Enterprise Anti-takeover Study

Competition is the inevitable result of market economy, as the subject of market economy—the enterprise, is always in the fierce competition. The competition makes enterprises split up violently, the stronger will be stronger and the weaker will be weaker, that offers enterprises' capital flowing from the weaker to the stronger, and the merger and acquisition (M&A) of enterprises can fit the transformation of the capital. M&A is a growth way of a kind of enterprise that is quicker than depending on accumulating the enlarged reproduction by oneself. But enterprises develop to a level, and become the overlord of the whole trade or the whole industry, that will be another extreme—monopoly.M&A rises from capitalist country in the West, from primitive accumulation stage of capitalism to free competition stage and then the monopoly stage, the M&A among enterprises is following the evolution of the capitalism to advance constantly. From the end of the 19th century to the present, the western countries have already gone through the five times extensive enterprise's merged tides.The economic practice is a foundation of the economic theoretical research, the west has more than 100_year merge history that makes some western scholars further investigate the theory, reason, function and drawback of M&A and have formed the perfect theoretical system. But to the opposite of enterprises M&A—anti-M&A, the most research is here to still stay tactics aspect, and classify tactics from different angles. In addition, M&A is regarded as improving enterprise's administration structure and a kind of method to improve the business performance by some scholars of the market for corporate control theory and governments of some countries. This limits enterprises to implement anti-M&A tactics. But about 40% of M&A cases are failure, and this has stated the limitation of this theory exactly. Therefore, I think anti-M&A is a research theme which has rich theory meaning and real value. Question that it brings is mainly: Should strictly restraint in anti-M&A or offer more anti-M&A right to enterprises instead...