全流通进程对恶意并购的影响

全流通进程对恶意并购的影响

^论文编号:GM761 ^论文字数:15190.页数:25

摘要

伴随着股权分置问题的存在，我国政府和各级主管部门致力于解决这一问题的努力就一直没有停止过。从1992年股市成立不久的对国有股流通的初步探索，到1999年、2001年前后两次对国有股减持进行试点，最后到2005年4月底股权分置改革试点的通知出台以至于全面铺开。随着股权分置改革的结束，我国资本市场进入了全流通时代。资本市场的改革将会引起一系列的连锁反应。本文就以全流通进程对恶意并购产生的影响为题展开讨论。
本文先对恶意并购的概念、动因和条件进行了简单的介绍，然后就股权分置改革和全流通进程做了简明的阐述，之后通过对比的研究方法比较了股改前后市场具体产生的变化，在明确变化的基础之上分析其对恶意并购产生的影响，接着以银泰系突袭鄂武商的案例进行分析，对上文中的“变化基础上产生影响”具体直观化。通过研究发现全流通进程对恶意并购的影响是正面的，全流通会促使恶意并购行为的发生。最后对在全流通进程中如何应对恶意并购提出相关的对策和建议。

关键词：股权分置改革、全流通、恶意并购

ABSTRACT
With the split share structure problem, the Chinese Government and competent authorities at all levels is committed to efforts to solve this problem has never stopped. From the stock market in 1992 ,soon after the establishment of state-owned shares in circulation on the initial exploration, in 1999 and 2001 twice to solve the pilot state-owned shares, and finally by the end of April 2005 to the split share structure reform pilot that the notice issued in full swing. With the split share structure reform of the end, China's capital market into the era of full circulation. Capital market reform would give rise to a series of knock-on effect. This article on the impact of hostile takeover under entire circulation process
for discussion.
This article first has carried on the simple introduction to the malicious merger and acquisition's concept and the agent, then has made the concise elaboration on the stockholder's rights mounted cylinder reform and the entire circulation, the change which after the contrast research technique afterward has compared entire circulation the market produces specifically, in is clear about the change above the foundation to analyze it the influence which produces to the malicious merger and acquisition, then the Silvertie Holding attacks the E Wu Shang case to carry on the analysis, “in the change foundation has the influence” intuitively to the preceding text in specifically. We find that it is positive for the impact of hostile takeover under entire circulation process through the study, entire circulation will lead to the occurrence of acts of hostile takeover. Finally, how to deal with the entire hostile takeover under the entire circulation process related to countermeasures and suggestions.

KEYWORDS：Split share structure reform, Entire circulation, Hostile takeover

第一章引言 1
第一节选题背景、意义 1
第二章恶意并购简介 2
第一节恶意并购的概念 2
第二节恶意并购的动因 2
第三节恶意并购的产生条件 3
第三章股权分置改革及全流通 5
第一节股权分置改革 5
第二节全流通进程 6
第四章全流通进程中的变化对恶意并购带来的影响 9
第一节全流通带来的根本性变化对恶意并购的影响 9
第二节股改过程中的市场变化对恶意并购的影响 11
第三节大小非解禁的冲击对恶意并购的影响 12
第四节政策法规的变化对恶意并购的影响 13
第五节案例分析：银泰突袭鄂武商 13
第五章全流通进程下如何应对恶意并购的相关对策建议 16
第一节企业行为的的相关对策建议 16
第二节市场管理者行为的相关对策建议 18
第六章总结 19
参考文献 21
致　谢 22

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