The Research On Anti-merger And Acquisition Of Listed Companies In China

Nontradable shares reform brought the full circulation of the stock,together with the opening of the acquisition policy,all kinds of capital forces have poured into the securities market,which breaking the original competitive landscape,meanwhile,merger and acquisition activity also becomes frequent and active.Since 2014,fierce fight over control was broke out continuously in stock market,attracting lots of attention and discussion.Facing the strong offensive from the hostile acquirer,target company take anti-M&A actions to against opponents,the war over control has become increasingly white-hot.Under such background,this paper choose the control fight between Vanke and Baoneng Group that happened in China's capital market in 2015 as typical anti-M&A case to study.Vanke is an ace enterprise in A-share market and a leader in the real estate industry and also has a good reputation all the time.It makes people wonder why such a good business would involved in the fierce equity struggle.From the Vanke's operating performance,ownership structure,stock market price and strategic layout,this paper attempts to analyze the reasons why Vanke has become the acquired company,and provide a warning to enterprises that may face the risk of hostile takeover.At the same time,based on the relevant theory,combined the analysis of the stability of corporate governance,strategic planning,corporate social responsibility,and feelings of founder,this paper affirmed that Vanke,s anti-M&A action is reasonable and legitimate.In addition,combined with the theory of anti-M&A strategy,This paper sort out Vanke's relevant strategies in anti-M&A process,meanwhile analyze and evaluate each measure,concluded that Vanke's flexibility to use these measures leads to the successful anti-M&A action.Through thinking about the advantages and disadvantages of Vanke's anti-M&A action,this paper puts forward some suggestions on how to set up a comprehensive anti-M&A management system,which maybe can provide a new method to management for listed companies.