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根据数据显示，虽然无实际控制人上市公司数量呈现逐年递减的趋势，但
未来很长一段时间内仍将保持不少的数量。且随着国家大力在推行“混合所有
制改革”形态，将进一步加大无实际控制人上市公司数量的变化。如去年完成
混合制改制的“云南白药”。随着经济的不断发展，市场的不断变化，很难预
测在不久的某个阶段无实际控制人上市公司数量变化是否出现大规模的增加
同时，现阶段我国处于经济发展的重要时期。因此，并购将会在很长一段时间
内依然是大部分企业实现自身外延式成长的重要途径
本文立足于无实际控制人的角度，重点从其作为并购方和被并购方时两种
情形进行分析。通过搜寻和筛选数据，采用 2016 年 A 股市场所发生的“万宝之
争”为案例进行分析，结果发现，A 股市场的无实际控制人上市公司，在作为并
购方的主体进行并购行为，并购活动过程中的各个阶段均面临着不同的并购风
险。每一个并购行为想要获得其动机、战略实现利益最大化与成功，均需要对
并购活动中各个环节的风险进行有效性的识别，并进行有效的执行预防与控制，
在并购过程中适时的调整相关策略，方可能实现并购行为的最佳能效。作为被
并购方的主体，由于其股权的高度分散，容易成为资本市场角逐对象，尤其容
易给敌意收购提供可乘之机。通过对我国现行的法律、监管办法等法规的研究，
上市公司在对敌意收购时的反收购策略措施的使用，因存在来源于监管机构的
所制定的相关规定以文件的法律效力争议，从而大大提高了无实际控制人的上
市公司被敌意收购的风险。通过以万科股权之争的案例分析显示，在我国目前中文摘要及关键词
II
现行的法律法规的允可范围内，无实际控制人的上市公司，想要从根本上防制
被资本敌意收购，则通过持股权至 51%的份额，改变其无实际控制人的状态，是
最为有效的方案
关键词；无实际控制人、并购风险、反收购、敌意收购英文摘要及关键词
III
Abstract
Since July 2016, the a-share market has been quietly causing A stir of capital
game, which is the annual drama of the capital market, the management team of
vanke and the equity of baoneng. The game is the 2016 capital market annual drama,
and as time goes by, its tortuous battle has ended with the end of the shareholders&39;
meeting in June. But vanke&39;s equity fight has had a profound impact on capital
markets. Vanke battle, has brought the capital market raises by writing this paper,
on the day of being A shares listed on the actual control of listed companies are often
encounter all kinds of capital raising the phenomenon of acquisition, it puts forward
new requirements for corporate governance and the height.
According to the data, although the number of listed companies without actual
control is decreasing year by year, there will be a large number of them for a long
time to come. And as the country pushes ahead with mixed ownership reform, it
will further increase the number of listed companies without actual control. The
yunnan baiyao was completed last year. With the continuous development of the
economy and the changing market, it is very difficult to predict whether there will be
a large-scale increase in the number of listed companies at a certain stage without
actual control. At the same time, China is at an important stage of economic
development. Therefore, mergers and acquisitions will remain an important way for
most enterprises to realize their extended growth for a long time.
Based on the perspective of the unreal control, this paper focuses on the analysis
of the two situations as the merger and the merger. Through the search and filter data,
adoptAmarket place in 2016 Wan Baozhi struggle for the case analysis, the results
found that the a-share market has no actual control of listed companies, in mergers
and acquisitions as the main body of mergers and acquisitions act, at various stages in
the process of mergers and acquisitions are faced with different risks of mergers and
acquisitions. Each want to obtain its m&a behavior motivation, strategy to achieve
maximum interest and success, both need to mergers and acquisitions activity in each英文摘要及关键词
IV
link is used to identify the effectiveness of risk, and effective prevention and control
of implementation, in the process of m&a timely adjust related policies, may realize
the best efficiency of the acquisition process.As the subject of the merger, it is easy to
be the target of the capital market due to the high dispersion of its equity. It is
particularly easy to provide the opportunity for hostile takeover. Through to our
country&39;s current laws, regulation and other regulations, the listed company in the use
of anti-takeover strategy measures when the hostile takeover, because there is derived
from the regulators of the relevant provisions to file legal disputes, so as to improve
the actual control of listed companies is the risk of a hostile takeover. By vanke equity
dispute case analysis shows that, at present in our country&39;s existing laws and
regulations allow range, no actual control of listed companies, to fundamentally
hostile takeover prevention by capital, by his stake to 51% share, to change its state
without actual controllers, are the most effective solution.
Keyword:No actual controllers,Acquisition andmergerrisk,Anti-takeover,Hostile
acquisition目录
V
目 录
第一章 绪 论.........1
第一节 选题背景... 1
第二节 研究的意义........... 2
第三节 国内外文献综述... 2
一、国外文献综述........2
二、国内文献综述........4
第二章 研究的理论基础...6
第一节 公司所有权与控制权的概念....... 6
第二节 实际控制人的认定........... 6
一、《公司法》对实际控制人的认定6
二、上市公司对实际控制人的认定....7
第三节 无实际控制人的认定....... 8
一、无实际控制人的认定标准则........8
二、并购重组中的“无实际控制人”认定....8
第四节 上市公司并购相关理论... 9
一、并购的概念及并购的形态9
二、并购风险的概念及类型..12
第三章 A 股市场无实际控制人上市公司现状...........20
第一节 无实际控制人上市公司数量逐年减少. 20
第二节 无实际控制人上市公司的行业分布..... 21
第三节 无实际控制人上市公司的股权比例分布......... 22
第四章 无实际控制人上市公司并购风险评析..........24
第一节 案例简介. 24
第二节 A 股市场上无实际控制人并购风险识别.......... 28
一、关于并购方宝能系的并购风险识别......28
二、关于被并购方万科的被并购风险识别..........
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