Research On The Competition For Control And Equity Structure Optimization Of Jinke Property

With the continuous development of economy,China's capital market financing tools are more and more rich,listed companies' stocks show strong liquidity and the company's equity structure gradually from centralization to decentralization spread.In the financing process,the founder's stake is often diluted and the battle for control of the company has been common.In recent years,the case of Jinke Property's control right competition is a long-lasting and more concerned case in the capital market,and it is also one of the few cases in which Hong Kong stock real estate enterprises purchase A-share real estate enterprises.The main contents of the case are as follows:Firstly,this paper summarizes the concept of control,the motivation of control,the influence of the ownership structure on control and the anti-acquisition strategy,and makes a brief review of the literature,and finds that the research of the existing literature on the case of control competition is basically focused on the economic consequences and market reactions of the control contest,and rarely the literature combines the control contest with the equity structure.Then the relevant concepts of control,concerted action person,offer to buy and other related concepts are defined,and the basic theories such as game theory,stakeholder theory and Maslow demand theory are introduced,which lays the theoretical foundation of the analysis part of this paper.Secondly,it introduces the case of competing for control right of Jinke Property about the main company,the reasons for the competition.Then the case process is reviewed from both the offensive side and the defensive side.By buying shares and competing for seats on the board of directors,Jinke Property have been resisted by amending the articles of association,planning to restructure suspensions,increasing the number of concerted action persons,increasing the company's debt service risk,buying back and writing off shares and employee shareholding plans.Then,it analyzes the influence of control right competition on Jinke Property from three aspects of operation,financial situation and corporate governance.It is found that after the control right fight,the operation status of Jinke Property has beenimproved,and its financial status has also been greatly improved compared with that before the fight;the corporate governance has been optimized.Then the motivation of Jinke Property's control is analyzed,and the consequences of the battle for control are analyzed from the three aspects of market reaction,business performance and corporate governance.Finally,based on the equity structure as the link,sums up the historical changes of the equity structure of Jinke Property,and puts forward some suggestions for the optimization of equity structure on the basis of the experience summary of the changes of the equity structure before and after the battle for control of Vanke.Finally,it summarizes the case enlightenment of the battle for control of Jinke Property.Such as the founder's long-term vision for the development of enterprises,to set up the company's articles of association control defense provisions,to attract external investors to do a good job of due diligence,so as to other housing enterprises to carry out mergers and acquisitions integration provides reference significance.