A Research On Equity Structure And Insurance Capital Placard

Corporate governance has an important impact on the development of modern joint-stock enterprises.The relationship between ownership structure,control rights and corporate governance is also a hot issue of long-term concern and key analysis of related research.With the development of China's market economy,China's capital market has been surging in the past five years,and the events of listed companies with insurance funds have been continually and climaxed.In the frequent and crazy placards,problems such as control rights competition and leveraged financing acquisitions of listed companies began to appear,causing violent fluctuations in the capital market.The fierce insurance placard storm and the brutality knocking on the door triggered market challenges and regulatory attention,and a series of regulatory initiatives were launched.In this series of cases of control competition,the competition between Vanke and Baoneng between 2015 and 2017 was the most eye-catching and heated.The issue of equity decentralization exposed by the incident,the capital market issues and corporate governance disputes that have arisen have become unprecedented in China's capital history.How does Nabao can advertise Vanke?Why is Vanke listed as the target of insurance placards and even control rights?What kind of corporate governance issues does it expose?This is a real problem that many listed companies,including Vanke,need to solve.Starting from these practical confusions and lack of research,this paper attempts to solve the complex relationship and influence mechanism between equity decentralization,control rights and corporate governance by taking Baoneng brand Vanke as an example.The full paper disserts mainly from the following three aspects:1.Systematic review of relevant literature on corporate governance,shareholding structure and control rights at home and abroad;2.In demonstrating the overall changes in the shareholding structure and control rights of listed companies in China,and finding out the common characteristics of insurance capital placards,As a case,Vanke reviewed the general situation of the incident and the whole development process,analyzed the conditions,motives and characteristics of Baoneng Vanke,and analyzed in depth the control of the placard in Vanke's corporate governance and the relationship between shareholders and management.The relationship between checks and balances;3.From the decentralized shareholding of listed companies,the role of institutional investors in corporate governance and the allocation of control of listed companies,the corresponding management implications and countermeasures are drawn.This paper has mainly achieved the following research results:1.Taking Baoneng brand Vanke as a typical analysis case,it analyzes the reasons why Vanke is being placarded and the motivation of Baoneng.2.The results of case analysis show that the main reasons for Vanke being placarded and vying for control are corporate governance issues such as equity decentralization and management control,and excellent business performance;important factors for Baoneng to compete for control include placard conditions and placarding policies.And the interests of placards,etc.,China Resources's fundamental concern against the introduction of deep iron is the gain of control.3.Based on the results of the case,we look at the advantages and disadvantages of equity dispersal in corporate governance from a dialectical perspective,correctly understand the role of institutional investors in corporate governance,and fully attach importance to the allocation of corporate control rights to draw management inspiration;The dual shareholding structure protects the interests of the founding team,draws on international experience,promotes institutional investors to participate in corporate governance in an orderly manner,and strengthens supervision and guidance,and advocates "active shareholderism" to provide management suggestions with theoretical and practical value.