Research On Relations And Formation Of Listed Company's Dual Control Chain

In Corporate Governance,Enterprise control problem has existed for a long time.From the early theory of Enterprise contract to Principal-agent Theory &Property rights theory.All of them used to have an in-depth study on control problem.However,in the domestic many western economic theory explanatory power is not strong.In the actual operation of enterprises,"Ultimate controllers" always use the equity and their own "social capital" in the corporate governance at the same time.In order to better explain this phenomenon,the concept of "social capital" was interdisciplinary introduced to corporate governance.With the deepening of research on "social capital",Some concepts were put forward gradually like "the fitness of social capital","The substitution effect".The framework of "social capital" theory has been further enriched.At present,the research on "social capital" is mostly focused on the definition of concept and the effect,instead of mining the reasons behind the phenomenon.There is less research about the relationship between the "ownership control" and "social capital control" or the formation mechanism.Recently,Listed companies BoYuan?Vanke?Gome have occurred in control changes.All of these cases have their own characteristics.So this article adopted the method of Multi-case study.The article made a thorough research on the above three companies.After a series of theoretical analysis,data collection,case analysis,The article puts forward the following views: First,Social Capital can still replace Equity Control even Equity Control was under the relative holding standards,which expanded the applicable scope of the original theory.Second,For the Formation of double control chain,We gave a possible explanation.By analyzing the different stability of the social capital control chain,we analyzed the specific effects of the three dimension of “social capital” on the maintenance of stability.Specific performance as follows: Cognition is the premise;Structure is the foundation;Trust can be further entrench stability.It also shows that the stability of social capital is controllable.What's means that it has the ability to replace.For the "ownership control ",This paper gives the view that the feasibility of ultimate controlling using "ownership control" is not high.It shows the necessity of introducing "social capital control chain" and forming "dual control chain".Finally,Control arrangements of BoYuan?Vanke?Gome are classic cases of corporate governance in China.It is of great significance to Solving the control right arrangement of domestic enterprises and perfecting corporate governance.