Study On Chinese And Foreign Legal System Of Acquisition Of Listed Company

Acquisition of listed company is an important part in international finance law. Developed countries have relatively perfect laws on it, and have formed a set of feasible rules. With the development of social economy, making effective use of resources has become the topic of development for all the countries. Effective use of resources is closely related to reasonable arrangement of them. Acquisition of listed company is just the process of re-use and reasonable arrangement of resources. In today's economic globalization and unification world, it is necessary to study relevant laws on acquisition of listed company. This article makes comparative study from such aspects as basic theories of listed company and law and regulation on acquisition & anti-takeover of listed company, and believes that acquisition of listed company is not the general action of security purchase, but the fight for the right to obtain the right of propriety. In order to carry out the principle of "fairness, openness, and publicity", of honesty and credit, and of protecting the benefit of investors, countries have carried out the principle of sufficient revelation of information and the principle of equal treatment of target companies in legislation. On anti-takeover of target company, countries have different values in legal specification. Analysis of it can not be simple, but shall base on concrete issues. The article considers the concrete situation of our country and makes suggestions on legal system and perfection of acquisition of listed company, and suggests that administration of state-owned stocks is the special problem on acquisition of listed company of our country, and the country shall make definite regulation on such issues as the principle of persons acting in concert, exemption of liability on mandatory takeover bid, withdrawal right in takeover bid, and perfection of legal regulations on anti-takeover.