| The rapid development in Chinese capital market has provided the indispensable environment for forming and perfecting the market for listed corporate control in China.It’s clear that corporate control market is a crucial external mechanism for corporate governance,so its effective role is presented by the controlling struggle between corporate management,shareholders and external candidates.With the completion of non-tradable shares reform,the stock market in china has turned into full-circulation stage,which leads that the control contests becomes a normal phenomenon in the secondary market.This paper chooses the control struggle in Vanke,which has led to a heated discussion,as the study case.Through gathering widely the related news and announcements to look back the event’s whole process,the paper analyzes the causes behind it,the influences on performance and routine operation and the role the criticized insider control has played in the battle,using the data of annual reports(2014-2016)and the method of case study.Moreover,the relevant solutions and suggestions have been given according to the study consequences.Based on the case analysis,the following conclusion can be drawn:(1)So far,the affair has not affected its daily operation and financial performance obviously.(2)The reasons behind it includes internal and external troubles,inadequate legal system,etc.(3)The control of insiders is of positive significance to avoid hostile takeovers,and to some extent,the management is able to get the power of surpassing capital,which is the key cause to the control fight at the same time.(4)The control contest stimulates the surge of its stock price,which apparently could bring excess profits to shareholders. |
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