日本反敌意收购研究
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摘要
本文利用效率理论、反垄断理论、增强企业市场势力理论、产业组织理论、政府管制理论,从经济角度研究分析日本的反敌意收购的特点、背景以及历史传统、社会文化、企业经营模式对反敌意收购的影响。从横向的国家层面的各机构,纵向的各行业、企业、直至企业员工的角度分析了反敌意收购过程中各方的行为,以及日本社会各方面的反应。将企业价值最大化、企业股东利益优先的原则应用在分析政府在反敌意收购中的作用、中介组织所起的作用、企业自身价值构成以及社会文化等方面,阐述日本反敌意收购行为的特点。通过结合实际的反敌意收购案例,考察了政府、中介组织、企业以及利益相关者在反敌意收购中的行为。最后,通过对日本反敌意收购的全面研究,提出了我国政府和企业应对敌意收购的政策选择。
Acquisition and anti-takeover must be happened and the inevitable outcome in a certain stage of economic development. Along with the economic development of nations in the world, especially, the rapid advance of economic globalization, acquisitions and anti-hostile takeover happened frequently. In order to prevent a hostile takeover in loss, the major developed countries, governments, intermediary organizations, and enterprise have taken a series of response measures, and got remarkable results.
In developed countries, Japan is one of the more successful countries for anti-hostile takeover. Until now, there were many incidents of hostile takeovers happened in Japan, but no success. The reasons due to about four points: First, the Government has formulated a series of relevant laws, regulations and policies, the Government do not oppose reasonable and lawful acquisition, but it certainly does not allow a hostile takeover to damage interests of enterprise and threaten the state's industrial security; Second, special ownership structure of Japanese companies, business philosophy and enterprise culture of“community of destiny”formed together by employers and employees; Third, the role of intermediary organizations; Fourth, Japanese public opinion and the role of cultural background.
M&A appear relatively late in China. However, as the Chinese economy's rapid integration with the world economy and integration, acquisition and anti-hostile takeover would be an unavoidable problem. Studying on the experience and lessons of Japan's anti-hostile takeover is useful for china to reference.
This paper is based on related theories, from an economic point of view, analyzed anti-hostile takeover laws, regulations, policies, principles and behavior of the Japanese government, intermediary organizations, businesses and stakeholders and put forward anti-hostile takeover measures and recommendations to China. Altogether, there are 9 chapters divided to four parts.
Chapter 1 is the first part of this paper.
Chapter 1: This chapter introduction part of this paper. It described the background and significance of this study, introduced the situation and method of domestic and foreign research. Finally, give the structure of this paper and the major innovation and inadequate.
Chapter 2 and chapter 3 are the second part of this paper.
Chapter 2: This chapter gave the concept of acquisition and anti-hostile takeovers, analyzed the characteristics of anti-hostile takeover of the regions. It described the happen period of anti-hostile takeover, measures of anti-hostile takeover, and steps of anti-hostile takeover, reviewed the 5 big waves of acquisitions.
Chapter 3: This chapter described the theory related with anti-hostile takeover, including: efficiency theory, anti-monopoly theory, enhance market power theory, industrial organization, government regulation theory, they are the theories base for analyzing this paper.
Chapter 4, chapter 5, chapter 6, chapter 7 and chapters 8 are the third part of this paper.
Chapter 4:This chapter analyzed the history and of hostile takeover and anti-hostile takeover of Japan, and the main characteristics of various stages. In heyday of 80's bubble, Japanese companies can easily access the capital markets and banks to get a lot of money, and blindly used the money on the acquisition of overseas companies and assets impulse to form a wave of acquisitions in Japan. However, after the bubble burst, the companies have to draw off and sell these assets. In the 1990s, due to the bursting of the bubble economy, Japan's M&A stalled.
Chapter 5: This chapter analyzed the role of the government's administrative guidance in anti-hostile takeover, and studied the measures of anti- hostile takeover of the intermediary organizations, such as business associations, the Welfare Pension Fund Association and the Securities Exchange.
Chapter 6: This chapter analyzed the relationship between the enterprise value and anti-hostile takeover. It analyzed the relationship between enterprise and stakeholders, enterprise and banking, enterprise and managers who are have family relations, the relationship between enterprises and enterprise groups, enterprise and state relations.
Chapter 7: This chapter analyzed the relationship between new company law and anti-hostile takeover. It verified legitimacy and reasonableness of anti-hostile takeover by studying new company law.
