My Resignation and More

By Wang Shi

Wang Shi, born in 1951, founded China Vanke in 1984 in Shenzhen, which became one of the first listed companies in China in 1989 and the largest Chinese real estate enterprise in 1998, and debuted on the Fortune Global 500 list in 2016. In his autobiography,My Changes: Wang Shi’s 40 Years in the Age of Modernization, Wang Shi recounted his two resignation experiences and revealed some unknown stories behind his final quitting from China Vanke.

Rule of Law, or Rule by Man?

In 1988, when Vanke was transformed into a joint-stock enterprise, I gave up the individual shares that I deserved. During the shareholding reform, Vanke employees deserved to have around 5 million staff shares out of a total of 41 million shares. By rule, only 10% of the shares could be handed over to individual employees, while the rest has to be transferred to a “collective investment fund.”

There are three reasons why I gave up my individual shares. First, I hate the image of being a nouveau riche; second, no one in my family has the gift of wealth management; third, it is a deeprooted traditional concept in China that “Inequality, rather than scarcity, is the cause of trouble.” Moreover, there are always people who are hostile to the rich in society. If a person makes a fortune overnight, he may put himself in an extremely unfavorable position. This could be especially true for someone like me, who is fond of the limelight, and living an unrestrained and carefree life. If I became rich overnight, my life would perhaps be doomed. At that time, I was thinking, I had to choose either fame or fortune, either raking in the dough by keeping a low profile, or doing something big and splashy without getting my hands dirty. I chose the latter.

王石，1951年出生。1984年在深圳創立萬科公司。萬科1989年成為中國最早的上市公司；1998年成為中國最大的上市房地產公司；2016年成為《財富》世界500強企業。在自傳《我的改變：個人的現代化40年》中，王石講述了他兩次主動辭職、最終離開萬科背后種種不為人知的故事。

要法治還是人治

1988年，萬科進行股份制改造時，我放棄了應得的個人股份。那次股份制改造，4100 萬股的股份中，萬科職工股應得的股票約500萬出頭。按規定，這部分股票只有10%允許量化到個人名下，其余的由集體持有。

我放棄應得的個人股份，有三點理由：一是討厭暴發戶形象；二是家族沒有掌管財富的DNA；三是“不患寡，患不均”是中國社會根深蒂固的傳統觀念，社會也向來有仇富心態。個人突然有了錢，會把自己擺在一個極其不利的地位，尤其像我這樣，愛出風頭，天馬行空，獨來獨往，如果很有錢，弄不好會惹來殺身之禍。我當時的想法是，名利之間只能選擇一項，或默不出聲地賺錢，或兩袖清風實現一番事業。我選擇了后者。

雖然放棄了對萬科的控股權，但沒有妨礙我把公司做大的野心。我當時最喜歡的是“走向未來”叢書，還有湯因比的《歷史研究》，對現代企業制度有著深深的認同感。我希望全面學習現代化的先進管理經驗，用現代企業制度管理萬科。這其中最關鍵的“要法治還是人治”的問題，落實到我這個創始人身上，其中一個重要問題就是如何限制自己的權力。

創業初期，我有過個人權威比較強的階段。因為創業之初，市場環境缺乏規范，企業擁有的資源非常有限，這就需要所謂的強權人物領軍殺開一條生路。

那時候，工作白天黑夜連軸轉，我常常會呵斥員工，以至于一位律師跟我去員工食堂吃了一次飯后，對我說，有一個員工見到我時雙腿都在微微發抖。

后來我慢慢意識到，在工作中發火，也許是一種掩飾無能的表現。萬科9 周年時，一次人事會議上，我從同事們的善意批評中，對自己的壞脾氣有了點新的體會：脾氣和地位、權力有關。隨著地位的提高、權力的擴大，脾氣也愈來愈大。深圳的一些企業里，老板的脾氣往往比一般員工來得大，這實在是一件可悲的事，所以我下決心要改變。在《萬科》周刊上，我當時還發表過一篇叫《改改壞脾氣》的聲明。

但從性格上講，有的人就是急脾氣，有的人就是慢條斯理。雖然我是急脾氣，但不代表我是一個追求個人權威的人。比如我一直有個原則，絕不讓下屬替自己喝酒。戒酒前，有時見到下屬喝得難受，我還會“慷慨獻身”。

Although I gave up my personal stake in Vanke, I maintained my ambition of making the company bigger and more successful. At that time, I particularly loved reading a series of books namedInto the FutureandA Study of Historyby Arnold Toynbee. I identified with the modern enterprise system and wanted to learn advanced modern management skills so that I could adopt the system in the management of Vanke. The crux of the matter lies in one simple question: rule of law, or rule by man? As the founder of the company, I must know how to limit my power.

