The Conflict Of Interest And The Risk Of Control Rights In The Dispersed Ownership Structure

During 2016,there were many listed companies been acquired during our country,the quantities of hostile takeover substantially growth.With insurance funds as the representative of a large number of financial capital holdings of high-quality listed companies,the intention to control the control of the company,has beern part of the company's management and major shareholders of listed companies to resist.Vanke Company become the most compelling example of these acquisitions cases,has brought many valuable research topics to the academic field.Among them,the risk of equity management has become the focus of the relevant research.Research on Vanke Company,is helpful to find out the problems of Listed Companies in equity management.and put forward effective policy recommendations in time.In this paper,the risk of equity management as the main research content,summarize the existing research theories of equity management and corporate governance,applying these theories to the case analysis.In this paper,I will use case analysis,give priority to with comparative analysis,analyze the some companies'equity for the case.Through theoretical research and case analysis,I will analyzes the problem of the risk of equity management in the company's performance.These problems include:ownership structure dispersion,the management of the company governance and ownership confusion,lack of institutional arrangements for hostile takeover and long term deviation from the intrinsic value of the company's stock price.According to the conclusion of the case analysis,I put forward some countermeasures.1)the articles of association of the company shall formulate appropriate preventive anti-takeover policies,2)advancing management stock ownership and employee stock ownership plan,3)perfect professional manager system and 4)listed companies should improve the equity structure.In this paper,the research significance is that there are very few on Vanke's research and the study of equity risk management is different from the traditional point of view.There isn't much analysis and research about the case even Vanke equity dispute occurred in more than a year.Literature is the basis of an analysis of the corporate governance Vanke more equity,few research on the management structure of equity.Less research on the equity structure and risk management of listed companies,and there are previous study of equity risk management.I combined with previous studies of related issues,and Vanke equity dispute news coverage of the event,take a simple study to attract more people to study.