Research On The Control Contest Of Cement Company A:Based On The Perspective Of Conflict Theory

In recent years,the lack of demand growth in the cement market has made the problem of excess capacity increasingly prominent,which has become a long-standing problem to be solved in the cement industry.In the case of declining market demand,competition in the market has become more intense.The central committee of the communist party of China,the state council,the national development commission,the ministry of industry and information technology and other relevant departments have introduced policies and put forward the requirements of "promoting merger and reorganization and optimizing industrial layout" to limit the serious excess production capacity and the economic and social problems caused by reconciliation and inducement.Since 2015,the price of cement in China has been continuously low,and the industry efficiency has been greatly reduced.Many cement enterprises are in the state of loss or slight profit.In such an environment,enterprises are increasingly aware that only by improving the concentration degree of the industry can they get rid of the dilemma as soon as possible.Therefore,in order to improve the industrial concentration and enhance their competitiveness,mergers and acquisitions occur frequently in the cement industry.Mergers and acquisitions frequently,mergers and acquisitions means more complex and obscure.As the state encourages the merger and acquisition of capacity reduction,enterprises respond one after another.In the process of implementation,it is inevitable that there will be conflicts of interest demands,and it becomes an inevitable problem that the parties with interest conflicts will fight for control rights.Therefore,the research question of this paper is:how can the acquirer "obtain" the dynamic process of the target company’s control rights and how the resources affect the competition for control rights.This paper is divided into six chapters:introduction,literature review,case overview,case analysis,discussion and analysis,conclusion and enlightenment.Based on the theory of conflict in combination with control for the construction of literature theory analysis framework,the control of A cement company for conflict analysis of the cause,process,result in control for the process of conflict analysis,based on the resource dependence theory of conflicts in the process of founding shareholders and offer party B the cement company resources evolution and battles for control of the situation analysis,and according to the acquiring firm and the resources of the founding shareholders evolution and the status of the control for the analysis of how resources makes the acquirer obtains control of the target company,founding shareholders because the factors of how to lose control of the enterprise.In the capital environment of frequent mergers and acquisitions,it has certain enlightenment significance on how to gain control and how to control conflicts.Hope to provide similar to the capital market for the control of the enterprise as a reference;At the same time,we also hope that the government departments attach importance to improving relevant laws and regulations.This article through the analysis of the case are mainly the following conclusions:one is to reveal the importance of social capital in control for the process,the major shareholder of social capital to some extent,can be directly influence its proportion in the voting rights of the target company,the target company to control the higher the proportion of voting rights in the process of control for the greater the chances of winning;The second is to construct the dynamic evolution path of the acquirer’s resources and control right contention in different stages of the acquisition,so as to use the resources reasonably to obtain or maintain the control right when the control right contention occurs under the acquisition.