Strategy Of Anti-takeover Based On The Hostile Takeover Listing Corporation

In recent years, the pace of reform of the split share continues to accelerate the reform of China’ssecurities market has entered a new circulation times and securities market reform should focus on majorregulatory mechanisms involved in its running time, the structure of the securities market andcorresponding legal framework, and reform of the changes brought about significantly. This shows that theacquisition of listed companies in China as well as the anti-takeover will also produce some change, thischange will be more pronounced market performance in those with flexible features small plates worthresearchers concern. If the acquisition of the company does not have contact with the management of thecompany in a timely manner, or malicious Takeovers, will lead to the dissatisfaction of the company’smanagement. The company’s management will often use anti-takeover approach to solve this problem，which has worth to study.Listed companies, also known as anti-takeover defense of the acquisition of listed companies,usually occurs in a hostile takeover, the Offeror acts designed to resist even the defeat of the measurestaken by the target company. The nature of the anti-takeover vested interests control and the fight forownership of the target company and related entities owned by the target company. The core is to preventthe transfer of corporate control. Anti-takeover of Chinese listed companies is a necessity, especially for themanagement of the target company, the controlling shareholder of the Target Company will certainly do ourbest to take anti-takeover strategy in order to keep the current status and vested interests; defense. China’slisted companies reverse takeover is an advantages and disadvantages of the behavior, the positive andnegative effects. Strategies adopted anti-takeover battle according to Chinese laws and regulations, in line with the protection of the target company and on the interests of stakeholders in the starting point.Study full circulation case listed some of the problems caused by the hostile takeover andanti-takeover, and thus the system from both theory and practice analysis.This article scientific empiricalanalysis and normative analysis the two analytical method combined analysis of the specific practices oflisted companies in China’s anti-takeover behavior, gives some views on the policy.China’s specific national conditions and foreign anti-takeover law is not necessarily suitable forChina’s national conditions, the time of the development of China’s securities market is relatively late, somelegal provisions have to be perfect. We must recognize that the problems of our country in terms ofanti-takeover laws exist to go through a long period of time to develop sound, not copying foreignpractices.This article after learning of foreign experience, combined with China’s specific nationalconditions, given some anti-takeover measures to comply with the law of the development of China’s listedcompanies, it is also the legislative and oversight, given some suitable the recommendations, which areable to greatly promote the development of China’s anti-takeover legislation.In this paper, a lot of the literature search combined with foreign research and practicalfoundation, the principle of the market economy, the use of economics, accounting, company management,game theory, law, securities, tax laws and other relevant theory and knowledge, evidence analysis,microscopic analysis comparative analysis as the main method, and to establish a simple analytical modelto study the role of anti-takeover strategy in the anti-takeover and applications in China, and finally to buildanti-takeover strategy system of writing of this article to the hostile takeover and anti-takeover the analysis,and then continue to regulate the acquisition of our company, to promote the steady development of thesecurities market.