Equity structure is an important part and the foundation of corporate governance, and the adjustment of equity structure is vital to govern the corporate. The dispersed equity structure is always considered to establish the balanced corporate governance mode, but it also can make the corporate caught in the trouble to become the goal of capital mergers and acquisitions. Nowadays the capital market in our country develops fast and steps into the multi-level situation, and there are many capital

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... cquisition events. The real estate industry has been a major part of the national economy, and the relevant enterprises are focused by the capital market. The equity battle of Vanke happened in 2015 and it attracted a lot of attention because of its dispersed equity structure and excellent management structure.