Research On The Influence Of Nature Of Property Right On Control Right Contention

In recent years,private capital is buying more and more stocks of company of high quality,this is a result of lack of investment targets in China and low price of equity assets,it is a new trend in capital market of China,but a must indicated by the history of developed capital markets.In the few cases,listed companies in China are not ready to handle this kind of problem,so research on control right contention has much practical significance.Utilizing methods including literature review,normative research and multi-case study,this paper takes Vanke,Minsheng Banking and Shanshui Cement Group as examples to do the research of how the nature of property right influence the model of action in the control right contention by using theories like corporate governance theory,principal-agent theory and double control chain theory,and find three final conclusions.First,corporate governance structure with the most power will be the focus of control right contention,like the general meeting of shareholders of state-owned company,board of private corporation owned company,and management layer of private person owned company.Second,the answer of whether executives would be involved depend on the principal-agent relationship inside the corporation,as a result,executives of private corporate owned company and state-owned company will join in the contention.Third,how social capital is used depends on effective area of social capital and regulatory environment faced,generally,executives of state-owned company and shareholders of private corporate owned company will use social capital chairn to strengthen their control right.This paper pioneers research perspective by study the relationship between nature of property rights and model of control right contention,and innovatively improve the model of social capital put forward by Gaochuang.