After the Chinese government actively carries out cross-border mergers and acquisitions(M&A)policy,many scholars have been concentrating on the study of risks in M&A from the perspective of politics,economy,culture,management and so on.But rarely do they research risks hidden behind acquiree's equity structure.This article,based on the principal-agent theory and stakeholder theory,analyzes the risk of cross-border M&A from the perspective of equity structure.This article employs the unsuccessful case of Ping An acquiring Fortis,and analyzes Fortis' equity structure,including ownership concentration,shareholding types,and special shareholders to find risks behind it.The author finds that the difference between acquirer and acquiree's ownership structure indeed can render risks in transnational M&A,which has always been ignored by acquirer.This article focuses on the risk in different ownership structure,and puts forward points companies should pay attention to when doing cross-border M&A. |