Effect Of Founder's Passive Exit On Enterprise Value

Under the background of rapid economic development in China,many enterprises expand their scale by listing or seeking external investors.The occurrence of equity trading is often accompanied by the emergence of the problem of competition for corporate control,and how does the founder of the enterprise maintain control over the enterprise in the fierce struggle,and how does the loss of corporate control affect the value of the enterprise? Firstly,based on the theory of resource dependence,this paper constructs an analysis framework of the founder's passive withdrawal,and selects two cases of Shanghai Jahwa and NVC to verify the theoretical analysis.This paper summarizes the social capital and special assets of the founders of Shanghai Jahwa NVC,and combs the changes before and after the transfer of control rights.Finally,it analyses the different effects of the passive withdrawal of the founders of the two enterprises on the enterprise value from two aspects of market reaction and business performance.This paper draws the following important conclusions: the founder's social capital and special assets mainly include joint and several relationships,identity,values and trust relationships.The founder's social capital and special assets belong to the key resources of the enterprise.The founder controls the enterprise by controlling the key resources of the enterprise.However,the matching degree between key resources and founder's social capital and specific assets will change.The passive withdrawal of founder and successor's succession will have different effects on enterprise value.The analysis of this paper provides some reference for how the founders introduce external investors and how to retain the control rights of the enterprise in the process of enterprise development.