The Status Quo Of China's Anti-takeover Regulation, And Improve

In China, takeover activities is mainly governed in Company Law of the Peoples Republic of China, the Securities Law of the Peoples Republic of China, and Administration of the Takeover of Listed Companies Procedures which is revised in 2006. Although in the most detailed law, Administration of the Takeover of Listed Companies Procedures (revised in 2006), there is no complete and systemic regulations. With the further reform in economic structure and of the shareholder structure of listed companies, there will be more hostile takeovers in China. The using of ant-takeover measures are sure to be the issue faced by listed companies' management which is inevitable. The rules and regulations governing anti-takeover measures and activities should be promoted as soon as possible.Throughout the analysis of legitimacy and feasibility of existed anti-takeover measures, I try to disclose the risk of using such measures. I also has done a careful research of the history and existing conditions in America, and tried to offer proposals on the perfection of anti-takeover rules and regulations with learning experiences from other country whose system is developed. The text is divided into the following four chapters:Chapterl:The introduction of the basic conception and value theory of takeover and anti-takeover. With differentiating and analyzing the concepts between takeover and anti-takeover, and arranging the rules and regulations governing takeover procedures, the picturesque knowledge of the relationship between takeover and anti-takeover and the influence of them will be gained. And so will be the unique economic value of anti-takeover on the basis of the different kinds of theories comes from well-known scholars worldwide.Chapter2:The careful analysis of the history and existing conditions of takeovers abroad. This Chapter includes the anti-takeovers rules and regulations of America, the United Kingdom and European Union. All of them are the developed countries and regions in anti-takeovers practices and legislation. Moreover each of them has its own distinguishing features whose experiences is worthy of learning from.Chapter3:The analysis of legitimacy of anti-takeover in China. I analyzed the legitimacy of existing anti-takeover measures one by one in China, and then disclosed the risk, especially the legal risk, and the advantages of anti-takeovers measures. I try to display a operational legal system governing anti-takeover.Chapter4:the suggestion on perfection of anti-takeover legal system. Based on above analysis, I first stated the deficiencies of anti-takeover system, and then offered the proposals which I hope may have meaning to its perfection.