Study On The Control Rights Contest Of Jinke Property After Strategic Financing

China's economy is changing rapidly and Chinese enterprises' growing as well.Listed companies are constantly undergoing mergers and acquisitions,and control rights contest begins to emerge.In recent years,it has become a hot issue in the capital market.This paper takes the case of control right contest in Jinke Property and analyzes the control rights contest from the perspective of the actual controller of the enterprise and the external capital.The characteristics of this paper lie in the fact that the cases of Jinke Property for the right of control last for A long time,the use of anti-takeover strategy is very rich,and it is the case of Hong Kong stock real estate enterprises' acquisition of a-share real estate enterprises for the right of control in the same industry,which is relatively rare in recent years.In the literature research,firstly summarize the research literature on the control right,then elaborate the related literature on the reasons for the control right struggle,and finally summarize the literature research on the influence of the control right struggle.In the case review,we first introduce the basic situation of Jinke Property and Sunac.Secondly,by reviewing the process of the competition for control rights of the two main bodies,Jinke Property were taken part in the private placement of Jinke Property by Sunac with the help of its subsidiary Tianjin Jujin,and its subsidiary Tianjin Runding and Tianjin Runze increased their shares in the secondary market to become the second largest stakeholder and smoothly became a member of the board of directors.Since then,Jinke Property has maintained its corporate control by winning more seats on the new board of directors,revising the articles of association,buying back shares,increasing the number of people acting in concert and increasing liabilities.Based on the strategic investment,financial investment,Jinke Property is a high quality enterprise,risks in the private placement of Jinke Property and defects in the internal control of Jinke Property,the paper analyzes the reasons of Sunac to fight for control rights of Jinke Property,the perspective of share price volatility and cumulative abnormal returns in the research of control for the short-term market reaction to Jinke Property,in the perspective of operational efficiency and financial risk control research Jinke Property for the impact on the the management of company.The study found that while the battle for control may briefly boost stock prices,it eventually leads to negative market reactions.The competition for control rights leads to the decrease of operating efficiency and the increase of financial risks.In the case enlightenment part,five aspects,namely optimizing equity structure,the rational allocation of equity,to redefine the role of institutional investors,fund managers will enterprise value maximization as the first,to enhance the decision-making power of the independent directors and board of directors,enhance the independence of the supervisors,regulators prevention and control of large shareholders transfer behavior.Hope to provide reference for the corporate governance of listed enterprises through this case.