Zheng Zhigang: The concept of crowdfunding has caused the CIMC's minesweeper to have much impact on the operation of the participating shareholders' companies.But people can't help asking why private investment also committed too much on the expansion of state -owned enterprises?

In order to solve the debt redemption crisis, China Minsheng Investment Co., Ltd. had to discount one of the most valuable assets under the company on February 13; MDASH; MDASH; Shanghai Dongjiadu two plots, and China Min Investment encountered thunderstorms.

For a period of time, the scale or large or small, or private or state -owned, or due to radical expansion or due to excessive liabilities, a company has broken funds under deleveraging storms, frequent thunderstorms, and the public and the media have visible fatigue to a certain extent.EssenceHowever, as the first private investment company in China, which starts from the nation's joint industry and commerce, has participated in the deep participation of business leaders such as Dong Wenbiao, Lu Zhiqiang, and Shi Yuzhu, the thunderstorms of China Min invest have attracted a lot of attention from the media and the public.

Many people's questions come from, why do they say that they usually spend other people's money with the most profitable private investment with the most profitable motivation.Not only that, in terms of raising funds, Zhongmin Investment adopts the concept of crowdfunding that is still very fashionable at the moment, forming so -called super crowdfunding jointly established by 59 industry -leading companies.According to the beginning of Dong Wenbiao's establishment of Zhongmin Investment, 100 million private companies in China have 100 million yuan per private enterprise, which is 100 billion.Think of 34 students from the presidential class of Tsinghua University on October 29, 2018 to open a restaurant through the WeChat group members, and then applied for bankruptcy due to poor management.People can't help asking, is the crowdfunding that is really dissatisfied in China in China?

We noticed that Zhongmin's investment in the following two aspects of corporate governance system has achieved the extreme.One is that compared with the absence of the agency chain entrusted by state -owned enterprises, the profit motivation of private capital is strong and clear; the second is the high sharing of future operating risks (uncertainty) through crowdfunding.

But its potential corporate governance issues come from the above two aspects.A group of profitable motivations clearly gather entrepreneurs to gather together for common goals, and it will undoubtedly become a strong and continuous pressure for China Minzu to choose quickly or even radical expansion in the business model.The emergence of many decentralized shareholders introduced by the proportion of shareholders introduced by the concept of crowdfunding will lead to a tendency to have mutual coexistence on the supervision and management team that cannot form effective supervision in the supervision and management team.Operating pattern.The combination of the above two aspects of governance defects will inevitably lead to the choice of Zhongmin's investment in a radical road in the business style choice.

In fact, for the governance structure of investment companies, on the one hand, it is the issue of sharing risk (as mentioned earlier, China Civil Investment can be described as the ultimate), and on the other hand, how to make the management team of investment decision -makingDecisions actual decisionists) can think like shareholders.The management team like shareholders is related to its shareholding ratio.It is easy to understand that the management team's shareholding ratio and corporate value are not simple linear relationships.According to the observation of economist Morck, when holding the shares is low, the cost of the management team should bear the small cost in investment decision errors, and the cost of passing the cost to other shareholders is large, so the possibility of the management team is also the possibility of risky risk.Correspondingly larger.However, when the shareholding ratio of the management team reached a certain proportion, the original external nature was internalized. At this time, he began to think about the stability and continuity of the capital return like shareholders.Studies by economists Shleifer, etc., show that the existence of major shareholders can solve the problem of carriers in the process of providing decentralized shareholders in the provision of the public product provision of the supervision and management team because the income obtained by the major shareholders will cover its cost.

The case of Zhongmin Investment shows to a certain extent that the shareholders introduced by crowdfunding have taken the stool on the issue of check -in management teams, and they have become some of the personal conscious behavior of some of the shareholders who are aware of related issues (such as Shi Yuzhu and Lu Zhiqiang with different choices of investment concepts to withdraw from the midway.), And cannot get the response from other shareholders, and consensus the consensus of the shareholders' meeting.

In addition to solving the tendency of divergent shareholders on the issue of the supervision and management team, the existence of the major shareholders and the parent company behind them sometimes play the role of the final guarantor.Help it overwhelming.

For example, during the Asian financial crisis in 1998, South Korea's Samsung driving force rely on the help of the parent company to turn the crisis.In fact, it is especially important for the stable cash flow that is similar to the integration of industrial group+financial group+financial group+financial group, but lacks similar to the stable cash flow brought by the credit business of Minsheng Bank. It is particularly important for future investment income to fluctuate.In the above sense, crowdfunding may be more suitable for industries with mature cash flows such as coffee such as coffee, and it is not suitable for the investment industry itself.

What makes people feel a little comfortable for the Chinese people's investment mines. The risk sharing under the concept of crowdfunding makes this incident on the operation of each participating shareholders' company will not have a substantial impact.Of course, because it is a private capital, it will not make the funds of countless taxpayers in the actual control of the insider of the enterprise like some thunderstorm state -owned enterprises.

(This article only represents the author's point of view. Editor -in -chief email: [email protected])