我国资本市场时代已经来临,万科特殊的股权结构和治理模式使其很容易受到资本的狙击。从宝能系的恶意收购到华润的发难,万科争夺战剧情扑朔迷离。本文回顾了万科争夺战进程的四个阶段,简要分析了万科近期的经营状况,基于中国资本市场,分析了万科的特殊性,并对保险资金与传统地产资本的碰撞进行思考,最后指出股权争夺战的实质是公司的控制权之争。 The era of capital markets in our country has come. Vanke’s special ownership structure and governance model make it vulnerable to capital attacks. From the vicious acquisition of Bao Department Department to China Resources attack, Vanke battle plot complicated and confusing. This article reviews the four phases of Vanke’s war process, briefly analyzes Vanke’s recent operating conditions, analyzes Vanke’s particularities based on China’s capital market, and ponders over the collision between insurance funds and traditional real estate capital. Finally, The essence of the war is the battle for control of the company.