The Institutional Construction Of Anti-Takeover Measures Of China's Listed Companies

With the gradual development of China's economy and the further expansion of the capital market,the stock rights disputes of listed companies are becoming more and more frequent,and the case is more and more typical.The "Wanbao dispute" in 2015 has aroused the attention of the whole society.Thus,it reflects the lack of legal system in China.In order to protect the rights of companies and shareholders,it is urgent to establish a system of anti takeover for listed companies.Based on the analysis of the theory and practice of foreign countries and the current situation of our market,this paper puts forward some suggestions for establishing our perfect legal system.The specific contents are as follows:The first part discusses the basic concept,purpose and specific measures of anti takeover in China's listed companies.The second part discusses the legislative models and specific regulations of foreign countries for anti takeover measures,and finds out what China needs to learn from and improve through overseas experience.The third part introduces several typical cases in the practice of anti takeover in China,and draws the advantages and disadvantages of our current stage by analyzing the cases.The fourth part puts forward the insufficiency and perfect suggestion of our country's listed company's anti takeover legal system.In this paper,I will put forward the following legislative suggestions for the systematization of the anti-acquisition measures of listed companies: first,we should formulate the basic law and other related laws to regulate the anti-acquisition behavior,and improve the legal system.Secondly,it is the basis of constructing the complete legal system and implementing the anti-acquisition measures to determine the legislative model of listed companies.Thirdly,the basic principles of anti-acquisition legislation are specified in the relevant laws,which mainly include the principle of maximization of shareholders 'interests,the principle of equity of shareholders,the principle of restricting the power of the board of directors and the principle of sufficient information disclosure.Finally,it is necessary to perfect the legal remedy system of anti-acquisition and provide reasonable and effective channels for the shareholders of the acquired party to make relief through legal means.