Research On Control Of XH Based On The Financial Perspective

The reform of non-tradable shares since 2005 and the revision of the management measures on acquisition of listed companies have further activated the market mechanism for control rights in China and improved the liquidity of shares in the capital market,which also makes the shareholding structure of companies tend to be diversified.This not only injects vitality into the enterprise and the market,but also reduces the cost for external acquirers to fight for the control of listed companies,which also makes the battle for control occur frequently.The issue of control right is closely related to the governance efficiency and business performance of listed companies,and the vicious competition for control right is not conducive to the long-term development of enterprises.Therefore,it is particularly important for listed companies and controlling shareholders to improve the control right allocation mechanism and maintain the stability of control right.On the basis of this perspective,combining relevant theories and reviewing relevant literature studies,the case study method is used to study the competition for control of XH.Based on the analysis of the case of control right struggle,this paper starts from the relationship between the two major shareholders,especially heterogeneous shareholders,and USES financial data to analyze the adverse consequences of vicious control right struggle of listed companies on corporate governance and business performance.Through the analysis of the short-term and long-term performance of the case company,it can be seen that the competition for control rights has a negative impact on the enterprise,and the vicious competition for power by external investors also causes the consumption of resources,which is not conducive to the development of corporate governance efficiency and business performance.Based on this control to maintain the stability of the path analysis,try on the premise of large shareholder control,from two aspects of internal control configuration and external configuration to make a study of control to maintain for restraint and management,a kind of balance mechanism of protecting minority shareholders' interests,to create a good control of the market environment and improve the efficiency of corporate governance.