Discussion On Corporate Governance In The Shareholding Dispute Of Vanke

For a long time,China's securities market is dominated by major shareholders,institutional investors and small and medium-sized retail investors to participate in the depth of the structure of operation.The major shareholders of listed companies or the actual controller have occurred occupation of the interests of minority shareholders for their own,the insurance funds in highly leveraged buyouts hostile listed companies occur frequently,the capital market financial chaos must be stopped.With the transition of China's economy,the governance of listed companies has been paid more and more attention.Effective corporate governance mechanism can improve enterprise credit and enhance enterprise vitality.For the whole Chinese economy,it can improve the efficiency of economic operation,promote the allocation of resources,and make the Chinese economy transition smoothly.In 2015,the Baoneng company took advantage of the loosening of the national policy of saving the market.In order to gain control,it began to overlay the use of insurance funds and high leverage funds to buy the shares of Vanke.In the face of Baoneng's hostile acquisition,Vanke can not arm themselves with the effective weapons in front of the barbarians,resulting in a passive situation.In the case of the imperfect external governance mechanism,many forces took turns on the field,and experienced the three stages of "the dispute of Bao Wan","the dispute of Hua Wan" and "the dispute of Heng Wan",and the stock price of Vanke was also flucuating with the plot.Ultimately,the dispute between the Vanke shares is neither a balanced market nor a pattern of automatic regulation and supervision,but a reversal of the administrative force,which eventually ends with the management of Vanke.Vanke's equity dispute is a classic case of China's capital market.The problems involved the governance structure of the Vanke Company and the external governance of the capital market have a profound impact on the corporate governance in china.This paper reviews the Vanke equity dispute process,analysis Vanke equity issue from all angles,and points out that this event Vanke corporate governance issues and external regulations,long regulatory loopholes,to further explore the Vanke corporate governance improvement measures and external laws and regulations and strengthen security supervision;provide some valuable ideas for the establishment of a modern corporate governance mechanism China.The core of Vanke's equity dispute is the dispute over the control of Vanke.The distribution of control rights exposed by Vanke in the corporate governance structure is the fundamental reason for its hostile takeover.If Vanke reasonable distribution power of shareholders,board of directors,board of supervisors and the management,given the"management control,supervision of the owner" governance model to guarantee mechanism,so that all aspects of the company involved in the interests of people,perhaps Vanke equity dispute wouldn't happen.Vanke equity dispute exposes many problems behind the rule of law in China's securities market regulation,improvement of rules,patching,Strengthening supervision is necessary.The listed company can form a good and stable governance structure,which is an important guarantee for the long-term sustainable development of the company,and also a sound and perfect direction for the construction of the capital market regulation system.