浅析我国上市公司的反收购策略 ——以“宝万之争”为例

学生毕业论文

题目：浅析我国上市公司的反收购策略

——以“宝万之争”为例

指导教师：帅亮职称：副教授

姓名：张哲学号： ******** 班级： 1302班年级： 13级

专业：工商管理

二〇一七年四月二十八日

浅析我国上市公司的反收购策略

——以“宝万之争”为例

摘要

近几年来，随着我国的股份改革制度的步调逐步加快，中国的证券市场的改革也缓缓踏入了一个流通新时期。由于改革是一个探索的过程，证券市场的制度也相应不够成熟。因此资本市场的收购与反收购事件也层出不穷。当收购方并未提前告知被收购公司管理层或其收购行为不被被收购方认可，我们通常称此行为为恶意收购。公司的管理层通常会用一些反制措施来应对恶意收购。本文对反收购概念、反收购类型以及反收购的法律适用性进行了一定的介绍，以此来探讨我国上市公司使用的反收购策略是否有效以及反收购策略是否符合法律依据。

本文选取了宝万之争作为案例来进行分析，对宝万之争的事件发生时间轴、事件参与的主要对象、事件发生后万科股价的变化进行了一定的数据整理，并配以文献法对相关反收购策略进行解释，通过网络媒体披露的客观信息整理万科采用的一些反收购策略。以此发现出宝万之争发生的根本问题及解决对策。本文研究发现，反收购策略不仅仅是要从事件发生后的应对去考虑，更要从公司股权制度的设立、公司董事会制度、公司的管理层制度等方面来去完善，以此来对反收购进行预防。

【关键词】反收购；预防；策略

Abstract

In recent years, with the pace of the joint-stock reform system in China, the reform of China's securities market slowly entered a new period of circulation. Because reform is a process of exploration, the system of securities market is not mature enough. Therefore, the acquisition of capital market and anti-takeover events are endless. When the acquirer is not informed in advance that the management of the company or its acquisition is not recognized by the acquirer, we usually call this trip a hostile takeover. The company's management usually uses some countermeasures to deal with hostile takeovers. This paper introduces the concept of anti-takeover, the type of anti-takeover and the legal applicability of anti-takeover, to explore whether the anti-takeover strategies used by Chinese listed companies and whether anti-takeover measures comply with the legal basis.

This paper analyzes the controversy of BaoWan as a case, the main object of fight's dispute, the change of Vanke stock price after the event, and explains the anti-takeover strategies by literature, and some anti-takeover strategies adopted by the objective information disclosed by the network media. To find out the fundamental problems and countermeasures of the dispute of BaoWan.This paper found that anti-takeover strategy is not only to consider after the event, but also from the establishment of the equity system, the company board system, the management system of the company. To prevent the anti-takeover.

Key words: Anti takeover； Prevention；Strategy

目录

摘要............................................................ I Abstract........................................................... II 一、反收购策略概述. (1)

（一）反收购策略的概念 (1)

（二）反收购策略的类型 (1)

（三）反收购策略在我国的适用性 (3)

二、“宝万之争”案例简介 (3)

（一）万科和宝能事件的主要角色 (3)

（二）万科和宝能事件的始末盘点 (5)

（三）外界权威人士对该事件的看法 (5)

三、万科的反收购策略的分析 (6)

(一) 万科的反收购策略 (6)

（二）万科对恶意收购的预防 (9)

（三）万科在恶意收购发生之后采取的措施 (10)

四、万科反收购过程中的问题与对策 (11)

（一）万科反收购过程中的问题 (11)

（二）万科反收购对策的建议 (12)

五、万科反收购案例的启示 (14)

致谢 (15)

注释 (16)

参考文献 (17)