A Case Study On The Acquisition And Maintenance Of The Founder In The TCL Group

Founders and external investors have obvious differences in investment objectives,resource base,and risk commitment.Some studies have shown that founders have valuable knowledge and practical experience in companies and industries;companies with founder CEOs have higher Market value and better stock market performance;founders usually require less managerial incentives and can bring better corporate performance;founders with strong psychological ownership are more likely to pursue the long-term value of the company to create for shareholders Wealth,rather than focusing on short-term actions that infringe the interests of small and medium investors.In the real economic life,due to the increase in capital demand due to the expansion of the company scale and the equity incentives that are introduced when introducing senior talents,the equity of the founder will be diluted;at the same time,the investor as an active person in the corporate governance,and the founder Conducting confrontation,and even trying to change or control the situation of the board of directors and the senior management team,is extremely common,and the control disputes that arouse them are even more common.Therefore,the study of the founder's control and acquisition of control rights has important reference value for the founder of the company to solve the financing difficulties,improve the corporate governance structure or the struggle for control rights.How does the founder manage and maintain control of the business? Some scholars are concerned that in addition to equity capital,social capital and shareholder resources also play an important role in the fight for control rights.However,due to the instability of the control power of relational resources and knowledge resources,as well as the control of financial resources.Rights will be diluted with financing,and some scholars propose to maintain the founder's control through institutional arrangements.Institutional arrangements consolidate the right of control through a more formal structure,thus making the allocation of resources more reasonable.The most important source of the founder's right to maintain corporate control is the right to vote based on equity.Therefore,the founder ' s voting rights can be increased through the institutional arrangement of the equity structure.However,the existing capital market still can not meet the dual ownership system and the partner system.There are also literatures that believe that the institutional arrangement of the equity structure of the concerted person agreement can bring about the dawn of the issue of control over the founder's control,but lacks further research and analysis.Based on this,the author of the TCL Group's founder Li Dongsheng signed a concerted action agreement to analyze the case.He found that founder Li Dongsheng had a strong psychological ownership of the company,TCL Group's shareholding structure was relatively dispersed,the company needed to maintain stable development,and the overall consumer electronics industry declined.Etc.is the main reason for founder Li Dongsheng to sign a concerted action agreement.After founder Li Dongsheng became a person acting in concert with Dongxing Huarui and Jiu Tian Liancheng through a concerted action agreement,his voting rights leapt to the top of the TCL Group.The operating efficiency has improved significantly,his operating conditions have improved,and he has a higher corporate value.Betterstock market performance.Based on this,it analyzes the relationship between the acquisition and maintenance of the founder's control power and the economic consequences of the TCL Group,and studies the founder's value creation path to do a fuller explanation.Then will founder Li Dongsheng infringe on the interests of small and medium investors after he gains and maintains corporate control? Expand the test for possible moral hazard issues.This article proceeds from the concerted action people agreement to protect the interests of small and medium investors approach,combined with the founding of the agreement signed the economic event of small and medium investors in the stock market,the impact of investment income analysis,the results show that small and medium investors benefit protection path and good Market performance can protect the interests of small and medium investors.Based on the above research,this paper believes that the founder's concerted action agreement can resolve the contradiction between "financing and the founder's right to control" in the process of enterprise development,and finally based on the research findings.