本文不同于以往对于并购事件的常规分析,运用中国燃气的控制权争夺案例作为切入点,采用案例分析的手段得出股权的内生性并,具体阐述了股权内生性调整的动因即为大股东的利益诉求以及大股东的成本,股权的内生性调整就是基于这两点在外界因素发生变化时凸显出来的。 This article is different from the conventional analysis of mergers and acquisitions in the past, the use of China’s gas control case as a starting point for the case, the use of case analysis of the endowment of equity and specific end-equity adjustment of the motivation is the major shareholders Interest demands and the cost of major shareholders, the endogenous adjustment of equity is based on these two points when the external factors have changed.