With the deep research of the reasons and motivations of the control right competition of NVC by two main factors,equity structure and social capital,based on principal-agent theory and control theory,through case analysis,trend analysis and financial ratio analysis.This article draws conclusions: the main reasons of the control rights competition are the limitation and restriction of private enterprises financing and the initiator effective organization period.Besides,the separate of the enterprise's ownership and control is the motivation of the competition of the shareholders and managers.Especially,when initiator becomes the manager of the company could lead to more serious principal-agent problem.In order to balance the lack of equity capital,initiator would enhance the social net capital by tunneling the enterprise.As a result,it sharpens the competition of control rights and the failure of initiators.Therefore,the founders of enterprise should arrange the financing properly and choose the investors carefully,and establish the control protection system and standard manage and operation of company. |