本文選題：敵意并購(gòu)　切入點(diǎn)：反并購(gòu)策略　出處：《深圳大學(xué)》2017年碩士論文

【摘要】：企業(yè)并購(gòu)是成熟資本市場(chǎng)的必然產(chǎn)物,但資本市場(chǎng)上所發(fā)生的并購(gòu)活動(dòng)并不完全都是雙方自愿的。近兩年來(lái)A股市場(chǎng)涌現(xiàn)出越來(lái)越多的敵意并購(gòu)案,股權(quán)爭(zhēng)奪也越演越烈。本文以康達(dá)爾反并購(gòu)京基的案例為研究對(duì)象,對(duì)并購(gòu)雙方背景、并購(gòu)動(dòng)機(jī)、反并購(gòu)策略等做了相對(duì)詳盡地分析。研究的內(nèi)容主要包括:(一)緒論部分,主要闡述本文的研究背景、文獻(xiàn)綜述、內(nèi)容和方法等;(二)案例分析部分,主要包括并購(gòu)過(guò)程出現(xiàn)的新問(wèn)題和針對(duì)并購(gòu)問(wèn)題的分析;(三)建議總結(jié)部分,主要針對(duì)此案例進(jìn)行深層次思考,分析企業(yè)反并購(gòu)過(guò)程中的策略應(yīng)用以及該案例給我們帶來(lái)的啟示,并提出相應(yīng)建議。同股同權(quán)的A股市場(chǎng)上,股東對(duì)上市公司的控制效力主要體現(xiàn)在持股比例上。容易遭受并購(gòu)?fù){的上市公司,一般其股權(quán)都是相對(duì)分散的。但是本文案例卻打破了這種經(jīng)驗(yàn)的認(rèn)知——康達(dá)爾原第一大股東華超投資控股集團(tuán)自身的持股比例實(shí)際達(dá)到了26.87%,在其意識(shí)到危險(xiǎn)后又通過(guò)二級(jí)市場(chǎng)增持至29.85%,但依然沒(méi)有保住對(duì)康達(dá)爾的控制權(quán)。目前京基集團(tuán)反超華超集團(tuán)成為康達(dá)爾第一大股東,持股比例31.65%。當(dāng)前雙方持股比例差距較小,陷入并購(gòu)與反并購(gòu)的拉鋸戰(zhàn),在股東大會(huì)形成僵持局面。當(dāng)康達(dá)爾反并購(gòu)京基這樣的案例出現(xiàn),意味著即便是掌控接近30%的股權(quán),也并未對(duì)公司的決策控制權(quán)形成足夠的保護(hù),這給A股相關(guān)上市公司敲響了警鐘,也引出了本文研究的問(wèn)題,康達(dá)爾為何會(huì)在具有相對(duì)控股優(yōu)勢(shì)的情況下反并購(gòu)失敗,如何在擁有足夠持股比例的情況下抵御其他公司的敵意并購(gòu)。針對(duì)當(dāng)前背景,2016年數(shù)十家A股上市公司相繼提出修改公司章程的議案,試圖事前采取設(shè)置反并購(gòu)條款的策略,來(lái)捍衛(wèi)自身對(duì)公司的控制權(quán)。然而在目前的法律環(huán)境和市場(chǎng)條件下,這些反并購(gòu)條款均與現(xiàn)行法律法規(guī)中的既有條款產(chǎn)生了或多或少的沖突,在實(shí)踐中收效甚微。針對(duì)京基與自然人共同行動(dòng),獲得多方股權(quán),直接控股康達(dá)爾的敵意并購(gòu)方式,同時(shí)結(jié)合我國(guó)“同股同權(quán)”的市場(chǎng)背景,本文認(rèn)為委托表決權(quán)的使用或許是距離解決問(wèn)題最近的途徑。
[Abstract]:M & A is the inevitable outcome of the mature capital market, but the M & A activities in the capital market are not entirely voluntary.In recent two years, A-share market has emerged more and more hostile mergers and acquisitions, equity competition is also becoming more and more intense.This paper takes the case of Kangdar's anti-M & A as the research object, and makes a relatively detailed analysis on the background, motive and anti-merger strategy of both sides of M & A.The content of the research mainly includes the introduction part of the first part of the thesis, which mainly expounds the research background, literature review, content and method of this paper, etc. (2) the case analysis part.It mainly includes the new problems in the process of M & A and the analysis of the M & A problems. (3) the conclusion of the suggestions, which mainly focuses on the deep thinking of this case.This paper analyzes the strategy application in the process of enterprise anti-merger and the enlightenment brought to us by this case, and puts forward some corresponding suggestions.In the A-share market with same shares and rights, the controlling effect of shareholders over listed companies is mainly reflected in the shareholding ratio.The listed companies that are vulnerable to the threat of M & A generally have relatively dispersed equity.However, the case of this paper breaks the cognition of this kind of experience. The proportion of shares held by the former largest shareholder, Huachao Investment holding Group, has actually reached 26.87%, and after realizing the danger, it has increased its holdings to 29.85% through the secondary market, but according to the previous situation, the proportion of shares held by Huachao Investment holding Group has reached 26.87%.Yet control of Condal has not been preserved.At present, the Beijing-based group overtook the Huachao Group to become the largest shareholder of Condal, with a shareholding ratio of 31.65.At present, the gap between the two sides' shareholding ratio is relatively small, and they fall into a tug-of-war between M & A and anti-M & A, forming a stalemate in the shareholders' general meeting.When cases such as Kangdar's anti-takeover of Kyingchi emerged, it meant that even controlling nearly 30% of the shares did not provide sufficient protection for the decision-making control of the company, which sounded a wake-up call for A-share related listed companies.It also leads to the question of why Condal would fail in the case of relative holding advantage and how to resist hostile mergers and acquisitions of other companies under the condition of having sufficient shareholding ratio.In view of the current situation, dozens of A-share listed companies have proposed amendments to their articles of association in 2016, in an attempt to defend their control of the company by adopting the anti-merger clause in advance.However, in the current legal environment and market conditions, these anti-M & A provisions have more or less conflicts with the existing provisions in the current laws and regulations, and have little effect in practice.In view of the hostile M & A mode in which Jingji and natural person act together to obtain multi-ownership and directly control Condal, and at the same time combining with the market background of "same share and same right" in our country,This paper holds that the use of entrustment voting rights may be the closest way to solve the problem.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F324

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