上市公司反收购策略研究 毕业设计(论文).doc

目录 摘要 I Abstract II 1 引言 1 1.1 研究背景 1 1.2 研究目的和意义 1 2 国内外研究现状 2 2.1 国外研究现状 2 2.2 国内研究现状 2 3 并购的概念、动因和类型 3 3.1 并购的概念 3 3.2 并购的动因 3 3.2.1 获得经营协同效应 4 3.2.2 获得财务协同效应 4 3.2.3 提高市场占有率 4 3.3 并购的类型 5 3.3.1 横向并购、纵向并购和混合并购 5 3.3.2 善意收购和恶意收购 5 3.3.3 协议收购和要约收购 6 4 企业反收购的概念和动因 6 4.1 企业反收购的概念 6 4.2 企业反收购的动因 6 4.2.1 双方战略不符 6 4.2.2 公司市场价值被低估 7 4.2.3 提高收购价格 7 4.2.4 避免投机行为 7 4.2.5 维护公司相关利益关系体权益 8 5 企业反收购的策略 8 5.1 收购要约前的反收购策略 8 5.1.1 董事轮换制 8 5.1.2 绝对多数条款 9 5.1.3 双重资本重组 9 5.1.4 “毒丸”计划 9 5.2 收购要约后的反收购策略 10 5.2.1 特定目标的股票回购 10 5.2.2 资产收购和资产剥离 10 5.2.3 邀请“白衣骑士” 11 5.2.4 帕克曼防御 11 6 国内反收购案例及分析 12 6.1 收购与反收购过程 12 6.2 邯钢反收购的原因 13 6.3 邯钢反收购的策略 13 6.4 邯钢反收购案例反思 13 7 结论与展望 14 参考文献 15 致谢 16 摘要 随着市场经济的发展，许多上市公司为了优化资源配置、占有市场份额，采取了一系列方法和手段。收购作为企业发展、扩张、调整的一种快速、高效的方法，越来越获得人们的青睐。但从国内外收购案例来看，企业在收购的过程中往往存在着许多的弊端，善意收购非常少见，即便是出于好意，也往往因为收购条件的分歧而一拍两散，甚至可能转化为敌意收购。目标公司一旦遭受到收购公司的敌意袭击，通常会进行防御，采取各种反收购策略和手段进行反抗。收购的成功与否，与所选择的策略有着密切的关系，本文通过对成熟市场上的几种常见反收购策略进行分析，作为我国企业实施反收购策略的参考和启示。 关键字：收购，敌意收购，反收购，策略，启示  Abstract With the development of market economy, many listed companies in order to optimize the allocation of resources, or increase market share to take a series of methods and means. Acquisition as an effective method of business development, expansion, and adjustment, become the best way of people. But from the acquisition case at home and abroad, there are many disadvantages in the process of acquisition of companies. Bona fide acquisition is very rare. Even the acquisition is for the best, it also be a beat two scattered because of the difference of the bid. And friendly acquisition will become a hostile takeover. When the target company suffered the attack from the acquirer, the company will defend. And they will take various anti-takeover strategy and means. The success of acquisition depends on the strategy. In this paper, we research some acquisition strategy of mature markets, as the reference and revelation of anti-takeover strategy of the enterprises in our country. Key words: Acquisition, Hostile ta