Study On The Strategic Choice Of Anti-hostile Takeover Of Listed Companies In China

As an important approach to anti-takeover,anti-takeover strategy is a necessary part when the listed company resist hostile takeover.As the boom of our capital market,the listed enterprise sees more and more acquisition battle,so it is of great theoretical and realistic significance to discuss about how to choose legal and effective anti-takeover strategy when the listed companies are confronted with hostile takeover.In the light of finance,economics,financial management theory,the paper deeply analyzes the the reason and results of anti-hostile takeover,puts forward the preventive and active strategy to deal with hostile takeover of the listed company,and illustrates the specific content and method of two strategies comprehensively,through analyzing the background of the contest of the right to controlling Vanke and reviewing its anti-takeover process,with the method of literature and case study.The main work results are as follows:(1)The reason for Vanke's option to anti-takeover through the analyzing the background,the reason,and the method of takeover and anti-takeover of acquiring firm and anti-acquiring firm in the case of contest of the right to controlling Vanke.The research has found that Vanke's choice of anti-takeover strategy will be directly influenced by the under-estimated value under high profit,the executive force under the low efficiency of management team,the relatively dispersive share structure,etc.(2)With the case study,the suggestion to the listed company in China is purposed through the analysis of the reason,results and the feasibility of the anti-hostile takeover strategy option of Vanke.It is concluded that when facing hostile takeover,listed enterprises should fight back the hostile acquiring firm from four aspects of optimizing share structure,setting reasonable and effective anti-takeover terms,adopting divers anti-hostile takeover strategies and maintaining good relation with shareholders.Through the typical case study on the anti-takeover of listed company——analysis of the contest of the right to controlling Vanke,the paper purposed the strategy to handle the hostile takeover to listed companies in China.The results can improve the probability of anti-hostile takeover,and lead them to realize the importance of anti-takeover strategy,which will provide reference for the way to handle hostile takeover and ensure the smooth development of the company.