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摘要
近年来，在经济高速发展，国家政策支持的良好市场环境下，越来越多的资
本开始进入二级市场。但是，随着股权分置的改革，上市公司的股权结构愈发分
散，导致股权争夺事件越来越多。对于股权争夺带来的影响，学者们持正反两种
意见。前者认为股权争夺能有效监督企业发展的状况，减少股权私有收益的行为，
从而提升企业自身价值；后者觉得股权争夺会给企业带来不良影响，导致经营业
绩下降，投资者撤资，最终波及到企业的市场价值。因此，如何完善公司治理结
构，是在理论和实践上都值得学者们深思的一个问题。
本文结合了案例研究和文献研究的方法，以股权结构理论、利益相关者理论、
委托代理理论、信息不对称理论作为理论基础，梳理回顾了博汇纸业股权争夺的
详细过程，深究博汇纸业存在的股权结构问题和资金问题，在盈利能力、偿债能
力、营运能力和发展能力四个方面分析股权争夺对公司造成的经济后果影响程度
大小，同时还研究了资本市场对博汇纸业股权争夺的反应，以及股权争夺对博汇
纸业股权结构、董事会和实际控制人的影响。从数据分析的结果来看，股权争夺
给博汇的盈利指标带来了恶劣影响，增加了企业的负债率，但被金光纸业收购后，
博汇纸业比之前更有发展前景。通过对博汇纸业的案例研究，本文得出以下四点
结论：一是利益冲突是公司股权争夺的主要原因；二是股权结构分散不一定有利
于公司治理；三是股权争夺可以在一定程度上有效提高公司治理水平；四是股权
争夺会影响企业的稳定发展。对此，本文也给出了针对性的建议：一是优化企业
发展投资策略；二是建立适合公司自身特性以及利于公司发展的股权结构；三是
充分发挥独立董事的作用；四是在公司章程中加入反收购条款。
关键词：博汇纸业；股权争夺；公司治理
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Abstract
In recent years, with the rapid economic development and a good market
environment supported by national policies, more and more capital has begun to enter
the secondary market. However, with the reform of the share structure, the
shareholding structure of listed companies has become more and more dispersed,
resulting in the occurrence of equity competition. Regarding the impact of equity
competition, scholars hold both pros and cons. The former believes that equity
contention can effectively monitor the development of enterprises and reduce the
behavior of private equity income, thereby enhancing the company's own value; the
latter believes that equity contention will bring adverse effects to the enterprise,
resulting in a decline in operating performance, investors withdrawing capital, and
eventually affecting. The market value of the enterprise. Therefore, how to improve
the corporate governance structure is a problem worthy of scholars' consideration both
in theory and practice.
This article combines the methods of case study and literature research, based on
the theory of equity structure, stakeholder theory, and principal-agent theory, combing
and reviewing the detailed process of Bohui Group’s equity contention, and delving
into the ownership structure of Bohui Group. Issues and funding issues, analyze the
degree of economic consequences of equity competition on the company in the four
aspects of profitability, solvency, operation ability and development ability. At the
same time, it also studied the reaction of the capital market to the equity competition
of Bohui Group. And the impact of equity contention on Bohui Group’s equity
structure, board of directors and actual controllers. From the results of data analysis,
the equity contention has brought a bad impact on Bohui’s profitability indicators and
increased the company’s debt ratio. However, after being acquired by Jinguang Group,
Bohui Group has more development prospects than before. Through the case study of
Bohui Group, this article draws the following four conclusions: First, conflict of
interest is the main reason for the company’s equity contention; second, the
decentralization of the ownership structure is not necessarily conducive to corporate
governance; third, the equity contention can be to a certain extent Effectively improve
the level of corporate governance; fourth, equity contention will affect the stable
development of enterprises. In this regard, this article also gives targeted suggestions:
The first is to optimize the investment strategy for enterprise development; the second
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