恶意收购、股权结构、公司治理之间的关系下公司治理的缺陷——以宝能收购万科为例
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摘要
2015年、2016年中国资本市场上接连发生收购事件,其中以"宝能收购万科"事件最为人津津乐道。万科的公司治理在过去一直被人认为十分优秀,但是在遇到宝能的收购时,却一度显得无能为力,这体现出我国企业公司治理中存在问题。本文以股权结构、恶意收购、公司治理为切入点,总结出股权结构、公司治理与恶意收购三者之间的关系,将三者之间理论关系在具体的恶意收购案例中加以运用,对我国公司治理、股权结构的完善提出建议。
In 2015 and 2016,corporate takeover took place in succession in China's capital market,among which"Baoneng taking over Vanke"caught great attention from the public.Vanke's corporate governance has always been considered excellent in the past,but when it came to the purchase by Baoneng,it once seemed powerless,which reflected the governance problems of Chinese enterprises.This paper,taking ownership structure,corporate governance and hostile takeover as a starting point,sums up the relationship of ownership structure,corporate governance and hostile takeover,and applies the theoretical relationship of the three into the specific case of a hostile takeover,puts forward some suggestions to improve the corporate governance and ownership structure in our country.
In 2015 and 2016,corporate takeover took place in succession in China's capital market,among which"Baoneng taking over Vanke"caught great attention from the public.Vanke's corporate governance has always been considered excellent in the past,but when it came to the purchase by Baoneng,it once seemed powerless,which reflected the governance problems of Chinese enterprises.This paper,taking ownership structure,corporate governance and hostile takeover as a starting point,sums up the relationship of ownership structure,corporate governance and hostile takeover,and applies the theoretical relationship of the three into the specific case of a hostile takeover,puts forward some suggestions to improve the corporate governance and ownership structure in our country.
引文
[1]周前明.敌意收购的理论基础及其价值分析[J].财务与金融,2008,(3):79-83.
[2]顾慧莹,王小妹,姚铮.管理者反收购策略研究评述和展望[J].外国经济与管理,2017,39(5):34-39.
[3]郑德理,沈华珊.股权结构与公司治理——对我国上市公司的实证分析[J].中山大学学报:社会科学版,2002,42(1):76-80.
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[5]常健.论公司章程的功能及其发展趋势[J].法学家,2011,(2):62-66.
[6]符亚男,徐广林,林贡钦.企业的敌意并购与反并购策略分析——以“宝万之争”事件为例[J].财会通讯,2017,(16):54-59.
[7]张继德,陈昌彧.从万科控制权危机看反收购策略优化与健全[J].会计之友,2016,(16):46-51.
[8]杨继伟,张奕敏.中国混合所有制公司股权治理及控制权——基于万科的案例[J].财会通讯,2017,(5):17-20.
[9]张娟,刘纪鹏.比较法视角下恶意收购的内涵、兴起原因与正向功能分析[J].现代经济探讨,2017,(7):12-18.
[10]傅穹.敌意收购的法律立场[J].中国法学,2017,(3):43-46.
[11]林冬元,时秀梅.法人治理结构的缺陷与我国《公司法》关于恶意收购的规定[J].税务与经济,2010,(1):36-40.
[12]何建国,刘超.万科控制权之争引发的思考[J].财会通讯,2016,(19):27-30.
[13]刘静,张海凡.万科与宝能系控制权之争的反思[J].税务与经济,2017,(3):71-74.
[14]张娟,刘纪鹏.比较法视角下恶意收购的内涵、兴起原因与正向功能分析[J].现代经济探讨,2017,(7):82-86.
[2]顾慧莹,王小妹,姚铮.管理者反收购策略研究评述和展望[J].外国经济与管理,2017,39(5):34-39.
[3]郑德理,沈华珊.股权结构与公司治理——对我国上市公司的实证分析[J].中山大学学报:社会科学版,2002,42(1):76-80.
[4]许小年,王燕.中国上市公司的所有制结构与公司治理[M].北京:中国人民大学出版社,2000.
[5]常健.论公司章程的功能及其发展趋势[J].法学家,2011,(2):62-66.
[6]符亚男,徐广林,林贡钦.企业的敌意并购与反并购策略分析——以“宝万之争”事件为例[J].财会通讯,2017,(16):54-59.
[7]张继德,陈昌彧.从万科控制权危机看反收购策略优化与健全[J].会计之友,2016,(16):46-51.
[8]杨继伟,张奕敏.中国混合所有制公司股权治理及控制权——基于万科的案例[J].财会通讯,2017,(5):17-20.
[9]张娟,刘纪鹏.比较法视角下恶意收购的内涵、兴起原因与正向功能分析[J].现代经济探讨,2017,(7):12-18.
[10]傅穹.敌意收购的法律立场[J].中国法学,2017,(3):43-46.
[11]林冬元,时秀梅.法人治理结构的缺陷与我国《公司法》关于恶意收购的规定[J].税务与经济,2010,(1):36-40.
[12]何建国,刘超.万科控制权之争引发的思考[J].财会通讯,2016,(19):27-30.
[13]刘静,张海凡.万科与宝能系控制权之争的反思[J].税务与经济,2017,(3):71-74.
[14]张娟,刘纪鹏.比较法视角下恶意收购的内涵、兴起原因与正向功能分析[J].现代经济探讨,2017,(7):82-86.