Explore The Regulation Of Listed Companies'leveraged Buyouts From The Disputation Of Vanke Stock

After many years development,Chinese capital market has gradually matured.Market pricing and liquidity have become more efficient.In contrast,Chinese economy has entered a "new normal".Commercial Banks are eager to find new profit growth areas.Insurance companies are facing a "asset shortage" because of rapid growth of insurance premiums.Securities firms' brokerage business is already in the "inflection point" position.In this environment,the mature capital market becomes the main investment direction of all kinds of funds.Since 2015,the various leverage funds especially insurance funds have become an important force in capital market.The acquisition of public companies has become the main investment direction of leveraged funds.For example,Anbang insurance company bought China Building company's(601688.SH)10% stock in one week.Sunshine insurance company bought 5% Yili company's shares(600887.SH)and invested Jilin Aodong company(000623 SZ).Qianhai insurance company reshuffled the board of Nanbo A's(000012 SZ)directors.Finally,Qianhai insurance company proverbially bought Vanke's share,which caused Vanke's strong anti-takeover method,the leveraged buyouts of listed companies entered into a new era.The competition of Vanke's control is generated in this environment.It is not only a typical case of leveraged buyouts in capital market,but also a symbol of capital market's maturity.The author analyzes the events from the perspective of market participants and regulators.The author concludes that,China's legal supervision system for the company's leveraged buyouts is not perfect and the legislation is relatively fall behind in the present market environment.The risks in financial market cannot be effectively controlled.At the same time,the public companies' managerial problem start to expose.Almost all the public companies lack anti-takeover methods.This thesis presents some suggestions for optimizing China's legal supervision system in the process of listed companies' leveraged buyouts,especially the way of financing and the risk factor during the process of financing.The author also bring some important points for the public companies in their anti-takeover methods.The author believes that the leveraged buyouts of listed companies are not "malicious" or "benign".It is a normal behaviors of capital markets.However,due to the risk characteristics of the leveraged buyout,the takeover behavior and the anti-takeover behavior have to undertake a relatively strict supervision.The construction of regulatory system should adapt the market behavior and standardize the information disclosure,the source of capital and other such matters The construction of regulatory system also should treat the acquirer and the acquired equally,in order to promote the legalization and standardization of Chinese capital market.