敌意收购与反收购法律问题之研究

A Study on the Legal Issues of Hostile Takeover and Anti Takeover

敌意收购与反收购作为争夺上市公司控制权的主要争论焦点,对相关法律规制提出了新的完善要求。本文以宝万之争为视角,深入剖析我国公司收购市场的现状和挑战,宝能系对万科的敌意收购事件,不仅凸显了我国上市公司股权结构分散的问题,也暴露了我国在应对敌意收购时的法律规制不足。本文分析宝万之争中涉及的敌意收购与反收购措施,联系国外案例与有关规定,讨论我国敌意收购与反收购应采取的法律立场。

Hostile takeover and anti takeover,as the main focus of contention for control of listed companies,have put forward new requirements for improving relevant legal regulations.This article takes the Baowan dispute as the perspective to deeply analyze the current situation and challenges of China’s corporate acquisition market.Baoneng’s hostile acquisition of Vanke not only highlights the problem of dispersed equity structure of listed companies in China,but also exposes the insufficient legal regulations in China’s response to hostile acquisitions.This article analyzes the hostile takeover and anti takeover measures involved in the Baowan dispute,linking foreign cases and relevant regulations,and discussing the legal stance that China should adopt for hostile takeover and anti takeover.