Research On The Impact Of Cooperate Control On Equity Contract Implementation

Separation of ownership and management is an essential feature of modern company,which leads to the existence of a variety of internal agency relationship.When there is asymmetric information,incomplete contract and market uncertainty,agents will take opportunistic behavior,so the conflict equity issues arise in the company.Therefore,in order to deal with complex internal and external environment,how to make the different participants create cooperation surplus according to the company contract is an important issue in the study of modern management companies,especially the equity content of the contract.Existed literature suggests that corporate control is essentially a right of allocation of resources,and its configuration and balances and exercise are directly related to the quality of corporate governance and the allocation efficiency of company's resource.And in fact,it is the "residual control rights and residual claims mismatch" that leads to a variety of equity conflict.Therefore,in order to explore a new path to enhance the efficiency of modern corporate governance,the thesis aims to study the influence of corporate controls' allocation,balances,exercises on the efficiency of the equity contract.On the basis of large number of documents,the thesis has done the following study.First,arrange the literature and related theories,and analyze the connotation and characteristics of equity contract and particularly analyze the relevant characteristics of the implementation efficiency of equity contracts,and examine the operational status of the corporate control right in practice,then analyze the micro factors of the allocation situation and balance degree and exercise efficiency.Second,conclude and put forward the concept of connotation and efficiency of implementation of the contract equity,and explore its significance and the practice significance in corporate governance theory.In the process of the implementation of equity contract,parties do not clear their own game environment,so we establish a dynamic game model in the thesis to analyze the decision process of equity contract implementation efficiency,in order to clarify the direction and degree of the decisive factors.Third,on the basis of the previous text,combined with practical cases,we analyze how allocation and balances and exercises of company control affect the decisive factors in the process of the implementation of equity contract.Fourthly,according to microeconomic factors which affect allocation and balances and exercises of company control we offer targeted advice on how to find and play the internal governance of equity contracts,and on how to improve the degree of conflict equity.These advices include: enhance the enthusiasm of all parties in involving in the subject of corporate governance,to improve decision-making efficiency;introduce contractual relationship governance,to promote the formation of specific assets and the enhancement of bilateral dependent;encourage the rational use of equity to enhance the goal congruence between management and shareholders;improve the mechanism of independent directors,and establish incentive and restraint mechanisms of independent directors;improve the temporary shareholder proposals to stimulate the active participation of minority shareholders in corporate governance;improve the market for corporate control,to enhance information transmission and disclosure in capital market;enhance the effectiveness of professional managers market.