Case Study On Control Rights Contest Of Listed Company

Western countries control the market earlier,based on a highly liberalized market,give full play to the role of corporate governance.China's research on the control market is relatively late,since the 2006 split share reform,the control market was gradually active.With the development of recent years,China's related laws have begun to gradually liberalize the constraints of the acquisition activities,and promote the further development of the control market.However,due to the absence of the legal system,while the delay in the results of supervision,leading to control the market,the parties tend to use information disclosure violations of the way the operation,resulting in disputes.With the second half of 2015,A share fell sharply and continued to slump,for the industrial capital to collect a large number of cheap chips,endless control of the content of the event focused on the outbreak.In recent years,scholars at home and abroad,mainly from the control market M & A behavior of the causes,behavior research,or empirical way to control the market impact of corporate governance efficiency research.In the existing literature,there is little research on the establishment of an orderly market for control,and this paper is based on this perspective.Generally in the control of the contention,the contention of the party to be charged party almost all 30%.The selected case company,KONDARL,is an agricultural company with a controlling stake of nearly 30%.In less than three years,the disputed side of the use of covert holdings,step by step hot pursuit of its shareholding ratio,its controlling shareholder status threatened.The case study of the company's control of contention is of great significance to the improvement of the chaotic control market in China.Therefore,this case is selected for research.On the basis of reviewing the relevant literature research,this paper takes the case of Kingkey Group control of KONDARL as the object of study.First,through the study of the previous literature,finishing,learning and learning.Second,introducing some theories,such as corporate governance theory,signal transmission theory etc.Thirdly,the author summarizes the basic situation of the two sides in control,and through the review of the case,the process of the competition of the two sides is divided into two stages: the equity competition and the board level.Fourthly,the author uses the relevant theory to analyze themotivation,behavior and influence of the contention of control.It is found that:(1)the information disclosure system is not perfect(2)the efficiency of the implementation of the regulatory agencies is low,(3)the conditions for the validity of the voting rights cannot be clearly defined,(4)the legal environment exists in China's control market is not perfect and so on.Fifth,according to the conclusion of the case study,the author puts forward some suggestions on the establishment of an orderly market of control,with a view to providing a reference for the current large number of control events.