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年在深圳创立万科公司。万科1989年成为中国最早的上市公司；1998年成为中国最大的上市房地产公司；2016年成为《财富》世界500强企业。在自传《我的改变：个人的现代化40年》中，王石讲述了他两次主动辞职、最终离开万科背后种种不为人知的故事。

要法治还是人治

1988年，万科进行股份制改造时，我放弃了应得的个人股份。那次股份制改造，4100 万股的股份中，万科职工股应得的股票约500万出头。按规定，这部分股票只有10%允许量化到个人名下，其余的由集体持有。

我放弃应得的个人股份，有三点理由：一是讨厌暴发户形象；二是家族没有掌管财富的DNA；三是“不患寡，患不均”是中国社会根深蒂固的传统观念，社会也向来有仇富心态。个人突然有了钱，会把自己摆在一个极其不利的地位，尤其像我这样，爱出风头，天马行空，独来独往，如果很有钱，弄不好会惹来杀身之祸。我当时的想法是，名利之间只能选择一项，或默不出声地赚钱，或两袖清风实现一番事业。我选择了后者。

虽然放弃了对万科的控股权，但没有妨碍我把公司做大的野心。我当时最喜欢的是“走向未来”丛书，还有汤因比的《历史研究》，对现代企业制度有着深深的认同感。我希望全面学习现代化的先进管理经验，用现代企业制度管理万科。这其中最关键的“要法治还是人治”的问题，落实到我这个创始人身上，其中一个重要问题就是如何限制自己的权力。

创业初期，我有过个人权威比较强的阶段。因为创业之初，市场环境缺乏规范，企业拥有的资源非常有限，这就需要所谓的强权人物领军杀开一条生路。

那时候，工作白天黑夜连轴转，我常常会呵斥员工，以至于一位律师跟我去员工食堂吃了一次饭后，对我说，有一个员工见到我时双腿都在微微发抖。

后来我慢慢意识到，在工作中发火，也许是一种掩饰无能的表现。万科9 周年时，一次人事会议上，我从同事们的善意批评中，对自己的坏脾气有了点新的体会：脾气和地位、权力有关。随着地位的提高、权力的扩大，脾气也愈来愈大。深圳的一些企业里，老板的脾气往往比一般员工来得大，这实在是一件可悲的事，所以我下决心要改变。在《万科》周刊上，我当时还发表过一篇叫《改改坏脾气》的声明。

但从性格上讲，有的人就是急脾气，有的人就是慢条斯理。虽然我是急脾气，但不代表我是一个追求个人权威的人。比如我一直有个原则，绝不让下属替自己喝酒。戒酒前，有时见到下属喝得难受，我还会“慷慨献身”。

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.

企业越做越大之后，我越来越深刻地意识到，在不规范环境下培养出来的权威人物，往往会带来个人崇拜、“一言堂”、决策时易于冲动、好大喜功等负面效应。所以，企业要做大，就必须逐渐弱化个人权威，走出人治的怪圈。

一剂重药

我1999年主动辞去总经理职务，正是基于这个问题所下的一剂重药。

1998年，万科成为中国上市公司中最大的房地产公司，中央电视台为改革开放20年所拍的纪录片《20年，20 人》，也把我列为代表人物之一。可以说，对万科、对我自己，这都是一个高峰。也就是那一年，我决定辞去总经理职务。

1997年下半年，亚洲金融危机爆发，到1998年愈演愈烈。市场剧烈变化使我深深感到，仅凭十几年积累的经验已经不足以应对市场变化。一着不慎，满盘皆输。要使自己、使万科跟上形势发展变化，就必须腾出更多时间和精力去学习、研究新形势和制定解决新问题的措施。只有这样，才有可能在更高层次上对市场做出准确判断和决策。

而且，我的理想一直没变，我希望万科能成为一个伟大的公司，能创造一种文化，给社会带来正面影响。要实现这个理想，就应该尽量让公司驶上规范化轨道。两职一身是特定环境下的产物，我继续兼任，显然不利于万科健康发展。

记得在宣布辞去总经理的会议上，我对同事们说我给万科带来了什么：第一，选择了一个行业，房地产业；第二，建立了一个制度，现代企业制度；第三，成立了一个团队；第四，创立了一个品牌。

辞去总经理时有一个非常明确的分工，作为董事长，我就把握三件事：第一，我关注公司不确定的事，主要是决策；第二，人事安排；第三，承担责任，尤其是公司出了负面事情的时候。

不是企业离不开你

我始终认为，一个规范运作的团队中，工作不应该因为某一个成员的因素而受到严重影响；即使领导者缺席，团队也仍然能够规范地处理自身事务并承担责任。

从个人角度，我也会思考什么是成功的标志。第一种观点，有人可能会认为，把企业做到离开自己就无法运转的程度，就体现出了自己的重要性。但我持第二种观点：一个成功的企业家，应该着力于建立制度、培养团队，当你不在的时候，企业也能运转得很好……18年后的2017年6月，我辞去万科董事长职务，郁亮接棒。一年多过去，整个公司的表现令人惊喜，可以说完成了一次无缝衔接。这再一次印证了我所持的观点：不是企业离不开你，而是你离不开企业。

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，刚辞去总经理的头两个月对我来说是非常痛苦的，因为我一直凡事亲力亲为，比较强势，什么事都要管。一下把事情都交出去，非常不习惯。特别是最初那段时间，在办公室坐立不安，工作时也常常忍不住越界。一段时间之后，我开始有意识地与日常管理疏离。后来，我索性给自己放假去登雪山，一走就是半个月、一个月，有意识地与公司团队拉开距离。经过一段时间的调整，才慢慢适应了。2017年6月辞去董事长之前，我纠结了两个星期，而一经决定，就不纠结了。之后的调整过程，比18年前要容易得多。

（摘自《我的改变：个人的现代化40年》生活·读书·新知三联书店）