基于反并购策略视角的“宝万之争”案例分析AnAnalysisoftheCaseof“TheDisputebetweenBaonengandVanke”basedonthePerspectiveofAnti-M&A摘要“宝万之争”是中国A股市场历史上规模最大的一场公司并购与反并购攻防战，牵动着整个中国资本市场的神经，获得社会各界的高度关注，是我国资本市场的一个标志性事件。它的发生折射出随着中国资本市场趋向成熟与复杂，并购与反并购逐渐成为市场主旋律。同时社会经济制度下民资崛起与险资强势入市也加剧了恶意并购与反并购的拉锯。而我国从股权分置改革以来，逐步开始加强对反并购的研究，与国外已经形成了成熟完整的一套理论体系不同，国内对于反并购的研究还处于初始阶段，主要学习国外已有的理论，且研究主要停留在反并购原理、策略的阐述层面，没有结合中国特色社会主义经济制度以及国内的经济形势进行深入的探讨和研究，尚未形成一套适用于中国的成熟、完善的理论体系。此外新经济常态下还对我国政府提出了新的要求，进一步完善《公司法》、《证券法》等相关法律法规，建立反并购机制以及加强险资监管。而万科作为事件的主角，对我国上市公司起到警醒作用，上市公司在并购过程中要进一步提高反并购意识，并且要强化学习反并购的相关理论及策略，进一步完善上市公司章程，以至于当遭遇恶意并购时可以迅速、有效的进行反并购。本文选取“宝万之争”这一经典案例进行梳理与探讨，首先进行案件的整理与回顾，然后对并购方与反并购方进行介绍，最后重点分析万科在这场股权之争中使用的反并购策略与手段，最后以此为依据得出相关建议与启示。关键词：宝万之争；敌意并购；反并购；反并购策略-1-AbstractThedisputebetweenBaonengandVankeisthelargestwarofcorporationM&Aandanti-M&AinthehistoryofChina'sA-sharemarket,affectingthenervesoftheentireChinesecapitalmarketandgainingfocusedattentionfromallwalksoflifeinthesociety.ItisaniconiceventinChina'scapitalmarket.ItsoccurrencereflectsthatM&Aandanti-M&Agraduallybecomethemainthemeofthemarket,asChina'scapitalmarkettendstobematureandcomplex.Atthesametime,theriseofcivilcapitalandthestrongentryofriskcapitalintothemarketunderthesocialandeconomicsystemhavealsointensifiedtheviciousdragofM&Aandanti-M&A.Sincethereformofnon-tradableshares,Chinahasgraduallystartedtostrengthentheresearchonanti-merger,whichisdifferentfromthematureandcompletesetoftheoreticalsystemsthathavebeenformedinforeigncountries.Thedomesticresearchonanti-M&Aisstillintheinitialstage,mainlystudyingtheexistingtheoriesabroad,andtheresearchmainlystaysatthelevelofexpoundingtheprincipleandstrategyofanti-M&A.WithoutthecombinationofthesocialisteconomicsystemwithChinesecharacteristicsandin-depthdiscussionandresearchofthedomesticeconomicsituation,asetofmatureandperfecttheoreticalsystemapplicabletoChinahasnotformedyet.Inaddition,italsoputsforwardnewrequirementstoourgovernmentundertheneweconomicnormality:perfectingthe"Thecompanylaw","SecuritiesLaw"andotherrelevantlawsandregulations,establishinganti-M&Amechanismandstrengtheningthesupervisionofriskcapital.Moreover,Vanke,astheprotagonistoftheevent,playsanimportantroleinalertingthelistedcompaniesinourcountry.IntheprocessofM&A,thelistedcompaniesshouldfurtherenhancetheirawarenessofanti-M&A,andstrengthenthestudyoftherelevanttheoriesandstrategiesofanti-M&A.Furtherimprovethearticlesofassociationoflistedcompanies,sothatwhenfacedwithmaliciousmergersandacquisitionscanberapid,effectiveanti-M&A.Throughsortingoutanddiscussingtheclassiccase,thedisputebetweenBaonengandVanke,thispaperprimarilysortsoutandreviewsthiscase,thentointroducetheM&Apartyandtheanti-M&Aparty.Intheend,itfocusesontheanalysisoftheanti-M&AstrategiesandmeansusedbyVankeint...
