摘要：运用扎根理论对雷士公司控制权之争的案例进行了剖析。研究认为，在既有的法律法规框架内，关系治理可以成为现阶段利益相关者参与公司治理的重要途径。然而，作为一种需要“集体行动”方能发挥最大效用的非正式的制度安排，其作用得以发挥的前提条件是公司发生了侵害绝大多数利益相关者权益的行为，并且各利益相关者能够在短时间内协调起来形成联盟。与此同时，研究也发现，积极参与公司治理的主要是与企业具有正式契约关系的利益相关者，为此，在利益相关者参与公司治理纳入到正式制度安排时，有必要从理论上对可能参与公司治理的利益相关者进行一个科学的界定。

Abstract: Based on the grounded theory, the case of the controlling right dispute of NVC is dissected. The research indicates that according to the existing framework of rules and regulations, the relation-based governance could become an important engaging path for stakeholders to participate in the corporate governance. However, as a kind of informal institutional arrangement, the relation-based governance could only exert its maximum effect by way of “collective action”, and its prerequisite is that the firm happens to infringe on most stakeholders and each stakeholder could coordinate into an alliance in a short time. Meanwhile, it is also found that the stakeholders who are actively engaged in corporate governance are those who have formal contractual relation with the firm, so that, it is necessary to scientifically define the stakeholder engaging in corporate governance in theory when putting the stakeholders engaging in corporate governance into the formal government arrangement.