摘要：随着国内国有资本管理市场的不断变革和快速发展，上市公司的内部股权结构也更加复杂和更为多元化，控制权竞争也日趋激烈，上市公司控制权争夺和被抢夺的不利事件层出不穷，收购和被强制取得股权的事件更是络绎不绝。股权权益争取失败不仅容易对公司内部的组织架构、产生不利因素，还会给公司的财务经营业绩带来严重的后果。对整个企业的未来发展造成了非常多的不利影响。

本文主要采用案例分析研究以及财务分析的手段，选取了爱建集团控制权争夺这一重大事件为主要研究对象。在综合分析爱建集团利益相关者理论、股权结构理论等理论的基础上，通过研究爱建集团股权纠纷的案件来探究该集团股权纠纷事件对爱建集团的具体影响。通过研究分析发现，爱建集团的控制权争夺事件不仅直接引起了该公司股票价格的异常大幅波动，业绩状态也随之出现了不同程度的改变，影响了该公司的正常经营和发展，对爱建集团企业价值产生了一定影响。最后针对此研究结果提出几点建议，一方面是希望能够进一步加强和稳固我国的企业公司治理体系，推动企业进一步健康成长。另外一方面也希望可以为我国保护市场稳定的相关政策提供参考性意见。

关键词：股权之争；爱建集团；企业价值

 

目 录

摘 要

Abstract

Contents

Chapter One  Introduction-1

1.1 Research Background-1

1.2 Research Significance-1

1.3 Research Methods-2

1.3.1 Literature analysis method-2

1.3.2 Factor Analysis-2

Chapter Two Literature Review-4

2.1 Research on the Impact of Equity Structure on Company Value-4

2.2 Research on Corporate Control Contest and its Impact on Corporate Value-4

Chapter Three Theoretical Analysis on the Impact of Corporate Control Contest on Corporate Value-6

3.1 Introduction to Basic Concepts-6

3.1.1 Ownership structure-6

3.1.2 Corporate control contest-6

3.1.3 Corporate value-6

3.1.4 Control right-6

3.2 The Theoretical Basis for the Competition for Corporate Control-7

3.2.1 Principal-Agent theory-7

3.2.2 Control right theory-7

3.3 Introduction of Valuation Methods of Corporate Value-8

3.3.1 Asset value evaluation-8

3.3.2 Cash flow discount method-8

3.3.3 Option value evaluation-8

3.4 The Influence Ways of Corporate Control Contest on Corporate Value-9

3.4.1 Impact of the corporate control test on the equity structure-9

3.4.2 Impact of the corporate control test on the Board of Directors-9

3.4.3 Impact of the corporate control test on the actual controller-10

Chapter Four Case Study of Shanghai AJ Group Co.,Ltd Corporate Control Contest-11

4.1 The Background of AJ Group-11

4.2 The Problems Existed in Corporate Governance of Shanghai AJ Group-11

4.2.1 Decentralized ownership structure of AJ Group-11

4.2.2 Weakening of internal governance mechanisms-12

4.2.3 Weakening of external governance mechanisms-13

4.3 Full Picture of the Shanghai AJ Group Control Competition-15

4.4 Analysis of Corporate Control Contest in Shanghai AJ Group on its Corporate Value-16

4.4.1 Profitability-16

4.4.2 Solvency-18

4.3.3 Operational capability-20

4.4.4 Development ability-22

4.4.5 Market value analysis of AJ group-23

Chapter Five Conclusions and Recommendations-25

5.1 Conclusion-25

5.2 Recommendations for Internal Mechanism-25

5.2.1 Establish a reasonable equity structure-25

5.2.2 Establish the actual controller of the company-26

5.2.3 Anti-acquisition clauses are included in the Articles of Association-26

5.3 Recommendations for External mechanism.-27

5.3.1 Improve laws protecting small and medium investors-27

5.3.2 strengthen financial supervision-27

References-28

Acknowledgements