A Study On The Influence Of Controlling Power Of Large Shareholder On The Performance Of Company

After China's share-splitting reform,the proportion of listed companies with large shareholder's equity structure has risen,and a balance mechanism has been formed in such companies,which has made the large shareholder's encroachment on the interests of minority shareholders effectively suppressed.The reforms have attracted countless compliments,but some problems have arisen.The share reform weakens the controlling shareholder's power in the company,the shareholding becomes dispersed,although the large shareholder can form the mechanism of checks and balances,but because of the shares,and the equity is the most important aspect of the control competition,therefore,in the existence of a number of major shareholder's company,the risk of the outbreak of control among its shareholders is obviously higher than that of the companies with higher concentration of equity.Because of the particularity of the large shareholder's identity,the company's operation is in a very unstable situation during the contest of controlling the big shareholder,which leads to the influence of the company's operating performance to some extent.This article takes this as the starting point,analyzes the influence of the big shareholder's control power competition on the company management performance.Shanshui Cement as a listed company after the reform,with Zhang Caikui as the representative of the Shanshui investment,Tian Rui Group,Asia Cement,China building materials four major shareholders,the control of the competition is mainly expand between in Shanshui investment and Tian Rui Group,is the major shareholder for control of the typical representative company,therefore,this paper takes Shanshui cement as an example to carry out in-depth analysis.Due to the 2015,the cement industry in a downturn,operating efficiency seriously decline,overcapacity,shrinking demand.In order to comprehensively,scientifically and rationally analyze the influence of large shareholder's control right competition on the management performance of Shanshui cement,this paper chooses 17 representative cement listed companies as the representative of cement industry,and compares and analyses the management performance of Shanshui cement.Separately from the debt risk situation,asset utilization,profitability and operation growth four aspects.The comparison and analysis of Shanshui cement management performance and cement industry performance show that the performance of Shanshui cement and cement industry issimilar before and after control power competition,but the variation amplitude varies greatly during control competition.Therefore,it is concluded that the competition of control power of large shareholder will have a certain influence on the performance of management.Then it analyzes the cause of the influence,and puts forward some suggestions to prevent the competition of control right of large shareholder.In this paper,when comparing and analyzing the annual report of Shanshui cement,it is found that during the competition of control rights of large shareholders,the business income,the net profit is at the lowest level,the liabilities increase,the assets decrease,the corresponding debt default risk increases,the asset utilization status,profitability and operating growth are affected.The competition of controlling right of large shareholder in Shanshui cement,due to the premature expiration of the bill,the operating environment is in a very unstable state,the proportion of the various costs increased substantially,so this article focuses on the analysis of the impact factors on the operating performance of the debt default,the alternation of old and new board,the increase of management cost and the reserve of assets impairment four.and from the promotion of self-discipline ability of leaders,cautious introduction of institutional investors,reasonable control circulation in the proportion of shares,establish and improve the internal management standard system,improve the relevant laws and regulations five aspects of the relevant suggestions,in order to give warning and reference to enterprises in similar situation.