万科与宝能股权之争案例研究

发布时间：2018-03-05 16:26

本文选题：收购　切入点：反收购　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,随着我国经济快速发展,我国企业在国际、国内市场上并购活动日益活跃,在这样的市场经济环境下,我国企业并购数量逐年增加,仅在2015年上半年我国并购市场共公告交易1082起,披露金额的并购共涉及交易金额2424亿美元,达到我国并购市场半年度最高值。企业通过并购,可以实现迅速扩大经营规模、提高市场竞争力、优化公司资源配置等目的,但随着并购形式的多样化,敌意收购也开始增多,收购方为能够迅速成功收购目标公司,出现违规收购现象,因此研究进而规范我国企业并购并在一个行业内选取一个经典的案例进行分析便具有重要的意义。本文围绕公司股权的争夺,运用案例法,研究了非上市公司收购国有控股上市公司的问题。主要研究了宝能收购万科集团的真实案例,参考相关收购理论,结合我国现行《公司法》和《证券法》等相关法律法规,围绕收购与反收购策略,收购行为和资金组织方式三个问题展开分析,借以希望对类似的并购项目提供一定地参考和借鉴。本文主要内容是对宝能收购万科一案进行分析,首先本文先对收购背景,研究意义,研究内容,文献综述以及创新与不足进行介绍。其次,对本次所涉及的公司进行背景介绍,并详细叙述整个收购过程。然后,对宝能收购万科的策略、成效以及问题进行分析,收购策略主要从标的公司的选择、收购方式和资金组织方式三个方面分析,收购问题主要从资金来源合法性与一致行动人两个方面分析。再者,分析万科反收购策略、成效与问题,反收购策略主要从寻找华润集团帮助,寻找白衣骑士、停牌拖延和法律诉讼四个方面分析,反收购所出现的问题主要从内部人控制和万科董事会合法性两面分析。接着由以上分析得出案例启示,主要从公司治理、监管层和目标公司自身三个方面得出。最后得出结论,本文主要通过宝万之争这个案例,总结宝能收购万科的动机和万科反收购动因,以及从公司治理角度上强调我国上市公司股权结构不能过于分散的重要性。
[Abstract]:In recent years, with the rapid development of China's economy, China's enterprises in the international market, domestic mergers and acquisitions activities have become increasingly active in the market economy environment, the number of mergers and acquisitions in China increased year by year, only in the first half of 2015 China's M & a market transaction announcement 1082, disclosure of the amount of mergers and acquisitions involving a total transaction amount $242 billion 400 million to China's M & a market semi annual maximum value. Enterprises through mergers and acquisitions, can realize the rapid expansion of business scale, improve market competitiveness, optimizing the allocation of resources to the company, but with the diversification of the form of mergers and acquisitions, hostile takeover also began to increase, the buyer is able to quickly and successfully acquired the Target Corp, the illegal acquisition of phenomena, so the study then the standard of China's enterprises and has important significance for analysis and selection of a classic within an industry case. This paper focuses on the equity of the company for transport With the case study of non-listed company, the acquisition of state-owned holding listed companies. The main research treasure to the real case acquisition of Vanke Group, the acquisition of reference related theory, combined with China's current "company law" and "Securities Law" and other relevant laws and regulations on takeover and anti takeover strategy, acquisitions and capital organization three an analysis of issues, hope to provide certain reference to similar acquisitions. The main content of this paper is on the treasure to purchase 170000 case analysis, this paper first on the acquisition of background, research significance, research content, literature review, innovation and defects are introduced. Secondly, the company involved in to introduce the background, and a detailed description of the entire acquisition process. Then, the treasure to purchase 170000 strategies, achievements and problems are analyzed, the acquisition strategy mainly from the target company selection, acquisition Analysis of the three aspects and funding organizations, the acquisition problem mainly from two aspects of the legitimacy of the source of funds and concerted action analysis. Furthermore, the analysis of anti takeover strategy of Vanke, achievements and problems, mainly from the anti takeover strategy for Huarun group help, looking for a white knight, four aspects of the suspension of delays and legal proceedings against the acquisition of the problems mainly from the internal control and Vanke board legal analysis of two sides. Then by the above analysis of the case study, mainly from the corporate governance, regulators and Target Corp own three aspects. A final conclusion, this article mainly through the case of Baowan dispute, summed up the treasure to acquired 170000 motivation Vanke and anti takeover motivation, and emphasizes the importance of not the ownership structure of Chinese listed companies scattered from the perspective of corporate governance.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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