The Legal Research On The Anti-takeover Provisions Of Listed Companies

“Barbarian Invasions at Door”event,happened during Vanke stock acquisition in 2015,has cast a shadow over many executives of listed companies.Soon afterwards,Some listed companies,aim to against “barbarian invasions”,adopted anti-takeover provisions in their articles of incorporation.Anti-takeover provision,originated in United States,is one of the most effective measures.It can not only protect the interests of company and shareholders,but provide the necessary external supervision to company`s management.However,without effective legal regulations,anti-takeover provisions will be inactive and even have side-effects,such as,deprive of the words of minor shareholder,violates the lawful rights and interests of minor shareholder,offset the effect of supervision,harm the interests of companies and shareholders by management,and so on.Many listed companies realize the importance of anti-takeover after “The fight between Vanke and Baoneng”.Various anti-takeover provisions were adopted in the article of incorporation,meanwhile,followed with the challenges from academic and attention of regulators.Firstly,I briefly introduce the anti-takeover provisions,and list and analyze some common and questionable anti-takeover provisions.At last,by the light of some foreign experiences,I provide some personal suggestions to regulate anti-takeover provisions.