Viewing Enterprise's Anti-M&A Strategy From The Conflict Of Po-wan

Mergers and acquisitions can be divided into friendly mergers and hostile takeovers,which will lead to the emergence of anti-m&a.Anti-merger refers to the action taken by the management of the target company in order to prevent the transfer of control of the company and to prevent or defeat the purchaser's purchase of the company.If the capital market is a battleground for the public companies,mergers and acquisitions are the most intense battles on the battlefield.As early as a few decades ago,in a hostile merger wave swept over the Wall Street elite,merger and acquisition of countless battles after summarizing invented various anti-takeover strategy game,the strategy of m&a and anti-takeover balance each other already.There are laws and regulations on m&a in China,but there are no corresponding policies and regulations in anti-m&a.In the process of anti-m&a,listed companies can adopt relatively few anti-m&a strategies.With the development of capital markets,corporate between mergers and acquisitions events emerge in endlessly,so when the enterprise in the m&a target to become bigger and stronger,how to reverse merger in many ways,how to realize the balance of mergers and acquisitions,become a sort of regulatory authorities and other stakeholders is worth thinking about,is the focus of this article needs to discuss.From the beginning in July 2015 on the dispute Vanke and Baoneng,Baoneng can acquire vanke's shares by publicly buying shares in the securities market,and has control over vanke when it reaches 30% of the shareholding stipulated in the company's articles of association.Baoneng's hostile takeover caused a fierce confrontation.The dispute between vanke and baoneng has become the most classic event in China's capital market in recent years.The weakness of vanke in the anti-m&a process has aroused heated discussion and deep thinking among researchers and people from all walks of life.First,this paper introduces the research background and significance of research,and summarizes the literature and research achievements of enterprise anti-m&a from home and abroad,and lays a foundation for the research ideas and research methods of this paper.Secondly,it introduces management myopia theory,market myopia theory,company stable development theory and major shareholder self-defense theory,as well as the research content and the merger point of enterprise anti-merger theory.Based on the introduction of corporate anti-merger theory,this paper analyzes the advance,defensive strategies and positive significance of anti-m&a in domestic enterprises.Third,this paper is a classic case with vanke's m&a events,in the process of vanke reverse merger case analysis,this paper analyzes the problems encountered by vanke in the process of anti-m&a with the reasons,countermeasures and effects of vanke's anti-m&a.Finally,according to the problems encountered in the anti-merger process of vanke,the author puts forward some relevant suggestions on Chinese laws and regulations and public companies.