At the initial stages, I held a strong position in the company, as the market mechanisms were unstable, and there were limited resources for start-ups, a “powerful leader” had to stand out to blaze the trail.

At that time, I worked around the clock and often reprimanded the employees. Once a lawyer who went to have lunch with me in our canteen told me that he saw a guy whose legs were slightly trembling the moment he saw me.

Later, I gradually realized that losing my temper at work might be a sign of incompetence. When Vanke entered its ninth year, I received some well-meant criticisms from my colleagues, and gained a new understanding of my bad temper: a person’s temper is related to his position and power. As his position and power grow, so does his temper. In some enterprises in Shenzhen, the CEO’s temper is generally hotter than any ordinary employee’s. This is pathetic. So I made up my mind to change it. Once I published an announcement titled “To Change My Bad Temper” onVanke Weekly.

In terms of personal traits, some people simply have a short temper, and some are inherently the slow and steady type. Though I am hottempered, I don’t crave personal authority. For example, although it’s typical Chinese culture to toast and drink a lot in business or social gatherings, I have always had a principle to never ask my subordinates to drink for me when I was toasted, even if it means I had to overdrink at times. Before I quit drinking, sometimes when I saw my subordinates suffer from overdrinking, I’d even lend them a hand and drink for them.

企業越做越大之后，我越來越深刻地意識到，在不規范環境下培養出來的權威人物，往往會帶來個人崇拜、“一言堂”、決策時易于沖動、好大喜功等負面效應。所以，企業要做大，就必須逐漸弱化個人權威，走出人治的怪圈。

一劑重藥

我1999年主動辭去總經理職務，正是基于這個問題所下的一劑重藥。

1998年，萬科成為中國上市公司中最大的房地產公司，中央電視臺為改革開放20年所拍的紀錄片《20年，20 人》，也把我列為代表人物之一。可以說，對萬科、對我自己，這都是一個高峰。也就是那一年，我決定辭去總經理職務。

1997年下半年，亞洲金融危機爆發，到1998年愈演愈烈。市場劇烈變化使我深深感到，僅憑十幾年積累的經驗已經不足以應對市場變化。一著不慎，滿盤皆輸。要使自己、使萬科跟上形勢發展變化，就必須騰出更多時間和精力去學習、研究新形勢和制定解決新問題的措施。只有這樣，才有可能在更高層次上對市場做出準確判斷和決策。

而且，我的理想一直沒變，我希望萬科能成為一個偉大的公司，能創造一種文化，給社會帶來正面影響。要實現這個理想，就應該盡量讓公司駛上規范化軌道。兩職一身是特定環境下的產物，我繼續兼任，顯然不利于萬科健康發展。

記得在宣布辭去總經理的會議上，我對同事們說我給萬科帶來了什么：第一，選擇了一個行業，房地產業；第二，建立了一個制度，現代企業制度；第三，成立了一個團隊；第四，創立了一個品牌。

辭去總經理時有一個非常明確的分工，作為董事長，我就把握三件事：第一，我關注公司不確定的事，主要是決策；第二，人事安排；第三，承擔責任，尤其是公司出了負面事情的時候。

不是企業離不開你

我始終認為，一個規范運作的團隊中，工作不應該因為某一個成員的因素而受到嚴重影響；即使領導者缺席，團隊也仍然能夠規范地處理自身事務并承擔責任。

從個人角度，我也會思考什么是成功的標志。第一種觀點，有人可能會認為，把企業做到離開自己就無法運轉的程度，就體現出了自己的重要性。但我持第二種觀點：一個成功的企業家，應該著力于建立制度、培養團隊，當你不在的時候，企業也能運轉得很好……18年后的2017年6月，我辭去萬科董事長職務，郁亮接棒。一年多過去，整個公司的表現令人驚喜，可以說完成了一次無縫銜接。這再一次印證了我所持的觀點：不是企業離不開你，而是你離不開企業。

The bigger Vanke grows, the deeper I am aware of the fact that powerful figures, when cultivated in an unfavored environment, may bring about lots of adverse effects. It can lead to a personality cult, and the practice of “what I say counts.” These leaders tend to be impulsive when making decisions, and crave greatness and success. Therefore, if an enterprise aims at enlarging itself, it ought to gradually weaken the personal authority, and step out of the circle of rule by man.

