A Study On The Practice Of Current Anti-takeover Of Listed Corporations

There are various conflicts of interest in the acquisition and anti-takeover, and the transfer of control of the company along with the entire process. The legal regulation of anti-takeover of listed corporations is an important issue. It is understood that the acquisition market is often associated with anti-takeover, the important legal act. It often contains a variety of deep-seated conflicts of interest in the anti-takeover, and requires harmonization of legislation. Moreover, countries will also from a whole height from the anti-monopoly or the entire state and social and public interest point of view of judicial intervention to use the law to regulate the target company’s anti-takeover behavior, thus reducing some of the ills of the anti-takeover. During the throughout anti-takeover, the different interests of the main demands of the existence of different interests, thus, determine the various interest groups have advocated a variety of interests, surrounded by the same piece of cake and the fierce competition and the game can not be avoided interests to be coordinated, this has created the legal system has left a problem. This is ultimately a question of anti-takeover value of trade-offs, deep-seated reason for this is the starting point of different interests, which requires the interests of a coordination mechanism.In this context, to a target company, how to design their own anti-takeover strategies and measures in order to both comply with legal requirements, while maintaining the practical effect of anti-takeover; national legislation and stand up the angle from which to consider hostile takeovers and anti-takeover act, the law in the end on how to regulate corporate anti-takeover behavior, how to design a reasonable anti-takeover legal system; administrative supervision departments to regulate specific aspects in the company’s acquisition and anti-takeover on how to take a reasonable size; judiciary, the legal how to grasp the one involved in the right time, how to protect the legitimacy of judicial power driving; in the whole legal regulation in the process of how the interests of various interest bodies, are fully protected, the inevitable conflicts of interest between them how to coordinate and so on, are is to study the listed company’s anti-takeover system must be answered and resolved, which is the selection basis and the starting point of this paper. So, whether it is from our point of anti-takeover legislation in the blank, or lack of analysis of theoretical research, as well as in reality there is a large number of acquisitions and anti-takeover instance, the research interests of listed companies, the coordination of anti-takeover regulation and legal issues, both theoretical meaning not only of profound practical significance.On the framework of the structure and content of the paper, it was divided intofour chapters.This first chapter on the structure and logic of clues, its first acquisition of a brief analysis of listed companies and anti-acquired understanding of the meaning and logic, followed by anti-takeover of listed companies to demonstrate the reasonableness of the value analysis.Chapter Ⅱ of the paper, in-depth analysis of the types of anti-takeover measures and the specific form of expression, followed by pairs of anti-takeover measures demonstrate the legitimacy of legitimacy as well as in China and the specific systems integration and application of assessment.Chapter Ⅳ of the paper, through the anti-takeover measures standards of judicial review, inspection, discusses the anti-takeover rules of judicial review of specific options, explored the standard of review China’s anti-takeover laws and judicial intervention integration.