控制权博弈与公司治理-----国美案例研究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；家族企业；职业经理人；机构投资者CONTROLOFTHEGAMEANDCORPORATEGOVERNANCE-------CASESTUDYOFGOMEABSTRACTThebattleforcontrolofgomeshowedadramaticandunprecedentedcomplexity,butthepropertyrightsandtherightofmanagementseparationandfamilybusinesswhichwanttobethemodernenterprisemustIntroductionofoccupationmanagers."Gomeaffair"hascometoanend.FounderandbigshareholdersWongKwongYu,OccupationmanagerChenXiao,Institutionalinvestorsbaincapitalonthecommercialwarwithoutsmokeofgunpowder,onthetransitionoffamilybusinesshavethechanceanditsinevitability,thisisdoomedtobetheChinesefamilybusinessdevelopmentoftheclassiccase.“Theworldhasnopermanentfriends,nopermanentenemies,onlypermanentinterests.”inthecapitalmarketalsocanexplaineverything.Thecompleteinformationdynamicgameinthetheorytoanalyze,forecastthebattleforcontrolofgome,andtheuseofbackwardinductionmethodtoobtaingamerefinedNashequilibrium,atthesametimetheuseofcorporategovernanceandfinancialstatementanalysisknowledgetosharethegluttonousdinner.Keywords:Gomeaffair;familybusiness;Occupationmanager;Institutionalinvestors目录1绪论..................................................................................................................11.1选题背景及意义........................................................................................................11.2国内外研究现状........................................................................................................21.2.1家族企业.........................................................................................................21.2.2职业经理人......................................................................................................21.2.3机构