The Study On Greentown's Economic Consequences Of Competition For Control Rights Of Listed Companies

With the rapid development of China's economy,the development of listed companies focuses on improving the competitiveness of enterprises.The pursuit of enterprise merger is the means to improve the competitiveness of enterprises.There will be the change of control rights when different enterprises merge.Then the process of change of control right will lead to the enterprise competition for control rights.This paper chooses the event of competition for control between Sunac and Greentown,to sort out the causes,process and means of the competition for control rights and analyze its economic consequences.By comparing the changes of relevant indicators of Greentown before and after the competition for control rights,from the corporate governance structure,financial situation,enterprise value and other aspects of the economic consequences of the competition for control,it summarizes the experience and inspiration of corporate governance and merger agreement design,so as to provide reference for other enterprises in the smooth transition of control rights.Firstly,this paper briefly describes the research background and significance,collects and sorts out relevant literature and theoretical basis at home and abroad,and expounds the research ideas.Then,it introduces the basic situation of the two sides that fight for control rights,sorts out the process of competition for control rights based on the time sequence,and analyzes its reasons.Secondly,this paper analyzes the economic consequences of control rights competition from three aspects of corporate governance structure,financial situation and enterprise value effect.It mainly examines the specific economic consequences of Greentown's corporate governance,financial indicators and investor attitude on the competition for control right,and analyzes the pros and cons of the competition for control right on the company.In addition,based on the analysis of the economic consequences of the competition for control rights of Sunac and Greentown,it summarizes the corresponding enlightenment,such as standardizing the operation of the board of directors,and improving the relevant content of the company agreement,etc.It provides reference for other enterprises to smoothly transfer control rights.