On China Anti-takeover Law System's Shortage And Perfection From The Practice Of Company Anti-takeover Deed

In September of 1993, the takeover of shanghai yanzhong Enterprise by Shenzhen Baoan Group co. LTD opened the Prologue of the acquisitions of China' s listed companies. With Chinese reform and opening up deeply, with the development of our market economy, the stock market will face a wholly new environment, hostile takeovers and anti-takeovers will become increasingly common. To deal with hostile takeover, some listed companies have passed some amendments to the consititution adopting anti-takeover measures.As the equity of most firms is concentrated, hostile takeover happens not frequently, and so does anti-takeover. There is not much study for anti—takeover, so once a firm encounters hostile takeover, it will normally be eaten because the form lacks of prevent before takeover and is unable to resistance after it. From the anti-takeover cases of China, we' ve noticed both the strong resistance to hostile takeover and the weak ability to anti-takeover because of the lack of legal protect. With the equity reformation, hostile takeover will become more active. So it becomes the actual issues that how to improve the firm' s anti-takeover ability, how to complete and standardize the performance of anti-takeover in China' s capital market, and how to Protect shareholder' s interests.This dissertation will begin with the theory study, and prove the necessity of anti—takeover. By learning the system and experience Of foreign countries and collecting large volume of cases, this dissertation will still analyze the current situation of China and try to find existing problems and the resolutions.The structure of this dissertation is as following:Chaper One will explain relevant concepts to anti-takeover and put forward the theoretical support to it. Then it proves to give anti-takeover suitable space to survive. The last introduces mature anti-takeover strategy of eastern countries.Chapter Two analyses the current situation of anti-takeover in China. By collecting the cases of hostile takeover and anti-takeover happened in China' s capital market in recent years, this part analyses the way and motivation of hostile takeover, the body, strategy and outcome of anti-takeover.Chapter Three analyses the typical cases of anti-takeover in China, summarizes the reason of success or failure in anti—takeover. Chapter Four explores the way to complete the Chinese firm' s anti-takeover. Firstly, from the analysis, we can find many problems of anti-takeover with its development. Secondly, from the point of view the feasibility of the implementation of foreign strategy in China. Moreover, according to China' s legal system and national conditions, it puts forward some suggestions for the strategy applicable to Chinese firms. From the viewpoint of nation, it points out that we should strengthen the legal construction of anti-takeover to protect the healthy development of anti-takeover in China.The major contribution of this thesis lies in that by collecting large volume of cases of anti-takeover in China, this dissertation will still analyze the current situation of China and find existing problems and according to China' s legal system and national conditions, it puts forward some suggestions for the strategy applicable to Chinese firms.