The Influence Of Founding Manager Of Private Enterprises On Corporate Governance

After the reform and opening up,the private enterprises have been developing rapidly,which has become the main part of China's market economy.However,in recent years,the problem of corporate governance of private enterprises after another,Gome Chen Xiao and Huang Guangyu control of the competition,NVC lighting Wu Changjiang two into three out of Shanghai Jiahua Ge Wenyao forced out,Vanke Wang Shi suffered Barbarism,and so on,these events have once again let people aware of the importance of corporate governance.Founding managers for the long-term development of enterprises has an irreplaceable impact.At the beginning of the founding,the founding manager,as the owner,has the natural superiority of the equity.At this stage,the corporate governance is influenced by the ownership structure of the firm,and the founding manager generally has decision-making power,so the founder can Through the decision of equity financing to determine the ownership structure,thereby affecting corporate governance.Founder managers have developed a new approach to building a new,more efficient,and cost-effective approach to equity financing,with a significant amount of external capital coming into the firm,where the founders' equity is extremely dilute and can no longer influence corporate governance through equity Corporate governance systems,such as partner systems,replace the general meeting with the partner team,thus affecting the board of directors and management,thereby affecting corporate governance.This paper takes Alibaba Group as the object of study and analyzes the equity financing behavior and lakeside partner system.It is found that in the initial stage of development,the founding managers headed by Ma Yun prefer to choose institutional investors while paying attention to their own The status of a major shareholder,this stage,Ma and other founding managers through equity to corporate governance.When Alibaba introduced Yahoo,Ma and other founding manager is no longer the largest shareholder of Alibaba,there is no advantage in the case of equity,in order to continue to ensure control,Alibaba launched a lakeside partner system,according to the system,Corporate control and control of the separation of the partner team to replace the general meeting of shareholders,through the nomination and appointment of members of the Board to resolve the equity of the disadvantages.In this paper,the research for the private enterprises in our country has a great reference value.Founding managers in the process of equity financing,financing should be clear purpose,choose the appropriate issuer,enhance crisis consciousness and strategic vision.When founding executive holdings is low,can make full use of legal system and the founding of managers' social capital,and bold innovation on system of corporate governance.