“宝万之争”背景下万科经营风险分析

发布时间：2018-09-19 20:50

【摘要】：随着市场经济的不断发展,上市公司规模的不断壮大,企业之间存在的各种问题越来越凸显,尤其是股东之间争夺控制权的事件愈演愈烈。比如:康达尔与京基集团对簿公堂;隆平高科“设卡”防“夺权”;“宝万之争”中宝能欲争夺万科控制权;宁波东力打算采取现金支付和股份发行相结合的形式购买深圳年富供应链管理有限公司100%股权等,这些股权争夺大战或多或少的影响了企业的各个方面,与企业的发展有着密切的联系。房地产作为国民经济中不可分支的一部分,对促进我国经济的发展和稳定社会起着潜移默化的影响。而万科作为房地产行业的领先企业,它的发展代表着整个房地产行业的发展方向,代表着国民经济发展的晴雨表和风向标,在“宝万之争”事件中,随着宝能系的介入,万科的股权结构发生了巨大的转变,进而影响到其各个方面,因此,对万科在此事件中的影响进行分析,对改善我国房地产上市的股权分配缺陷,合理调整内部治理制度,进而提高公司效益有着重要的作用。本文通过研究在“宝万之争”背景下对万科面临的经营风险进行具体分析,从非财务因素和财务因素这两个方面进行分析。非财务因素方面主要从市场风险、法律风险、信用风险这三个方面来阐述;财务因素方面主要是进行财务分析以及将万科的各项财务指标进行纵向对比和横向对比。纵向对比主要表现在对万科在该事件发生后的盈利能力、偿债能力以及营运能力的各项指标进行分析,其中在分析盈利能力时借助杜邦分析法使分析具体化,并与该事件未发生之前的前五年财务指标进行对比,得出该事件对万科经营产生何种影响,同时借用Z值预警模型对万科在此期间的财务状况进行预警;横向对比则是将万科这几年的各项财务指标与同行业进行对比分析。最后,通过分析该事件对万科的影响所得出的结论,针对万科提出了几点防范措施:(1)在章程中设置反并购条款(2)完善事业合伙人制度(3)提高董事会的自主性(4)推动董事的受托责任;此外也向政府当局提出了一些改善措施,以此能够不断完善市场制度,推动我国市场经济建设有序开展。
[Abstract]:With the development of market economy and the growing scale of listed companies, all kinds of problems among enterprises are becoming more and more prominent, especially the events of controlling rights among shareholders become more and more serious. For example: Condal and the capital group in court; Longping Hi-Tech "cards" to prevent "seize power"; "Bao Wan's contention" Baoneng want to control Vanke; Ningbo Dongli plans to purchase 100% equity in Shenzhen Nianfu supply chain Management Co., Ltd. In the form of a combination of cash payments and share issuance. These share wars have more or less affected all aspects of the enterprise. And the development of enterprises have a close relationship. As a part of the national economy, real estate plays a subtle role in promoting the economic development and stabilizing the society. As a leading enterprise in the real estate industry, Vanke's development represents the development direction of the entire real estate industry and represents the barometer and weather vane for the development of the national economy. In the event of "Baowan's contention", with the intervention of the Baoneng system, The ownership structure of Vanke has undergone a great change, which has affected all aspects of Vanke. Therefore, the influence of Vanke in this event is analyzed to improve the stock rights distribution defects of real estate listing in our country, and to adjust the internal governance system reasonably. And then improve the efficiency of the company has an important role. In this paper, under the background of "the contention of Baowan", the management risk faced by Vanke is analyzed concretely from the two aspects of non-financial factors and financial factors. The non-financial factors are mainly described from three aspects: market risk, legal risk and credit risk, and the financial factors are mainly analyzed and compared vertically and horizontally. The longitudinal comparison is mainly manifested in the analysis of Vanke's profitability, solvency and operating capacity after the event, in which the analysis of profitability is made concrete by means of DuPont analysis. And compared with the financial index of the first five years before the event did not occur, the influence of the event on Vanke's operation was obtained. At the same time, the financial situation of Vanke during this period was forewarned by using the Z-value early-warning model. Horizontal comparison is the Vanke in recent years and the financial indicators of the same industry comparative analysis. Finally, by analyzing the impact of the event on Vanke, This paper puts forward several precautionary measures against Vanke: (1) to set up anti-merger clauses in the articles of association (2) to perfect the system of business partners (3) to enhance the autonomy of the board of directors (4) to promote the fiduciary responsibility of the directors, and also to propose some improvement measures to the government authorities. This can continue to improve the market system, promote the orderly construction of our market economy.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4

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