万科控制权争夺案案例研究报告

发布时间：2018-04-14 12:19

本文选题：万科控制权之争 + 公司治理　；参考：《江西财经大学》2017年硕士论文

【摘要】：2015年,宝能系通过险资在二级市场上频繁举牌万科,引起了一场没有硝烟的战争。随后万科管理层多次采取反收购措施阻击宝能系的恶意收购。万科控制权之争,从表面上看是收购与反收购行为,本质上却是控制权的激烈争夺。其中又包含了公司治理、收购与反收购、保险资金运用等多方面的问题。而其牵扯的法律包括《中华人民共和国公司法》(以下简称“《公司法》”)、《中华人民共和国证券法》(以下简称“《证券法》”)、《上市公司收购管理办法》、《中华人民共和国保险法》(以下简称“《保险法》”)等等多部法律法规。因此,作者在研究了相关法律法规以及理论学说等文献后,根据我国的实际现状,提出相应的完善建议。本文先详细阐述了万科控制权之争的始末,从而引出万科控制权之争中涉及的相关法律问题,包括万科股权结构的不足之处及反防御条款缺失,以及万科公司治理中存在的问题,进而对万科在此事件中采取的反收购措施及宝能系利用险资举牌行为的合法性进行分析。其次,本文从万科控制权之争中涉及的相关法律问题出发,详细对其中的法律问题一一分析其现状及不足。先阐明被收购目标公司的特征以及在股权分散的结构下,总结目标公司特征后,进而探讨如何防止目标公司成为被收购的目标。在公司治理方面,本文介绍了股权分散下的公司治理问题产生的原因,也就是在公司股权分散的情形下,公司的治理权限逐渐由股东会转移到了董事会,这种情况下,极易造成因为董事会与股东会权利界限本就模糊而带来的董事会权利膨胀,进而造成损害公司及股东的合法权益的结果。再对股权分散的情况下如何有效的对管理层进行制约进行探讨。在上市公司反收购方面,本文介绍了我国上市公司实践中常用的反收购措施及立法现状。包括“驱鲨剂”、“白衣骑士”、交叉持股、“降落伞计划”、焦土战术等等反收购策略以及我国立法上对此存在许多不足之处并对此提出具体的建议,包括逐渐完善相应法律体系,明确反收购决策权、构建合理有效的司法救助体系等。在保险资金的运用方面,主要介绍了我国保险资金的构成、来源与限制,进而探讨我国保险资金的运用在新形势下带来的风险,阐述我国在新形势下如何做好保险资金运用的风险防范措施,包括我国监管部门在新形势下密集出台相关法律法规,采取监管合力的方式联合监管等,并对此提出进一步的完善措施。
[Abstract]:In 2015, Baoneng raised its cards frequently in the secondary market, sparking a war without gunsmoke.Vanke management has since taken a number of anti-takeover measures to block the malicious takeover of Baoneng Department.The struggle for control of Vanke is, on the surface, acquisition and anti-takeover, but in essence it is a fierce struggle for control.It also includes corporate governance, acquisition and anti-takeover, insurance funds use and so on.The laws involved include the Company Law of the people's Republic of China (hereinafter referred to as "Company Law"), the Securities Law of the people's Republic of China (hereinafter referred to as the "Securities Law"), the "measures for the Administration of the acquisition of listed companies", the "Chinese people"Insurance Law of the people's Republic of China (hereinafter referred to as "the Insurance Law") and other laws and regulations.Therefore, after studying the relevant laws and regulations as well as the theory and other documents, according to the actual situation of our country, the author puts forward the corresponding consummation suggestion.In this paper, the author expatiates on the beginning and end of the contention of Vanke's right of control, which leads to the related legal problems involved in the dispute of Vanke's control right, including the deficiency of Vanke's equity structure and the absence of anti-defense clause.And the existing problems in the management of Vanke Company, and then analyzes the anti-takeover measures taken by Vanke in this incident and the legitimacy of Baoneng's use of risk capital to raise brand.Secondly, this paper analyzes the current situation and deficiency of Vanke's control rights in detail from the relevant legal issues involved in the dispute.In this paper, the characteristics of the acquired target company and the characteristics of the target company under the structure of decentralized equity are expounded first, and then how to prevent the target company from becoming the target of acquisition is discussed.In terms of corporate governance, this paper introduces the causes of corporate governance problems under the decentralized ownership, that is, the corporate governance authority is gradually transferred from the shareholders' meeting to the board of directors under the situation of the dispersion of the company's equity, in which case, the corporate governance authority is gradually transferred from the shareholders' meeting to the board of directors.It is easy to cause the expansion of the board of directors' rights caused by the blurring of the boundary between the board of directors and the shareholders' meeting, and then damage the legitimate rights and interests of the companies and shareholders.Then how to effectively restrict the management under the condition of equity dispersion.In the aspect of anti-takeover of listed companies, this paper introduces the common anti-takeover measures and legislation status in the practice of listed companies in our country.Including "shark repellent", "white knight", cross-shareholding, "parachute plan", scorched earth tactics and so on anti-takeover strategy, as well as our country's legislation to this existence many deficiencies and puts forward the concrete suggestion to this,It includes gradually perfecting the corresponding legal system, defining the decision-making power of anti-takeover, constructing a reasonable and effective judicial aid system and so on.In the use of insurance funds, this paper mainly introduces the composition, source and limitation of insurance funds in China, and then discusses the risks brought about by the use of insurance funds in China under the new situation.This paper expounds how to do a good job in the risk prevention measures for the use of insurance funds in our country under the new situation, including the intensive introduction of relevant laws and regulations by our regulatory authorities under the new situation, and the joint supervision by means of joint supervision and control, etc.Further improvement measures are also proposed.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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