What are the differences and connections among ownership, operation and management?

Management right and ownership are inseparable, and ownership determines management right. Investors vote on production and operation activities according to the articles of association, and then form the control right of enterprise operation. Generally speaking, the position of each party to a joint venture in the operation of the enterprise and the degree of authority to participate in the management are determined by its investment ratio, and the party holding the majority of the investment shares has the ability to control the enterprise. A fundamental feature of the governance structure of a joint venture is that all shareholders have incomplete control rights: in reality, multinational companies completely control technical resources (with independent intellectual property rights of key technologies), but do not completely control management resources; China controls some governance functions, but only has the final decision-making power in name rather than substance. ?