敌意收购操作模式的国际经验与中国实践——从“宝万之争”说起

The International Experience Of The Operation Mode Of Hostile Takeover And The Practice In China——From The “Bao And Wan Of The Dispute”

在20世纪80年代国际资本热潮中的公司组合兼并具有其正面意义,但同时也带来了因为过度的敌意收购而导致公司的倒闭、分裂,或者因为收购者在完成收购后出售公司资产或者大规模裁员导致目标公司甚至全社会利益受损的现象。如今,中国市场经济也发展到了资本运作阶段,也频频出现敌意收购的案例。借鉴美国的经验来看中国的实践,从"宝万之争"纵观整个中国经济市场资本运作的利弊得失,深化人们对敌意收购的认识并使市场环境向好的方向发展。

in the 80s of the last century, international capital boom company combination of mergers has its positive significance, but at the same time, it also brings because of excessive of hostile takeover and cause the company＇s collapse, division, or because of acquired after the completion of the acquisition of sale of the assets of the company or massive layoffs lead to target company and even the whole society damage to the interests of the phenomenon. Today, China＇s market economy has also developed into the capital operation stage, but also fre- quently appeared in the case of hostile takeover. Learn from the experience of the United States view the practice in China, from the pros and cons of ＂Bao and Wan of the dispute＂ throughout the whole of China＇s economic operation of the capital market, deepen people＇s understanding of hostile takeover and make the market environment to the good direction of development.