Gold Rock: NVC lighting incident due to immature investors

On September 10th, Nankai University held a salon event with the theme of “Opening doors for permanent change - please turn temporary jobs for private enterprises”. Independent economist Jin Luoyan stated that NVC lighting problems came from the immature investors. The basic principle followed by industry investors is that the first is to invest, the second is to invest, and the third is to invest. Since we have voted for people, we have to believe that this person’s shortcomings are just like a wife.

Moderator Li Li: We entered the second round table discussion, the theme of "private development and internationalization of private enterprises." There are several invited guests, first of all, an independent economist, a teacher we are very familiar with and a teacher of Golden Rock, a teacher of the Nankai University Multinational Research Center, Mr. Ge Shunqi, and the third general manager of Tianjin Binhai Counter Exchange Market Co., Ltd. Wang Jiandong.

When it comes to the development and internationalization of private enterprises, we actually have several cases or stories that are well known to everyone. The case of Huang Guangyu is relatively early. The classmates may also know that there are some complicated and entangled issues between him and the foreign PE, management, the board of directors, and the shareholders’ meeting. The problem has finally resolved and he has exploded with his CEO. In the conflict, it must be followed by legal proceedings.

One recent case was NVC Lighting. Wu Changjiang has been a non-executive director for a long time as the chairman of the board. Due to the internal corporate governance, the company's production has basically stopped. Because there is a tacit understanding between the supplier and the channel provider, we must top him back. As a CEO, this story is very rare in foreign countries. I don't know whether Teacher Lou has heard this situation abroad. Therefore, China is a very special national condition. This includes two meanings. On the one hand, we know that we use foreign capital markets and use our own capital market financing. Of course, financing is a very important aspect. On the other hand, why is it necessary to go public and also to solve complex corporate governance issues? . Some students may be non-economic majors. We do a simple explanation. In fact, it is to solve the balance of a right. Governance is the distribution and balance of rights. Let's talk about an example. Everyone understands the balance of corporate governance. Everyone knows the separation of powers in the political system. You can use this as an innuendo to understand. We can understand who the legislature is, who is the law enforcement agency, and who is the executive branch. A company can also be divided into three power centers. Management is a rights center, the board of directors is a rights center, and the shareholder meeting is also a rights center. Everyone can figure out how it is reflected. So, today, we invited three of them to ask them to talk about such issues as NVC lighting, which contains the international issues, which internationalization can be suitable for the local? Which belong to the global standardization or universal value. Corporate governance needs to consider these issues and what are universal. No matter what kind of national conditions, it should be followed as long as it is the current corporate system; what are the national conditions in China? Therefore, we handed over the microphone to Mr. Jin. Because Mr. Jin spent a lot of time in the industry and saw many different stories of the company, we asked Mr. Jin to speak first.

Golden Rock: The first multinational company center in Nankai University was the first student at that time, under the tutelage of Mr. Fujio Weiza, and then went to the United Nations to the multinational corporation center, which is a multinational company. Study corporate governance. In the end, I told you candidly that this is a Goldbach conjecture and no one can solve it. Because the evolution mechanism of modern enterprise system is the sharing mechanism. Profit maximization was once considered by us as a classic that enterprises do not need to discuss, but I tell everyone that this is a lie that profit maximization is not the only goal of the company. Now, a standard model of the company is tripartite, profits, assets, and financing. The financing of profit assets has become a profession of modern enterprises. This is the professionalization of management, and the professionalization of management is the solution to the problems of the enterprise. We can clearly see the prejudice in the media from the comments of the host Li Li. I and the host Li Li are fighting each other in Tencent. I was playing Tencent Weibo on July 10 and playing for the first time. It was they that they gave me. I haven’t touched it yet. It’s now 1.23 million.

The reason why NVC Lighting came out is because investors are immature. Few people know that I am actually an investor. We have participated in more than 90 companies in the A-share market. This is why I don’t want to talk about what I am doing. It became an independent economist. The basic principle that we practice in investors is that the first is to invest, the second is to invest, and the third is to invest. Since we have voted for people, we have the shortcomings of this person like a wife. But when its shortcomings cannot be recognized by the market, what should investors do? Investors should reflect on whether the first is wrong. If you make a mistake, you must admit it. Second, we made a mistake and we made up for it as much as possible. However, during the investment process, NVC Lighting decided to withdraw and did not vote. why? More than 70% of the investors accounted for more than 70% of you how to make people work, ah, I am also a headache for the chairman, you think about my 100% time effort, you take the bulk, why? So, you let it put the interests of the company first, it is impossible. If you don't act as a manager, I will vote for you. Now the conflict between founders and investors has exposed our greediness in the investment community for the first time, returning to our principle of persisting in many investment projects, whether we are leading or participating. Investors account for no more than 30% of the equity of the invested company. Once more than 30%, the incentive mechanism of the management team and the startup team disappears. It will inevitably train his next company on this platform. This is what we have said. The bad guys, but the system is to make bad people do bad things, but let good people and stupid people do good things. This is the company. If a company can only manage good people and smart people, this is not called the corporate system.

Corporate management system is to let lazy people are not lazy, stupid people are not stupid, bad people are not bad. When there are some problems in the company, if we push it to the wider world and look for universal value here, the universal value of the enterprise lies in the three words “justice, interest, and faith”. Righteousness is the selection of people, and people must be positive; It is to determine the goal and to make money; trust is to win the trust of others and use other people’s money to make other people’s money. This is the most primitive truth of Shangdao. What a rich man is and a rich man is a debtor. How to get rich is to use other people's money to make other people's money before he can become rich. With this truth in mind, we can know that any incident has occurred. It may be accidental. We will find out many reasons why we are morally appraised, but the commercial society has no virtue, and the Tao is an economic person. Standards, Germany is a standard for social people. People who are always ethical in the business community are not really stupid or stupid. It is because in this society, every one of us obeys the rules in order to perpetuate our business, so we must get it. The things of the universal world must be excluded from the media by such a wrong thing that we now use the moral evaluation of the Chinese to interpret the problem. I don't want to be more confrontational. Li Li will be asleep, so I will stimulate him.

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