The Motives,Strategies And Influence Of Listed Companies Anti-takeover

Takeover and anti-takeover between listed companies have occurred frequently because of the revolution of economic development mode in New Era,an increasing number of new shares in stock market and looseness of M&A policy in China.With“Asset Shortage,and the underestimation of listed company value,financial capital has also taken an active part in M&A.Insurance institution as the acquirer is uncommon but usually arouses great attention.Huge leverage fund maybe a great threat to the stability of company's operation and ownership structure.Yili Share anti-takeover Sunshine Insurance is a typical case of insurance funds placarding in our stock market.This dissertation takes Yili Share as the research object for reasons that its anti-takeover strategies are common,which helps enrich the anti-takeover cases and provides experience for other listed companies to establish anti-takeover system.Moreover,the angles of analyzing anti-takeover motives are innovative and comprehensive,which includes every elements.And the analysis of anti-takeover legislation is based on the latest policy environment.Based on the theory of anti-takeover motives,strategies and influence at home and abroad,this dissertation divides Yili Share anti-takeover Sunshine Insurance case into four parts.Firstly,it describes the general situation of Yili Share and Sunshine Insurance and gives a brief introduction to the whole process.Secondly,based on the anti-takeover motives theory,the dissertation explains reasons why Yili Share took anti-takeover strategies from three angles:the whole industry,acquirer and acquiree.Thirdly,it decomposes all anti-takeover strategies and analyzes their effectiveness.Fourthly,it studies the economic consequences of anti-takeover of Yili share from the perspectives of stock price volatility,market reaction and operation conditions.The dissertation finds that enterprises with good operating performance,abundant cash flow but undervalued market value and decentralized ownership structure are vulnerable to hostile mergers and acquisitions.It is necessary for Yili Share to take anti-takeover actions for the stability of operation.The implementation of these actions is effective but also have several problems.The market reaction of anti-takeover is positive generally.The dissertation holds the view that the government should improve anti-takeover legislation,promote reform of anti-takeover supervision and judicial relief system.The company should establish anti-takeover response system,perfect market value management and ownership structure,and protect the interests of minority shareholders.