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.