本文關鍵詞： 萬科 并購 敵意收購 金融監(jiān)管　出處：《河北經貿大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著我國資本市場的逐步發(fā)展,針對上市公司并購的案例時有發(fā)生。在這其中,針對萬科的股權收購案引起了各方的關注。一方面,萬科是我國房地產的龍頭公司之一,規(guī)模大、盈利強,最初的收購者寶能僅僅是一個未上市的民營集團。這種“蛇吞象”的收購激起了市場的好奇心。更重要的一方面,以往我國資本市場上的并購以由政府主導某種重組整合或針對“殼資源”的借殼上市為主,這種針對萬科這樣的藍籌股的敵意收購十分罕見。并且,這次萬科股權之爭的起點是一個完全由實現主導的并購行為,這也表明我國資本市場不再僅僅是上市公司“圈錢”的渠道,而開始真正發(fā)揮監(jiān)督上市公司管理層的作用。本案例無論是對于要防御敵意收購的上市公司還是想要收購上市公司的投資者有或是金融監(jiān)管機構,都具有十分重要的借鑒意義。本文以萬科股權收購案例為切入點,運用了理論分析與案例分析相結合的研究方法來分析本案例所反映的問題。首先從理論上分析了并購的動因和類型,敵意收購與反收購的方法以及當前金融監(jiān)管制度以及可能存在的問題。其次介紹了本次并購案例的發(fā)展過程。然后是本文的重點,分析了標的公司為何會引來敵意收購,各個收購者的收購動機,和反映出的金融監(jiān)管存在的問題。最后在前文分析的基礎上,分別對上市公司、監(jiān)管者、收購者和普通股民提出建議。
[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.
【學位授予單位】：河北經貿大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F299.233.4;F271;F832.51
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本文編號：1528411