Research On The Ownership Structure And Enterprise Value Of Vanke

Enterprise value has always been a concerned focus and research of scholars in China and foreign countries.It is of important significance for a company's future and long-term development.Among the researches of corporate governance,the equity structure plays the most important role,it is also a problem that every company need to face.How to set up the equity structure properly,what is the most suitable percentage for the company's largest shareholder?the top five shareholders' shareholding,and the top 10 shareholders' holding.How to distribute the proportion of state-owned shares?legal person share?and circulation stock in the shareholder structure.Those are the problems of equity structure involved.There are many aspects in corporate governance,among them,the corporate performance,dividend policy and corporate merger decisions are the most significant parts for a company's future development and survival.Companies' operating performance directly reflects the situation of corporate governance,also is the main goal of corporate governance.With good corporate governance,company's profit ability,operation ability,debt paying ability,and developing ability can be good.Dividend policy is a necessary decision in corporate governance,impact on the company operation and development of listed companies.Company merger and acquisition(m&a)has a deeper level effect on the company,if company makes merger and acquisition decisions,it will affect the expansion of the company's future.If the company faces the takeover situation,it will affect the future survival of the company.Domestic scholars' researches on the ownership structure,corporate performance,dividend policy,corporate mergers and acquisitions generally focus on empirical research,there's not many research on a particular.As a breakthrough point,this paper focuses on Vanke shares as the research object,which is a controversial topic in 2015 and 2016.Analyze its ownership structure,compared its financial indicators with other top 10 listed companies' in real state industry.Through the share price analysis,contrast the price of Vanke stock price during the announcement when Vanke published its dividend policy.Meanwhile,using event study method,name Vanke and its acquirers,ieBaoneng and Evergrande,announcement of equity changes date as the event day,choose10 days beforeand after the announcement,atotal of 21days as the window phase.Calculate Vanke's actual returns,and Shenzhen index released on the same day,compared two indicators and calculate the abnormal returns of Vanke's stock.Through the case study of Vanke,this article found that Vanke's dispersed ownership structure brings it higher profit ability than the top 10 listed real estate industry enterprises,which is also a good reason to explain why Baoneng and and Evergrande make acquisition decisions.This type of ownership structure provides a good opportunity and interpretation for Baoneng and Evergrande.Vanke considers cash dividend as its priority dividend policy,which is different from the rest of the 146 listed companies dividend policy in real estate industry in China.However,the announcement of Vanke's dividend policy did not bring positive influence compared with the theory of signal transmission;Baoneng and Evergrande ' acquisition brought positive influence on Vanke's stock.The results of this paper hopesthat it can provide some references of setting up ownership structure for the companies of real estate industry in China.