Study On The Influence Of Stock Right Structure To Rearrangement Of Assets

Since 1990s, there are more and more rearrangements of assets in the world. Rearrangements are becoming more frequent. The rearrangement's scale expands day by day. Accordingly, the market of transactions of property right of China and securities market develop swift and violently. In addition, trading volume increases sharply and rearrangements become convenient. It becomes a hot issue and an important means of capital operation. With the development of rearrangement, the academia begins to carry on deep research on the activity. And there are achievements on motive and performance. However, they don't notice the influence of ownership structure on the enterprise rearrangements. Most enterprises of our country, compared with those in the foreign ripe market, have a remarkable characteristic that 'one state-owned stock is large alone'. Under the structure of this kind of stock right, effective supervision is so lacking for managers to produce the moral risk. The enterprises of our country have their special motives. The government may intervene in the activities of rearrangement in the interests of own. In order to expand their own interests, managers may make decisions but don't take into account of shareholder's interests. At one time, the change of controlling stockholder will affect company control, so it will affect the performance of rearrangement. The result shows if the state-owned stock occupies a leading position, managers will merger blindly in order to expand their own control right. It affects the performance of rearrangement. The stock right transfer, which doesn't change the leading position of state-owned stock, improves the enterprise benefit to a certain extent. If the rearrangement changes the leading position of state-owned stock, it will improve the performance of the enterprise. In order to improve the rearrangement performance, some measures are proposed, such as setting up clear ownership, implementing effective incentive mechanism, perfecting legal system, strengthening supervision, and so on.