本文選題：萬科控制權(quán)之爭 + 公司治理　； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：2015年,寶能系通過險資在二級市場上頻繁舉牌萬科,引起了一場沒有硝煙的戰(zhàn)爭。隨后萬科管理層多次采取反收購措施阻擊寶能系的惡意收購。萬科控制權(quán)之爭,從表面上看是收購與反收購行為,本質(zhì)上卻是控制權(quán)的激烈爭奪。其中又包含了公司治理、收購與反收購、保險資金運用等多方面的問題。而其牽扯的法律包括《中華人民共和國公司法》(以下簡稱“《公司法》”)、《中華人民共和國證券法》(以下簡稱“《證券法》”)、《上市公司收購管理辦法》、《中華人民共和國保險法》(以下簡稱“《保險法》”)等等多部法律法規(guī)。因此,作者在研究了相關(guān)法律法規(guī)以及理論學(xué)說等文獻(xiàn)后,根據(jù)我國的實際現(xiàn)狀,提出相應(yīng)的完善建議。本文先詳細(xì)闡述了萬科控制權(quán)之爭的始末,從而引出萬科控制權(quán)之爭中涉及的相關(guān)法律問題,包括萬科股權(quán)結(jié)構(gòu)的不足之處及反防御條款缺失,以及萬科公司治理中存在的問題,進(jìn)而對萬科在此事件中采取的反收購措施及寶能系利用險資舉牌行為的合法性進(jìn)行分析。其次,本文從萬科控制權(quán)之爭中涉及的相關(guān)法律問題出發(fā),詳細(xì)對其中的法律問題一一分析其現(xiàn)狀及不足。先闡明被收購目標(biāo)公司的特征以及在股權(quán)分散的結(jié)構(gòu)下,總結(jié)目標(biāo)公司特征后,進(jìn)而探討如何防止目標(biāo)公司成為被收購的目標(biāo)。在公司治理方面,本文介紹了股權(quán)分散下的公司治理問題產(chǎn)生的原因,也就是在公司股權(quán)分散的情形下,公司的治理權(quán)限逐漸由股東會轉(zhuǎn)移到了董事會,這種情況下,極易造成因為董事會與股東會權(quán)利界限本就模糊而帶來的董事會權(quán)利膨脹,進(jìn)而造成損害公司及股東的合法權(quán)益的結(jié)果。再對股權(quán)分散的情況下如何有效的對管理層進(jìn)行制約進(jìn)行探討。在上市公司反收購方面,本文介紹了我國上市公司實踐中常用的反收購措施及立法現(xiàn)狀。包括“驅(qū)鯊劑”、“白衣騎士”、交叉持股、“降落傘計劃”、焦土戰(zhàn)術(shù)等等反收購策略以及我國立法上對此存在許多不足之處并對此提出具體的建議,包括逐漸完善相應(yīng)法律體系,明確反收購決策權(quán)、構(gòu)建合理有效的司法救助體系等。在保險資金的運用方面,主要介紹了我國保險資金的構(gòu)成、來源與限制,進(jìn)而探討我國保險資金的運用在新形勢下帶來的風(fēng)險,闡述我國在新形勢下如何做好保險資金運用的風(fēng)險防范措施,包括我國監(jiān)管部門在新形勢下密集出臺相關(guān)法律法規(guī),采取監(jiān)管合力的方式聯(lián)合監(jiān)管等,并對此提出進(jìn)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.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.291.91

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