摘 要

近年来，我国股票市场的改革逐步加快，股票市场改革包含市场架构、监管规定和法律环境等方面。收购与反收购在股票市场上的变化也很显著。常常出现这种现象，未告知管理层的情况下就开启收购活动，这种行为往往遭到管理层的鄙视与不满。很显然，目标公司的管理层常常采取反收购的措施来抵御这种不善意收购的进行。那么，对如何进行反收购的研究就颇具现实意义。

反收购是公司管理层为抵御不善意收购而采取的正当合理防御行为，阻碍目标公司控制权的转移。发生反收购行为的收购方往往属于恶意收购主体，其并未考虑公司及股东的长远利益，投机嫌疑较重。

本文首先阐述了在整个市场经济大环境下我国恶意收购的基本情况，针对我国上市公司收购与反收购的情况进行分析。主要针对当下正在进行的“万宝”之争事件进行深入分析和研究，通过对事件发生的前因后果进行剖析，以及万科宝能互相采取的一些措施，探索接下来的事件发展脉络，并给出一些战略上的建议。撰写本文的出发点是通过对恶意收购及反收购的深入探讨得到一些启发，从而促进反收购在我国股票市场上的正确进行以及股票市场的长期平稳发展。

关键词：恶意收购；反收购；反收购策略；万科；宝能

ABSTRACT

In recent years, the reform of China's stock market has been accelerated gradually, and the reform of the stock market includes market structure, regulatory requirements and legal environment. The change in the stock market is also significant. This phenomenon often occurs, did not inform the management of the case on the acquisition activities, this behavior is often the management of contempt and dissatisfaction. It is clear that the management of the Target Corp often take anti takeover measures to resist such an. So, the research on how to carry out the anti takeover is of great practical significance.

The anti takeover is a kind of reasonable defensive action taken by the management of the company in order to resist the acquisition of non bona fide, which hinders the transfer of the control right of the Target Corp. The acquisition of anti takeover behavior often belongs to the subject of hostile takeover, which does not take into account the long-term interests of the company and shareholders.

This paper firstly describes the basic situation of China's hostile takeover in the whole market economy environment, and analyzes the situation of listing Corporation's acquisition and anti takeover in China. Mainly for ongoing "Wan" contention events conducted in-depth analysis and research, through the analysis of the causes and effects of the incident, and Vanke treasure to each other to take some measures, explore the next event development context, and gives some strategic recommendations. The starting point of this paper is to get some inspiration from the in-depth study of the hostile takeover and anti takeover, so as to promote the correct and stable development of the anti takeover in the stock market of our country.

KEY WORDS:Hostile takeover；Reverse takeover；Anti takeover strategy；Wanke；Baoneng

目 录

摘要...............................................................................................................................................................II

ABSTRACT ..............................................................................................................................................III

第1章 绪论.................................................................................................................................................1

1.1 研究目的和意义 ............................................................................................................................1

1.2 文献综述 ..........................................................................................................................................1

1.2.1 国外研究现状 .........................................................................................................................1

1.2.2 国内研究现状 .........................................................................................................................1

1.2.3 文献评述....................................................................................................................................2

1.3 研究内容及方法 ............................................................................................................................2

第2章 恶意收购理论基础......................................................................................................................4

2.1 恶意收购的形成背景和趋势 .....................................................................................................4

2.1.1 恶意收购的形成背景 ...........................................................................................................4

2.1.2 恶意收购的定义 ....................................................................................................................4

2.1.3 恶意收购判定标准 ...............................................................................................................5

2.1.4 恶意收购的发展趋势 ...........................................................................................................5

2.2 恶意收购对目标公司的影响 .....................................................................................................6

2.3 上市公司反收购的意义 ..............................................................................................................7

第3章 “万科股权之争”基本情况介绍..........................................................................................8

3.1 公司背景介绍..................................................................................................................................8

3.1.1 万科基本情况..........................................................................................................................8

3.1.2 宝能基本情况..........................................................................................................................8

3.2 股权之争过程..................................................................................................................................9

3.2.1 宝能系举牌万科......................................................................................................................9