Games Between Major Shareholder And Management Circle

China's listed companies has the character of highly concentrated ownership structure?state-owned shares at the dominant status.Existing research towards investors and founders most based on the ownership structure is highly concentrated,main shareholder how to control management circle and how management circle get rid of control from main shareholder.Because of the problem of entrust and proxy,it is possible that relatively holdings and management circle still can have several conflicts,existing research towards this problem is scarcity.Meanwhile,most existing research assume main shareholder has own some ownership,which has big right to talk,the dynamic conflicts between either.In the process of continuous placards at secondary market to be main shareholder,the motivation will be very different.In all.existing research haven't discuss in ownership structure relatively concrete company,in the process of small shareholder being main shareholder,lack the motivation and specific behavior of either.So,the thinking of this paper is to get involved problem of entrust and proxy between main shareholder and management circle into the sketch of ownership structure relatively concrete company.This paper use China's biggest real estate company—Wanke as the subject,to research in the process of Baoneng becoming main shareholder,the conflicts and its influence factors between founder and major shareholder.The influence factors include micro factors?Intermediate factors and macro factors,these three perspectives build a frame of the conflicts between either.The research shows:in the process of shareholders being major shareholders,the conflicts between either should think more from the capital perspective.On the basis of this,try to probe the major factor,which effect the relationship between Wanke's founder Wangshi and the major shareholder Baoneng Group.Micro factors include major shareholder's credit system?the nature of firm,the characteristic of purchasing fund,the possibly action of major shareholder,character of entrepreneur.Intermediate factors include industry characteristics.Macro factors include laws and regulations?Regulatory environment.This paper provide a new vision to see the inflicts between management circle and major shareholder in the process of shareholder being major shareholder.