Research On The Competition Of Control Rights From The Perspective Of The Benefits Of Control Rights

With the continuous development of the society and the capital market,the reform of the shareholding system in our country is constantly advancing.In recent years,the frequent occurrence of the competition for control of enterprises has also led to the academic debate on the issue of control.This paper based on the Control Benefits which is proposed from foreign scholars Herhardt and Holdemess,review the relevant documents,make theoretical analysis about how do the contenders fight for the control of enterprise.And then,with Minsheng Bank as the case,analyze the evidence of the mechanism and the effects for shared benefit and the private benefit in the control rights fighting.Draw relevant conclusions of fighting for the control and enlightenment,in order to do a little contribution for the The theoretical study about compete for control problems.Firstly,this paper expounds the research background and significance of the research,explains the research methods,summarizes the structure and content of the thesis,and points out the innovation.Secondly,this dissertation defines the key concepts in this paper,such as control,the shared benefits of control and private benefits,and sort out the literature about such as the revenue sharing in the allocation of control rights in the role,the relationship between shared benefits and private benefits,realization of private benefits,measurement of private benefits.Followed by the theoretical analysis,on the basis of the previous chapter,from the theoretical analysis of the impact of the shared and private benefits in the control of the competition,and sorted out the mechanism of the control of the competition under the two benefits.Then,in the case description,reviews for the event control of Minsheng Bank,the basic situation of 2000 since the listed Minsheng Bank provides a general overview of the description of the various factions of the members of the board of directors and ownership changes,show the actual circumstances for control problems.Followed by the analysis of two kinds of income and its mechanism,on the basis of theoretical analysis,detailed analysis of the Minsheng Bank case,through the analysis of the three factions of the shared benefits,verify the shared benefits mechanism to compete for control,through the demonstration of the relationship between the change of board members of the three factions and their related loans,to verify the mechanism of private benefits for control,and through the event study method to observe the market reaction to compete for control.Finally,the conclusion and inspiration is drawn from the analysis of the case in the conclusion that shared benefits plays a fundamental role in the process of control right contest,different benefits can lead to different investment behavior,and if shareholders want to obtain private benefits must be approved by the shareholders meeting and the board of directors,and the pursuit of private benefits of shareholders in the fight for control performance more positively,and then draw relevant inspiration.There are three points of innovation: firstly,the unique perspective of the study,from the perspective of the interests of shareholders to study the control of competition,more in line with the actual situation of a number of specific cases,but also a better conclusion.Secondly,this paper analyzes the relationship between private benefits and the competition for control rights,which has a more practical significance.Finally,CMBC is a representative of the mixed ownership of our country,and the conclusion of this paper provides a reference for the reform of commercial Banks in China.