Case Study Of Vanke's Ownership Structure

The enterprise is a for-profit economy.Earnings of listed companies is a certain period of time operating results in the form of performance and an important index to evaluate the performance of the shareholders.It is also the main basis for investors to make investment decisions.In different industries,years and other space-time frames,the content of earnings information is very different,mainly for quality differences..In real life,agency conflicts,control of contention and other issues would lead to more and more serious distortion in accounting earnings information.There are many factors affecting the quality of earnings,the external environment such as economic environment,industry development environment and the accounting profession itself and so on.And one of the most important factors in the enterprise itself is the change of ownership structure.In this paper,the author takes Vanke as the research object to study the quality of earnings during the change of ownership structure based on the theory of principal agent theory and control theory.This article is divided into five chapters: the first part mainly introduces the writing background and the research significance,research the main train of thought,research method and content framework for research.The second part mainly summarizes the relevant literature and theoretical basis for the analysis of the case to pave the way for the following from the changes in the ownership structure and the quality of earnings.The third part is the introduction of the basic situation and the development of Vanke and the evaluation of the indicators of earnings quality.The fourth part introduces the changes of the structure of Vanke's equity,which found that half of two equity for the event period Vanke more obvious changes in ownership structure were in 2005 before and after the share reform brings the proportion of tradable shares and the rise of 2015 caused by the change of proportion control of Vanke.This paper mainly analyzes the changes of control rights caused by the dispute over Vanke's equity based on the earnings quality evaluation index.The fifth part puts forward the corresponding policy suggestions to Vanke and its similar enterprises according to the results of the case analysisAccording to case analysis can be found: With the outbreak of the right to compete for the outbreak of the event,the largest shareholder of Vanke was changed.The second to fifth largest shareholders have a certain degree of checks and balances on the the largestshareholder,but the strength of the balance is small.The second largest shareholder have more power to balance the first largest shareholder with the strengthening of the balance of ownership.The change of the largest shareholder and the competition for control would affect the quality of earnings.