A Research On The Anti-takeover Strategy Of Listed Companies And Its Effectiveness

n the traditional Chinese context,the transaction cost of control transfer is high due to the restriction of institutional environment,which has long restrained the development of domestic control market.With the change of the external environment such as the acceleration of information dissemination and the revision of the "management measures for acquisition of listed companies" in the Internet Age,the transaction cost of control transfer has been reduced,and the market of corporate control in China has been further activated,as a result,the listed companies are facing increasing threats to their control power.In recent years,there have been many disputes over corporate control in China's capital market,such as the dispute over the control of Ewushang,the mutiny of Lei Shi and the takeover of Baoneng into Vanke.In order to deal with the increasing threat of takeover,more and more listed companies try to protect corporate control through corporate governance.However,due to the restriction of economic law and the development of domestic capital market,the domestic research on anti-takeover is not mature,and it is quite different from that of foreign countries,this is manifested in the lack of mechanism design to protect control right in advance against hostile takeover and the small applicable space of anti-takeover strategy.The research on the anti-takeover defense strategy of Chinese listed companies is of great reference value to the founders who face the threat of external control and the dilution of their equity caused by external financing.This paper is divided into five chapters: Introduction,Literature Review,Case Survey,Case Analysis,conclusions and enlightenment.Firstly,this paper sorts out the literatures about anti-takeover at home and abroad,and determines the direction and necessity of the research.Secondly,based on the theory and literature of anti-takeover,this paper analyzes the reasons,process and results of the anti-takeover Strategy adopted by Yili Company.Based on the case study of Yili's anti-takeover of Sunshine Insurance,this paper analyzes the motivation of Yili's anti-takeover,the anti-takeover strategy and its influencing factors,and whether the anti-takeover strategy is effective.At the same time,we use the event research method to analyze the economic consequences of Yili's anti-takeover strategy from three aspects: Market Reaction,company performance and ownership structure.The existing literature lacks discussion on China's institutional environment itself.This paper adds the institutional environment as an important environmental factor,based on the theory of new institutionalism andthe theory of asset-liability management,this paper analyzes the factors that the company should consider when choosing anti-takeover strategy,and makes up the deficiency of the existing Western research.Through the analysis of the cases,this paper finds that: Life Insurance Companies with good performance and dispersed ownership are easy to be hostile to M & A,but their sensitive crisis consciousness will increase the time to deal with Anti-m & A;The institutional environment of enterprises and the sources of funds of M & A PARTIES WILL INFLUENCE The choice of Anti-m & A strategy.More and more hostile M & A events also put forward higher requirements to our government and enterprises.In the process of corporate governance,enterprises should improve their awareness of anti-takeover,improve the ownership structure of the company,and adopt appropriate anti-takeover strategies according to the characteristics of the company.The government should also improve the market environment and formulate new policies to maintain the stability and long-term development of the capital market.