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1、控制权博弈与公司治理-国美案例研究摘要国美控制权之争呈现出前所未见的戏剧性与复杂性，而所有权与经营权分离，引入职业经理人是家族企业迈向现代企业的必经之路。“国美事件”已经结束，创始人及大股东黄光裕、职业经理人陈晓、机构投资者贝恩资本上演的没有硝烟的商业大战，在家族企业转型之时即有偶然性又有其必然性，这注定是中国家族企业发展的经典案例。“世界上没有永远的朋友，也没有永远的敌人，只有永远的利益”在资本市场同样能解释一切。笔者以完全信息中的动态博弈理论来分析、预测国美控制权之争，并运用逆向归纳法求得博弈的子博弈精炼纳什均衡，同时运用公司治理和财务报表分析的知识来分享这份饕餮大餐。关键词：国美事件；家
2、族企业；职业经理人；机构投资者CONTROL OF THE GAME AND CORPORATE GOVERNANCE- CASE STUDY OF GOMEABSTRACTThe battle for control of gome showed a dramatic and unprecedented complexity, but the property rights and the right of management separation and family business which want to be the modern enterprise must Introdu
3、ction of occupation managers. Gome affair has come to an end. Founder and big shareholders Wong Kwong Yu, Occupation manager Chen Xiao, Institutional investors bain capital on the commercial war without smoke of gunpowder, on the transition of family business have the chance and its inevitability, t
4、his is doomed to be the Chinese family business development of the classic case. “The world has no permanent friends, no permanent enemies, only permanent interests.” in the capital market also can explain everything. The complete information dynamic game in the theory to analyze, forecast the battl
5、e for control of gome, and the use of backward induction method to obtain game refined Nash equilibrium, at the same time the use of corporate governance and financial statement analysis knowledge to share the gluttonous dinner.Key words: Gome affair; family business; Occupation manager; Institution
6、al investors目 录 1 绪论. 1 1.1 选题背景及意义. 1 1.2 国内外研究现状. 2 1.2.1 家族企业. 21.2 .2职业经理人. 21.2.3 机构投资者. 31.2.4 股权激励. 3 1.3 课题研究方法.41.4论文构成及研究内容. 5 2 “国美事件”回顾.62.1 公司介绍. 62.2 企业创始人黄光裕. 62.3 职业经理人陈晓. 72.4机构投资者贝恩资本.8 2.5国美股权激励方案.10 3 国美控制权博弈分析. 123.1 “9.28”股东大会. 12 3.1.1假设条件. 12 3.1.2博弈分析. 12 3.1.3结果分析. 143.2陈晓离职. .14 3.2.1假设条件.14 3.2.2博弈分析.15 3.2.3结果分析.163.3黄光裕家族与贝恩资本共同掌权. 163.3.1假设条件.16 3.3.2博弈分析.17 3.3.3分析预测.184 总结.214.1 主要工作.
