A Research On Anti-takeover Of Listed Companies

As far as anti-takeover of companies are concerned, there is an important view in China that hostile takeover is benefit to the governance of companies and anti-takeover should be confined strictly. This article traces the histories and theories of takeover and anti-takeover overseas. Then, combined with the actuality of China, it draws a conclusion that hostile takeover has great limitations and it is necessary to strengthen the anti-takeover abilities of listed companies in China and improve the anti-takeover system.There are five chapters in this paper:Chapter 1 defines the concerned conceptions, explains why the article is oriented on listed companies, then summarizes recent researches on anti-takeover and puts forward the first step of the study.The second chapter compares histories of takeover and anti-takeover in different countries, and reviews an predominant theory and the challenge to it.The third chapter analyzes the actualities of anti-takeover in China's listed companies.The forth chapter draws the conclusions and makes suggestions. It points out that there are many limitations to hostile takeovers in China. It is necessary to strengthen the anti-takeover abilities of listed companies and improve the anti-takeover system.Chapter five is about the limitations of this paper and the possible further research on anti-takeover.