Chapter 8: Case Study of Japan's anti-hostile takeover. This chapter studied on two typical cases of anti-hostile takeover happened recently in Japanese economic community and studied the behavior of government, intermediary organizations and the target enterprises.
Chapters 9: it is the fourth part of this paper.
Chapter 9: This chapter reviewed the history, current situation of China's anti-takeover and pointed out some problems; put forward the proposal to China for anti-hostile takeover.
Acquisition and anti-takeover must be happened and the inevitable outcome in a certain stage of economic development. Along with the economic development of nations in the world, especially, the rapid advance of economic globalization, acquisitions and anti-hostile takeover happened frequently. In order to prevent a hostile takeover in loss, the major developed countries, governments, intermediary organizations, and enterprise have taken a series of response measures, and got remarkable results.
In developed countries, Japan is one of the more successful countries for anti-hostile takeover. Until now, there were many incidents of hostile takeovers happened in Japan, but no success. The reasons due to about four points: First, the Government has formulated a series of relevant laws, regulations and policies, the Government do not oppose reasonable and lawful acquisition, but it certainly does not allow a hostile takeover to damage interests of enterprise and threaten the state's industrial security; Second, special ownership structure of Japanese companies, business philosophy and enterprise culture of“community of destiny”formed together by employers and employees; Third, the role of intermediary organizations; Fourth, Japanese public opinion and the role of cultural background.
M&A appear relatively late in China. However, as the Chinese economy's rapid integration with the world economy and integration, acquisition and anti-hostile takeover would be an unavoidable problem. Studying on the experience and lessons of Japan's anti-hostile takeover is useful for china to reference.
This paper is based on related theories, from an economic point of view, analyzed anti-hostile takeover laws, regulations, policies, principles and behavior of the Japanese government, intermediary organizations, businesses and stakeholders and put forward anti-hostile takeover measures and recommendations to China. Altogether, there are 9 chapters divided to four parts.
Chapter 1 is the first part of this paper.
Chapter 1: This chapter introduction part of this paper. It described the background and significance of this study, introduced the situation and method of domestic and foreign research. Finally, give the structure of this paper and the major innovation and inadequate.
Chapter 2 and chapter 3 are the second part of this paper.
Chapter 2: This chapter gave the concept of acquisition and anti-hostile takeovers, analyzed the characteristics of anti-hostile takeover of the regions. It described the happen period of anti-hostile takeover, measures of anti-hostile takeover, and steps of anti-hostile takeover, reviewed the 5 big waves of acquisitions.
Chapter 3: This chapter described the theory related with anti-hostile takeover, including: efficiency theory, anti-monopoly theory, enhance market power theory, industrial organization, government regulation theory, they are the theories base for analyzing this paper.
Chapter 4, chapter 5, chapter 6, chapter 7 and chapters 8 are the third part of this paper.
Chapter 4:This chapter analyzed the history and of hostile takeover and anti-hostile takeover of Japan, and the main characteristics of various stages. In heyday of 80's bubble, Japanese companies can easily access the capital markets and banks to get a lot of money, and blindly used the money on the acquisition of overseas companies and assets impulse to form a wave of acquisitions in Japan. However, after the bubble burst, the companies have to draw off and sell these assets. In the 1990s, due to the bursting of the bubble economy, Japan's M&A stalled.
Chapter 5: This chapter analyzed the role of the government's administrative guidance in anti-hostile takeover, and studied the measures of anti- hostile takeover of the intermediary organizations, such as business associations, the Welfare Pension Fund Association and the Securities Exchange.
Chapter 6: This chapter analyzed the relationship between the enterprise value and anti-hostile takeover. It analyzed the relationship between enterprise and stakeholders, enterprise and banking, enterprise and managers who are have family relations, the relationship between enterprises and enterprise groups, enterprise and state relations.
Chapter 7: This chapter analyzed the relationship between new company law and anti-hostile takeover. It verified legitimacy and reasonableness of anti-hostile takeover by studying new company law.
Chapter 8: Case Study of Japan's anti-hostile takeover. This chapter studied on two typical cases of anti-hostile takeover happened recently in Japanese economic community and studied the behavior of government, intermediary organizations and the target enterprises.
Chapters 9: it is the fourth part of this paper.
Chapter 9: This chapter reviewed the history, current situation of China's anti-takeover and pointed out some problems; put forward the proposal to China for anti-hostile takeover.
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