The Research Of Legal Regulation About Anti-takeover Measures

In 2005,our country has carried out reform of the shareholder structure.After one more years later,the restructuring was basically completed.As the stock market gradually active,acquiring firm buy the target company's share at securities in secondary market and acquisition the company for control the target company.This behavior must cause the increasing of the anti-takeover behavior by the target company.Regarding to hostile takeover,the managers of the target company would take anti-takeover measures.But these measures' feasibility and legitimacy both need the further discussion.The western countries' legislation about this aspect have already rather comprehensive.But our country's security market developed later,the legislation more lag than the developed country.Now,Just“ Company law”,“Securities Law ”,“Rules on listed companies acquisition” have some rules about anti-takeover measures' legality,but not direct rule.But as the anti-takeover technology is more advanced,some anti-takeover measures' legality depend on principle to judge.So,the author will base on the informed research and analyze our country's legal regulation about anti-takeover measures.I also will consulting the foreign experience oflegislation and provide some advise about how to regulate the anti-takeover actions of listed companies of our country.This paper would divide four parts:The first part,Analyzing the case of anti-takeover and raise the major issues to be explored,expounding the study significance.The second part,I will research our country's legal document about anti-takeover and find rules about anti-takeover.Then judge the legality about anti-takeover measures that usually used in our country.The third part,This part will focus on research the foreign legal document about anti-takeover and provide some experience for our country.The fourth part,I will offer a suggestion to how to regulate our country' anti-takeover system.