Research On The Role Of Shareholder Resources In The Event Of Control Transfer

The issue of control has always been a hot issue in the capital market.Equity circulation makes enterprises have the risk of transfer of control rights,but it also brings certain convenience to enterprises in selecting shareholders' resources.Driven by national policies,it is becoming more and more common for private enterprises to become mixed-ownership enterprises by introducing state-owned enterprises.At the same time,most of the research focus on the transfer of control rights focuses on the control effect brought by the financial resources of shareholders,ignoring the important role played by non-financial resources in the transfer of control of the company.This paper studies the role of non-financial resources in the transfer of control rights through case study method and event research method,and draws corresponding conclusions and provides corresponding suggestions.In November 2013,the control rights of ST Xinmei has been disputed.After three years Pudong which had a state-owned background won the right in October 2016.This paper analyzes ST Xinmei's shareholding structure,control rights structure of shareholders' companies,and analyzes the allocation of enterprise control rights from the perspective of shareholder resources.By comparing the different shareholder resources,this paper analyzes the reasons why Xingsheng Group and Kainan Investment compete for control and Pudong finally obtained the control.By analyzing the market reaction of different shareholder resources and the impact on business performance,shareholder resources are further verified,thus confirming the role of shareholder resources impact control transfer and development of company.At the same time,the result can also be used for reference to similar enterprises.Conclusion: First,the resources invested by shareholders not only include financial resources,but also non-financial resources.Therefore,the control of enterprises also depends on non-financial resources.Second,shareholder resources have different grades,and some resources have advantages.In contrast,some resources are in a relatively inferior position,and shareholders with superior resources can largely gain control of the enterprise.Third,different combinations of non-financial resources of shareholders can bring different governance effects to the company.Advantageous shareholder resources have more chance.So,investors like shareholders with superior resources gain control of the company.