摘 要：随着中国资本市场的不断发展，企业收购与被收购可以使企业的资产得到重新整合。但是，国内外存在许多企业被恶意收购的风险，所以公司管理层应采取一定措施防止敌意并购的发生。文章从宝能系与万科管理层之间的股权之争进行了研究，选取万科股票在2015年7月10日并购宣告日前后20个交易日的收盘价和市场指数，计算出超额收益率和累计超额收益率，运用事件研究法实证分析了万宝之争对万科股价造成的影响。研究结果发现，万科股价受此次并购事件的影响程度较大，并因此产生了积极效应。所以，此次事件的背后折射出的是我国市场规则的不完善和万科内部治理结构的缺陷，从而为我国资本市场，尤其是并购市场的有利发展提出一些有益借鉴。92824

毕业论文关键词：并购，股价，万宝之争，事件研究法

Abstract：With the continuous development of China's capital market, the acquisition and acquisition of enterprises can make the assets of the enterprise to be re integrated。 However, there are many enterprises at home and abroad are hostile to the risk of acquisition, so the company's management should take some measures to prevent the occurrence of hostile mergers and acquisitions。 This article from the treasure between system and the management of Vanke equity dispute of selected Vanke shares in the July 10, 2015 merger announcement closing price and the market index 20 days before the date, calculate the abnormal return and cumulative abnormal return, using event study method and empirical analysis of the impact of Wanbao dispute caused by Vanke shares。 The results show that the impact of the M & a event is greater, and therefore has a positive effect。 So, this event is reflected behind China's market economic rules and internal governance structure defects of Vanke, from China's capital market, especially put forward some beneficial and conducive to the development of merger market。

Keywords: Merger ,Share price, The equity struggle between Vanke and Baoneng,Event study method 

目录

1引言 3

2背景介绍 3

2。1万科的基本情况介绍 3

2。2宝能系的基本情况介绍 3

3“万宝”股权大战始末 4

3。1宝能收购万科的目的分析 4

3。2“万宝”之争第一阶段 4

3。3“万宝”之争第二阶段 5

3。4“万宝”之争第三阶段 5

4并购对万科股价造成的波动影响 6

4。1收购前后万科股价趋势图分析 6

4。2事件研究法的实证分析 6

4。3股票波动对公司的绩效影响 10

5启示与思考 12

5。1并购中股价走势的现实意义 12

5。2对上市公司的控制权需要重点维护 12

5。3提升公司治理能力 13

5。4尊重市场在资源配置中的决定性作用 13

结论 14

参考文献 15

致谢 16

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