The Legal Effect Of Anti-Takeover Provisions In The Listed Companies

As the first anti-takeover case in China,the "bao-yan fight" in September 1993 has swept through China's capital market in recent years.Malicious takeover cases have increased rapidly in both scale and number.In 2016,the "bao-wan fight" as the turning point,attitude toward a hostile takeover of listed companies in our country,from the initial lack of defense into the defense excessively,the specific set of anti-takeover clauses in the articles of association of listed companies also has a type from the early simple,preliminary test to the current complicated process,the network has the change.However,compared with Britain and the United States and other countries that have been very mature and perfect in anti-takeover legislation,theory,practice and other related aspects,China lacks theoretical research in this field,has a big gap in legislation,weak supervision and disorderly practice.In order to solve the above problems and better adapt to the control market full of tricks and changes,how to correctly determine the legal effect of anti-takeover clauses in the articles of association of listed companies and how to legislate and regulate the legal effect of anti-takeover clauses in the articles of association of listed companies have become the key issues that all circles can't avoid.This paper is divided into four parts: firstly,a brief introduction of the articles of association of listed companies anti-takeover provisions,including the concept,historical changes,functions of the three sections,the status;secondly,the thesis studies the theory and general rules of the legal effect of anti-takeover clauses in the articles of association of listed companies in China;thirdly,it analyzes the legal effect of anti-takeover clauses in the articles of association of listed companies;finally,the paper puts forward some Suggestions on the legislative regulation of the legal effect of anti-takeover clauses in the articles of association of listed companies in China,and puts forward some reference opinions in line with China's basic national conditions from the three aspects of model list,information disclosure system and special examination authorities.