A Large Dose of Antidote

My resignation as the General Manager in 1999 was literally a large dose of antidote for this problem.

In 1998, Vanke became the largest real estate company among China’s listed enterprises. Besides, I was featured in20 Years, 20 People, a documentary filmed by China Central Television on the first 20 years of reform and opening-up in China. No doubt that Vanke, and me as well, reached our peak in that year. It was also in that year when I decided to quit my position as the General Manager.

The Asian financial crisis erupted in the second half of 1997, and intensified in 1998. The drastic changes in the market made me realize that the experience I accumulated was not enough to cope with market changes. One false move could lead to heavy loss. If I wanted to keep myself and Vanke abreast of the development and changes, I must spare more time and energy to study and research the new markets, as well as work out solutions to the new problems. Only in this way would it be possible to make accurate judgments and decisions on the market at a higher level.

Moreover, my ideals remain the same all the time. I hope that Vanke will become a great company, capable of creating a culture that brings positive influences to society. To realize this ideal, I should try to guide the company on a standardized track. Holding two positions at the same time was the result of a specific operating environment. If I remained unchanged, it would be obviously not conducive to the healthy development of Vanke.

I remember at the meeting announcing my resignation, I told my team what I had brought to Vanke. First, I had chosen an industry—namely the real estate industry. Second, I had established a system—namely a modern enterprise system. Third, I had built a team. Fourth, I had created a brand.

I clarified my responsibilities when resigning from my position as the General Manager. As the Chairman of the Board, I would merely focus on three aspects. First, I’d pay close attention to the uncertainties in the company, mainly in the respect of decisionmaking. Second, I’d watch the personnel arrangements. Third, I’d assume responsibility, especially when something negative happened to the company.

It’s Not That the Company Can’t Run Without You

I have always believed that routine operations should not be seriously affected by one member in a well-regulated team. Even in the absence of leaders, the team should still be able to handle their tasks in a standardized manner and take responsibility.

From a personal perspective, I also think of what it means to be successful. For one thing, some people may argue that running and growing a company until it cannot function without them highlights their irreplaceability. But I have a different opinion: a successful entrepreneur should focus on establishing operation systems and cultivating team members so that the company can run well even without him or her…

18 years later, in June 2017, I resigned as the Chairman of Vanke, and Yu Liang took it over. Over a year later, I found the company’s performance surprising and the handover perfect. Thus, my opinion mentioned above was verified: it’s not that the company can’t run without me, but that I need the company.

In 1999, the first two months after my resignation were painful for me, because I had always been involved in everything. I felt odd handing things over all at once. Especially at the beginning, I fidgeted in my office, and could not help crossing the line at work from time to time. After a while, I began to consciously distance myself from the day-to-day management. Later, I simply took long leaves to climb mountains in order to pull away from the company. After a period of adjustment, I gradually adapted to the new situation. In June of 2017, I struggled with myself for two weeks before resigning as the Chairman. But once I had decided, I hesitated no more. This adjustment process was much easier than it was 18 years ago.

(From My Changes:Wang Shi’s 40 Years in the Age of Modernization, SDX Joint Publishing Company. Translation: Zhu Yaguang & Zhang Ran)

1999年，剛辭去總經理的頭兩個月對我來說是非常痛苦的，因為我一直凡事親力親為，比較強勢，什么事都要管。一下把事情都交出去，非常不習慣。特別是最初那段時間，在辦公室坐立不安，工作時也常常忍不住越界。一段時間之后，我開始有意識地與日常管理疏離。后來，我索性給自己放假去登雪山，一走就是半個月、一個月，有意識地與公司團隊拉開距離。經過一段時間的調整，才慢慢適應了。2017年6月辭去董事長之前，我糾結了兩個星期，而一經決定，就不糾結了。之后的調整過程，比18年前要容易得多。

（摘自《我的改變：個人的現代化40年》生活·讀書·新知三聯書店）