Research On The Combination Of Ownership Rights And Control Rights Based On The View Of Allocation Of Control Rights

The Combination of Ownership Rights and Control Rights refers to the legal ownership and management rights in some form of integration in the operation and management of a phenomenon,Is considered by some scholars to solve the agency problem,an effective means of encouraging human capital.however,Traditional dual integration of the two problems.One way to avoid these problems is to develop new approaches to the integration of the two rights,Vanke's business partner system is the product of this background.Different from the previous research from the perspective of principal-agent,human capital perspective,modern property rights theory perspective of the two powers to analyze the phenomenon and problems.This paper analyzes the integration of the two rights from the perspective of control right allocation.First of all,the establishment of "negotiating power of control" and "corporate nature is to create and distribute the organization rent" two prerequisites,And then establishes a framework of two right integration analysis from the view of control right allocation.Then,using the framework to analyze the forming process of the Vanke business partner system from the three stages of separation period,transition period and integration period,And then analyze the advantages of the business partner system,Analysis of its problems and causes,Finally,the corresponding countermeasures are put forward for these reasons.In this paper,Vanke business partners as a way of integration of the two powers,Has certain system superiority,But there are three potential problems of risk tolerance,information disclosure and the difference between the concept of shareholder managers,The main ways to solve these problems include:Reduce the risk of business partners;Attention to the value of shareholder equity capital,Open attitude to welcome the shareholders to carry out supervision,Get rid of over-reliance on risk – taking;For the shareholders to continue to create superior to the social average retained earnings,And gradually won the shareholders' approval.