万科股权收购案例分析

发布时间：2018-02-24 01:42

  本文关键词： 万科 并购 敌意收购 金融监管　出处：《河北经贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的逐步发展,针对上市公司并购的案例时有发生。在这其中,针对万科的股权收购案引起了各方的关注。一方面,万科是我国房地产的龙头公司之一,规模大、盈利强,最初的收购者宝能仅仅是一个未上市的民营集团。这种“蛇吞象”的收购激起了市场的好奇心。更重要的一方面,以往我国资本市场上的并购以由政府主导某种重组整合或针对“壳资源”的借壳上市为主,这种针对万科这样的蓝筹股的敌意收购十分罕见。并且,这次万科股权之争的起点是一个完全由实现主导的并购行为,这也表明我国资本市场不再仅仅是上市公司“圈钱”的渠道,而开始真正发挥监督上市公司管理层的作用。本案例无论是对于要防御敌意收购的上市公司还是想要收购上市公司的投资者有或是金融监管机构,都具有十分重要的借鉴意义。本文以万科股权收购案例为切入点,运用了理论分析与案例分析相结合的研究方法来分析本案例所反映的问题。首先从理论上分析了并购的动因和类型,敌意收购与反收购的方法以及当前金融监管制度以及可能存在的问题。其次介绍了本次并购案例的发展过程。然后是本文的重点,分析了标的公司为何会引来敌意收购,各个收购者的收购动机,和反映出的金融监管存在的问题。最后在前文分析的基础上,分别对上市公司、监管者、收购者和普通股民提出建议。
[Abstract]:With the gradual development of the capital market in China, the cases of mergers and acquisitions of listed companies occur from time to time. Among them, the equity acquisition case for Vanke has attracted the attention of all parties. On the one hand, Vanke is one of the leading real estate companies in our country. Large and profitable, the original acquirer, Baoneng, was just an unlisted private group. This "snake swallowing" purchase aroused the curiosity of the market. In the past, mergers and acquisitions in China's capital markets were dominated by government-led restructuring and integration or backdoor listings aimed at "shell resources." this hostile takeover of blue-chip stocks such as Vanke is rare. The starting point of the Vanke equity dispute is a completely realized merger and acquisition, which also shows that our capital market is no longer just a channel for listed companies to "circle money." And began to play a real role in supervising the management of listed companies. This case is not only for investors who want to defend against hostile takeovers, but also for investors who want to buy listed companies, as well as for financial regulators. This paper takes the case of Vanke equity acquisition as the starting point. This paper uses the research method of combining theoretical analysis and case analysis to analyze the problems reflected in this case. Firstly, it analyzes the causes and types of M & A in theory. The methods of hostile takeover and anti-takeover, as well as the current financial supervision system and possible problems. Secondly, it introduces the development process of this merger case. Then, the focus of this paper is to analyze why the target company will attract hostile takeover. Finally, on the basis of the previous analysis, the author puts forward some suggestions to listed companies, regulators, acquirers and ordinary shareholders.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.4;F271;F832.51
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本文编号：1528411