在纷繁复杂的控制权争夺过程中,市场机制和公司治理最终微妙地平衡了各方利益,精确地划定了权利归属,实现了资源的最优配置和各方利益总和的最大化。文章首先对控制权争夺期间的股价做了统计学分析,指出资本市场更看重黄光裕一方而非陈晓一方。在此基础上,文章分析了国美股东会的投票信息,描绘了以投票为表现的公司治理机制对各方投资者利益的精妙平衡。最后,文章试图展现以上市场机制和公司治理的商业基础,以从根本上解释事件的前因后果。这些分析从不同层面共同展示了市场机制和公司治理在控制权争夺中是如何有效运行的。 In the process of the complicated control over the market, the market mechanism and the corporate governance finally balance the interests of all parties delicately, assign the rights attribution precisely, and realize the optimal allocation of resources and the maximization of the sum of interests of all parties. The article first makes a statistical analysis of the share price during the contention of control power, pointing out that the capital market places more emphasis on Huang Guangyu rather than Chen Xiao. On this basis, the article analyzes the voting information of the Gome shareholders’ meeting and depicts the exquisite balance of the corporate governance mechanism represented by the voting on the interests of all investors. Finally, the article attempts to show the commercial basis of the above market mechanism and corporate governance to fundamentally explain the antecedents and consequences of the incident. These analyzes together show at different levels how effective market and corporate governance can be in the battle for control.