上市公司控制权争夺对企业财务绩效的影响研究——以上海家化为例

Research on the Impact of Control Power Competition of Listed Companies on Corporate Financial Performance--Take Shanghai Jahwa as an Example

近年来,我国上市公司在并购过程中的控制权争夺现象日益增多。而控制权对公司治理以及经济发展都具有重要作用。有的控制权争夺战可以提高公司治理效率,提高企业绩效,在短时间内给企业带来积极的市场效应。但大多控制权争夺具有巨大的负面影响,可能会造成企业管理层动荡、战略决策失误,甚至损害到利益相关者的利益。本文以本土日化龙头企业上海家化为例,首先对上海家化控制权争夺的过程进行梳理,并分析造成上海家化控制权之争的原因;进而研究了上市公司控制权之争对企业财务绩效的影响;最终,为上市公司提升绩效提出相应建议。

In recent years,the competition for control power of listed companies in China in the process of mergers and acquisitions has also increased.Control power plays an important role in corporate governance and economic development.Some control power battles can improve the efficiency of corporate governance,improve corporate performance,and bring positive market effects to enterprises in a short period of time.However,most of the control power scramble has a huge negative impact,which can cause turmoil in the management of the enterprise,make wrong strategic decisions,and even harm the interests of stakeholders.Taking Shanghai Jahwa,a leading local daily chemical enterprise,as an example,this paper first sorts out the process of the struggle for control power of Shanghai Jahwa,and analyzes the reasons for the dispute over the control power of Shanghai Jahwa.Furthermore,the impact of the control power dispute of listed companies on the financial performance of enterprises is studied.Finally,recommendations are made for listed companies to improve their performance.