控 制 权 博 弈 与 公 司 治 理 ----- 国 美 案 例 讨论摘 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，创始人与大股东黄光裕、职业经理人晓、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定性，这注定是中国家族企业进展的经典案例。“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 Introduction 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, this 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 battle 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...
