| Transfer of control rights is actually a way of mergers and acquisitions. Control transaction can replace the unqualified management, change the company’s equity structure, optimize the allocation of resources. Reasonable control rights transfer not only can improve the efficiency of management of enterprises and improve the company’s performance, so as to enhance the value of the company and increase the shareholder’s wealth, also can promote the capital market grows up harmonious and stable. With the continuous development and improvement of the control market in China, the taanser control of listed companies are nor a few. But because of the internal and external governance of the company is not perfect, and the problems of supervision of the controlling shareholders, control rights transer of the company has become an important means uesd by controlling shareholders grab the interests of other stakeholders, especially small and medium-sized shareholders.This article combined control rights transfer with the tunnelling behavior of controlling shareholders of listed companies. This article based on the theory of asymmetric information of listed companies and the heory of principal agent and the theory of economic person hypothesis, analyzes the Shide group grab Dayuan companay’s interests after it got the control rights of Dayuan company in detailt.This artle take the the Shide group grab Dayuan companay’ interests as example, based on control rights transfer, analyzes its cause and the process of control transfer, and analyzes the shares of equity structure of Shide group after it got the control rights of Dayuan company, and calculating the degree of the separation of cash flow rights and control rights, analyzes the way sthat the Shide group how to grab Dayuan companay, and detailed analysis this ways cause of the consequences of Dayuan, and then analysis the reason from the internal and external company administration why Shide group can implement snatches of Dayuan companay, finaly put forward related Suggestions.Through the study found that the Shide group did not raise Dayuan companay’s financial performance and improve its the internal governance structure after the group got the control rights,but the encroach on the interests of Dayuan companay,resulting in a decline in its financial performance.So the purpose of the Shide group control Dayuan companay is open to doubt, maybe first is to obtain the private benefits of control, is not a common development.Through this study hope that through this case study, this paper can provide reference for decision-making of investors, at the same time, to put forward the corresponding measures to guard against the interests of the controlling shareholders encroach on behavior, to improve the level of investor protection in China and formulate corresponding regulation measures have important guide to effective prevention measures are put forward. |
