A Study On The Causes And Economic Consequences Of The Contention For Control Of Changyuan Group

In recent years,China's private enterprises seize the market opportunity to grow rapidly,and become an indispensable part of our national economy.In order to expand the scale of operation,private enterprises have taken a series of measures such as capital increase and stock expansion,IPO listing and other measures to find external financial support.With the completion of the reform of split share structure in China's capital market in 2005,the capital market in China has entered a new stage of development.The openness of the capital market and the liquidity of enterprise shares have been gradually enhanced,and the shares of listed companies have become more and more public.Decentralization.At present,China is in the background of deepening the reform and promoting the industrial transformation and upgrading.Under the background of the merger and acquisition among companies and the reorganization of assets,More and more,the company's control rights continue to be transferred and exchanged.And among them,also appeared the question of the control right contest.The number of companies involved in the competition for control is increasing,and the main body involved in the competition for control is becoming more and more extensive,and the process of the competition for control is also increasingly fierce and complex.The competition for control rights not only affects the stability of the internal governance structure and the normal operation of enterprises,but also has an adverse effect on the healthy and stable development of the capital market in China.This paper chooses our country A-share market Changyuan Group to compete for control of the classic case study,from the same industry rival Wall nuclear material in the capital market in the public card sniper,The competition for control of Changyuan Group is rare in China's capital market,and the capital competition is full of uncertainty and pervasiveness.The study of this case is of great practical significance for standardizing the benign competition with the industry,promoting the cooperative development,guiding the stability of the internal governance of enterprises and promoting the perfection of the capital market.In this paper,the specific process of the competition for control of Changyuan Group between the management of Changyuan Group and Wale Nuclear material is combed in detail,and the conclusion is drawn.The related theory makes a deep analysis on the motivation of each behavior in the process of competition between the two sides.And through the calculation and analysis of a series of indicators from the perspective of market reaction and corporate performance,this paper explores the economic consequences of this event of competition for control,and at the same time provides empirical evidence.For the future listed company governance practice and the improvement of the control system to provide some reference suggestions.It is found that the competition for control of Changyuan Group is caused by the decentralization of ownership structure,special historical origin,long-term competition relationship,differences in development strategy,the embodiment of equity balance and discourse right,and the conflict of private benefits of control.Control right In the process of competition,the stock price of the company fluctuates several times,the stock price falls,the market reaction is violent;In terms of corporate performance,the profitability,operational capacity and solvency of the enterprise are negatively affected,and the instability of the corporate governance structure causes the normal operation of the enterprise to be affected,resulting in financial risks and operational risks.