The Internal Logic Of Shareholders And Agents To Control Over The Camera Configuration

In recent years, the phenomena of contest between controlling shareholders and agents for the control rights occur frequently and result differently. Facing the same shareholder advantage resources, some enterprise managers once occupied the upper hand, but other agents did not increase their own control, even resign. In view of this phenomenon, this article analyses and describes the internal logic of the contest of control rights.The author connects the existing literature with analysis, drawing the following conclusions. First of all, corporate control right is part of the control rights, coming from the position power, personal power and the relationship power. Besides, corporate control right should belong to the decision maker who has decision-making power to implement the enterprise strategy and the provider who has the key business resources.Secondly, the configuration of control rights is not a simple question that who is going to control the company. The corporate governance system is not only include the problem of constructing power system, but also fuse the effectiveness of the supervisory mechanism and the incentive mechanism. Both "The largest shareholder control mode" and "The internal control mode" have limitation. According to their own conditions, companies should perfect their supervisory mechanism and the incentive mechanism, so that the large shareholder and the management can unite their interests.Finally, six factors affect the configuration of corporate control right-ownership structure:including shareholder concentration and types of large shareholders, social capital, law and supervision of market environment, capital structure, the dependence attribute of company resource, enterprise development degree of environment uncertainty. Among them, the equity capital and social capital are the core elements, laws and market supervision environment is the key factor, the other belongs to the secondary factor. Through the comparative analysis of two cases, it is found that though two enterprises environment both stayed in unstable situation, Gome’s agent Chen Xiao had favorable factors by means of laws and regulations and perfect social capital. At the same time, he introduced the strategic investors to strengthen his equity capital. So, he obtained the control rights of enterprise in a period of time. On the other hand, Shanghai Jiahua is suit for the continental law system and the status of agent is disadvantaged. At the same time, Gewenyao neither seeked the supportive of the other equity capital nor used the advantage of his social capital. Therefore, he lost the control of the enterprise gradually. So, enterprises should not only consider one single factor in the configuration of control rights, but consider the comprehensive effects of six factors. More importantly, the company should differentiate the core elements, the key elements and the secondary elements. Hold the core elements, deliberate the key elements and do not ignore the secondary elements.