创始人及机构投资者控制权博弈——基于雷士照明案例地分析

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1、万方数据为了减少民营企业创始人与机构投资者之间的摩擦，创始股东应当合理规划融资，选择合适的投资人，重视控制权对企业发展的影响，并规范公司治理，遵循“契约’’精神。而机构投资者也应当对创始人的不可替代性予以重视，同时适机寻找合适的职业经理人。与此同时，建立创始股东控制权保护制度，引入双重股权结构不失为一种有益的尝试。关键词：创始人，机构投资者，控制权争夺，雷士照明万方数据IIIIIIIIIIlUllUlIIIIIIlY2750720CONTROLRIGHTSCOMPETITIONBETWEENVENTURESHAREHOLDERSANDINSTITUTl0NALINVEST

2、ORS——ACASESTUDYONNVCLIGHTINGTECHNOLOGYCORPORATIONABSTRACTInrecentyears，withthefrequentoccurrenceofcontrolrightscompetitionandthedeepeningunderstandingofthecontrolrights，researchesoncontrolrightcompetitionhasbeenpaidmoreandmoreattentioninthetheoreticalandpracticalcircles．Thisarticleselects

3、NVCeventasacasetodotheresearchoftheaboveissues．Asalistedcompany,itWashigh-profiledbecauseexperiencedalongbattlefortherightofcontrolwhichmadetheissuepubliclyandtypically,providingrichinformationforthestudyofcompetitionforcontrolrightsbetweenventureshareholdersandinstitutionalinvestors．This

4、articledelvesintothereasonsandmotivationsofthecompetitionforcontrolrightsofNVCandcomparesthecorporate万方数据performancedifferenceforwardandbackwardthebattle，hopingtoprovidetheexperiencesandlessonsfortheprivateenterprisetoavoidsimilarproblems．Thisarticleobservestheexternalenvironmentofenterpr

5、ises，andestablishestheanalyticalframeworkofcontrolrightcompetitionbetweentheprivateenterprisefoundingshareholdersandinstitutionalinvestorsusingprincipal-agenttheorybasedontheliteraturereviewsandtheoreticalresearches．Withcaseanalysis，trendanalysis，comparativeanalysisandratioanalysisect．，me

6、thods，thisarticleanalysestheNVCeventanddrawsconclusions：thecontrolrightscompetitionsrootedinfinancingrestrictionofprivateenterprises；therealmotivationoftherightsbattleistheprincipal-agentproblemduetoconflictsofinterest；theeffectsofotherstakeholdersintheprocessofcontrolrightscompetitioncan

7、notbeignoredandthefinalresultofNVCeventisnotgoodforthestabledevelopmentofthecompany．Toavoidthefrictionbetweenfoundersoftheprivateenterprisesandinstitutionalinvestors，thefoundersshouldarrangetheplansoffinancingreasonablly,choosetherightinvestors，payattentiontocontrol