Institutional Environment, Social Capital And Actual Control Rights

In addition to the economic factors of "equity control",the original mechanism of the competition for real control of listed companies should also take into account many complex social factors,especially social capital.Frequent in recent years,the battle for control of the case(e.g.,in the struggle for control of the gome electrical appliances,in the struggle for control of the NVC Lighting in the struggle for control of the and treasure,etc.)showed that social capital in the control for both may pose a substitute to equity capital,is also likely to overwhelm the original equity capital and become a new practical control.Although the existing research results prove the existence of social capital and confirm the substitution effect of social capital to formal equity to a certain extent.However,under the specific institutional environment,the actual control of talents can use social capital to play the role of control.The internal and external institutional environment is not constant,so the effect of social capital on actual control is also changing.The fight for NVC Lighting factor control began in 2005 and ended in 2014,10 years later.The fracture and reconstruction of the social capital of Wu Changjiang,the founder of NVC Lighting,not only directly determines the recall and return of Wu Changjiang,but also affects the company's long-term development strategy in the future.At the same time,the continuous development and evolution of the internal and external institutional environment of NVC Lighting also has certain influence on the dynamic change between the social capital and the actual control right of NVC Lighting.This paper takes the actual control right competition of NVC Lighting as a case to analyze the influence of internal and external institutional environment changes on the dynamic relationship between social capital and actual control right.The research findings of this paper are as follows: first,internal and external social capital plays a leading role in the competition for actual control right in the short term,but in the long term,social capital is hard to participate in the competition for corporate control in a systematic way.The second institutional environment is informal or semi-formal,and social capital plays a greater role in actual control.When the institutional environment is semi-formal to formal,social capital will break down and weaken its effect on the actual control.This paper studies from the perspective of the institutional environment for explanation of social capital to the actual control of dynamic effect provides a certain reference,but also for the government to strengthen the external environment construction and a sound system ofinternal governance in order to solve "barbarians" invasion behavior of China's capital market has a certain theoretical and practical significance.