Study On Anti-takeover Strategy Of Listed Companies On The Future Capital Market In China

Mergers and acquisitions (M&A) and anti-takeover are not only against but also promote for each other. It is true that an effective M&A activity is an important way for rapid expansion of enterprises. Meanwhile, it also plays a key role in the rational allocation of economic resources, the effective integration of industry and the smooth realization of economies of scale. However, not all mergers are effective. Hostile M&A will be difficult to optimize social resources, and seriously damage the interests of shareholders, even affect the company's independence, and hinder the development of the company as well. The start-up of anti-takeover strategy or mechanism to a large extent will be able to effectively inhibit the smooth progress of hostile M&A, and has a significant meaning for the protection of companies and shareholders.With China's capital market increasingly improved, especially after the reform of stocks in complete circulation, the situation of M&A and anti-takeover will be intensified. In this environment which the taken-over risks of listed companies are increasingly evident, the study and exploration on the anti-takeover strategy of listed companies are particularly significant. Although the anti-takeover strategies in mature markets abroad have been widely applied, but to our specific existing conditions, its applicability and effectiveness remains to be studied in deep research and practice. Anti-takeover strategy for the exploration and implementation of China's listed companies will become the long-term challenge and difficult task.This paper based on the background above, learned from American experience, based on the domestic market. Firstly revealed the theory and interaction of M&A and anti-takeover; Secondly, on the basis of U.S. M&A market and anti-takeover strategy, summed up the development of China's M&A market characteristics and problems, and the status quo of anti-takeover strategy; Finally, took a typical case for example, designed China's anti-takeover strategy of listed companies, tried to build anti-takeover strategy system, in order to propose ideas systematically for the design and implementation of anti-takeover of listed companies, with a view to provide useful support.