民营上市公司控制权配置均衡及其实现路径_以百大集团控制权争夺博弈为例.pdfVIP

民营上市公司控制权配置均衡及其实现路径 ——以百大集团控制权争夺博弈为例 裘益政 孙铮 潘岳萍 浙江工商大学，浙江杭州，310018；上海财经大学，上海，200433 摘要：托普软件、科龙电器等掏空事件使民营上市公司的公司治理问题日益引起理论与实务界的关注。在 弱法律保护环境下，民营上市公司如何制止大股东掏空，保护中小股东利益？百大集团股权分置改革过程 中的两个民营大股东股权之争及其最后的博弈均衡为这个问题的解决提供了良好的思路。本文对西子联合 与银泰投资争夺百大集团控制权的博弈过程进行理论分析，发现双方合作是其均衡解；再以决策程序理论 为切入点，论证了百大集团控制权配置均衡的实现路径。本文研究发现，百大集团的控制权争夺方西子联 合和银泰集团从对抗走向合作，控制权配置均衡的实现是通过分离控制权中的执行权和监督权完成的。本 文最后提出实现我国民营上市公司控制权均衡配置的政策建议。 关键词：民营上市公司 控制权配置均衡 实现路径 决策程序 The Realization Path of the Balanced Allocation of Control Rights in Private Listed Companies ——Take the Game of Competing for Control of the Group of BaiDa for Example Qiu Yizheng Sun Zheng Pan Yueping Zhejiang Gongshang University ，Hangzhou ，zhejiang province, 310018 ；Shanghai University of Finance and Economics，Shanghai，200433 Abstract ：The weakness of the corporate governance of private listed companies have been focused on for recent years since large sum of resources of some listed companies were emptied like Top software and Kelon Electrical. In the environment of weak legal protection, what can be done to prevent the major shareholders from empting the company and protect the interests of small shareholders for the private listed companies? The struggle of the two major private shareholders and the final game equilibrium during split-share reform of the Group of BaiDa provide a good idea to this problem. In this paper, applying game theory firstly, we analyze the struggle of control of the Group of BaiDa between the XiZiLianHe Co., Ltd. and the Group of YinTai. The results show that the cooperation between the two sides is a balanced solution. Then, basing on the theory of decision-making process, we construe the re