The Effect Of Founder-Specific Assets On Corporate Control And Its Paths Research

In recent years,the control rights of listed companies have been frequently fought,and those who can obtain control of the company are often those that can be absolutely controlled or relatively controlled.However,the study found that some companies still have long-term control over the company despite their low shareholding.Such companies tend to have highly dispersed equity and have a “board-centric” model under the leadership of the management.It is difficult to lose control in the battle for control.It is difficult to explain the maintenance mode of this control only through the perspective of traditional equity allocation..This paper selects the typical "Board Centralism" governance model company-Vanke as a case company,based on the perspective of the founder-specific assets,comparative analysis of the company's two control rights competition in the evolution of the founder-specific assets,combined The event research method studies the influencing factors,the path and the effect of the formation of the company's control rights,so as to give countermeasures and suggestions for the balance effect.The article first analyzes the theoretical level.Through case analysis,compare the changes in the special assets of the founder Wang Shi during the two control battles of "Jun Wan " and "Bao Wan",and found that from the first battle to the second battle,There has been a significant reduction,and the result of the control is different.After excluding the influence of other factors such as equity factors,legal factors,and corporate governance models on control,the article believes that the founder failed to hold control for the second time.The reason is the reduction of proprietary assets.Further,the article analyzes the influence path of control rights from the individual level,team level and environment level of the founder-specific assets.Mainly to analyze the second control right competition,how the ripple effect of the creation of the special assets of the creation of the world is weakened,so that Wang Shi is replaced and the possibility of losing control is increased.Through the analysis of Vanke's financial level,it is found that the profitability,operational capability and growth capacity of the company before the second control competition have declined,and the management of the company has used the accounting method to whitewash the financial report and smooth the business performance behavior.It can be seen that the management led by Wang Shi has already experienced the problem of declining management and management ability before the second control right competition,which makes the possibility of being replaced more and the ripple effect is weakened.For the entrepreneurial level,the article uses the event research method to analyze the events that caused Wang Shi's entrepreneurial spirit to change.It is found that the occurrence of the incident caused Vanke's excess cumulative return rate CAR value to suffer losses,which brought short-term loss of difference to the enterprise.,thus increasing the possibility of Wang Shi being replaced.Finally,the article analyzes the relationship between Wang Shi and the major shareholder,and the performance of the major shareholder China Resources Group during the control competition.It is found that the founder Wang Shi has a trust vacuum between the second control and the major shareholder.The major shareholder did not actively support Wang Shi,making the final founder Wang Shi not elected to the board of directors and losing control of the company.In the end,the article puts forward the suggestion of balancing the formation effect of the founder's special assets.It believes that the introduction,cultivation and incentive mechanism of the talents of the company,especially the professional managers,should be reduced to reduce the replacement cost of the founders and strengthen the management of the company.The supervision mechanism and evaluation mechanism reduce the information asymmetry between shareholders and management,and break the trust relationship between shareholders and founders,thus balancing the ripple effect.