesis particularly important and urgent. The research is of high academic value andpractical significance.Based on the study of corporate control theory, corporate governance theory, andprevious relevant research, the object of the study is the corporate control competitionevents of SMIC. The methods of the study are normative analysis and controlmeasures, by which the author analyzed the essential reason of the events deeply. Thisarticle not only aims to supplement the study in the field of allocation of corporatecontrol, but also to provide some reference for subsequent study of corporategovernance.