On Anti-merger & Acquisition Strategy Of CYG

In recent years,with the accelerating pace of the share-trading reform,there have been frequent incidents of disputes over corporate control in the market,and M&A activities among enterprises have become increasingly active.Anti-M&A has been accompanied by mergers and acquisitions,and scholars at home and abroad have become more and more concerned.Anti-M&A related topics.In order to understand the motives of enterprise anti-M&A and the strategies adopted,this paper takes the equity dispute of CYG as the research object,studies the anti-M&A motives and strategies of the company,and proposes anti-M&A for general enterprises in China.Strategies and suggestions for improving the anti-M&A system of Chinese enterprises.It is conducive to standardizing the M&A behavior of capital market enterprises.The research of this paper has important practical value and theoretical significance.Firstly,the paper sorts out the existing research literatures of domestic and foreign scholars,analyzes the research results and shortcomings of ownership structure,anti-M&A motives and strategies,expounds the historical background and research significance of anti-M&A,and clarifies the paper's Research context.Secondly,it introduces the concepts related to anti-M&A and equity structure,as well as the theory of enterprise anti-M&A and anti-M&A strategy,and expounds the combination of research content and enterprise anti-M&A theory.Thirdly,this article takes the anti-merger case of CYG as a classic case.In the process of analyzing the anti-merger case of CYG,the motivation of the anti-M&A of CYG,the anti-M&A strategy and the economic effect are the context,through the anti-merger The changes in five-year financial indicators,stock price changes,shareholding structure and shareholder wealth have been compared,and the problems encountered by CYG in the anti-merger process have been deeply analyzed.Finally,this paper finds that there are problems in the anti-merger strategy of CYG and puts forward corresponding countermeasures against the M&A strategy in combination with the above problems.Through research,the conclusions of this paper are as follows: Firstly,the strategy used by CYG in the whole anti-M&A process has weak anti-M&A risk awareness,lack of anti-merger clauses,and the four major problems of “white knight” exiting and equity dispersal.Secondly,combining the specific situation of CYG with China's basic national conditions,this paper proposes five optimization strategies for the anti-merger strategy of CYG,including raising anti-M&A awareness,improving the company's articles of association,establishing a reasonable shareholding structure,and reducing itself.Attractiveness and the introduction of a dual equity structure.The innovation of this paper is to analyze the anti-M&A strategy adopted by CYG,and compare the five-year related indicators of the company in the two years before,two years,and two years after the acquisition,through stock price changes,shareholding structure and shareholder wealth changes.And the comparison of business conditions,analyze the shortcomings of CYG in this anti-merger,and propose optimization measures accordingly,the research is more targeted,and the research points are more elaborate;at the same time,the introduction of dual The relatively new proposal of equity structure may be an innovation point,further enriching the relevant literature on China's anti-M&A strategy research.