Research On The Reasons And Strategies Of Anti-acquisition Of Listed Companies

Since 2006,China has implemented a share split reform.Investors can purchase shares of listed companies in the secondary market,thereby strengthening the shareholder's equity position,and also attracting new investors to enhance the company's strength and make the capital market active.Huge improvements.At the same time,in order to ensure the smooth and orderly operation of the capital market,my country has successively introduced and perfected many policies and regulations related to company management and acquisitions,which play an undoubted supervision role in forming a good market environment.In this context,the rapid development of the social economy has intensified the fierce market competition,and mergers and acquisitions between companies have become commonplace.Through acquisition activities,it is possible to achieve resource integration and complementary advantages,thereby enhancing corporate strength and enhancing market competitiveness.But just as there is darkness where there is sunlight,not all acquisitions are voluntary and active,and there is also no agreement between the two parties.The acquirer likes a barbarian to forcibly increase the shares of the target company to compete for control of the company.,This is a malicious acquisition.The scramble for control rights under a malicious acquisition not only affects the company's normal operations,but also disrupts the production order,and it also threatens the interests of shareholders and management.Therefore,the target company should adopt certain strategies to reverse the acquisition.In the face of complex and diverse acquisition methods,how to choose a reasonable and effective anti-acquisition strategy has important theoretical and practical significance to help the target company reduce costs,maintain rights and interests,resolve the acquisition crisis,and restore the orderly order of the capital market.In order to better study the motives and strategies of anti-acquisition of listed companies,this article selects the acquisition cases of Kangdal and Jingji as the object,and studies the antiacquisition strategies and strategies adopted by Kangdal in the face of malicious acquisitions by Jingji.The literature analysis method and case analysis method are used in the research process.Based on domestic and foreign anti-acquisition motivation theory,anti-acquisition strategy theory and control right competition theory,the development and trends of the antiacquisition market are first introduced.The anti-acquisition motivations of listed companies And various existing anti-acquisition strategies.Secondly,through the overall overview of Condal Group and Jingji Group,the acquisition and anti-acquisition process research,analysis of Condal's anti-acquisition motivations,the anti-acquisition strategy adopted,summed up the problems in the implementation of anti-acquisition strategies,proved a reasonable choiceAnd the importance and necessity of using anti-acquisition strategies.Finally,the results of the study show that the government and the securities regulatory department should update the legal system in real time,improve and innovate relevant regulations to contain,deter malicious acquisitions,and protect the interests of the target company;the listed company should be forward-looking in the process of internal governance and strengthen Acquisition awareness,increase anti-acquisition system to prevent malicious acquisitions,when facing malicious acquisitions,it is necessary to take appropriate,suitable,and targeted anti-acquisition strategies to effectively counter malicious acquisitions.Only if the acquisition is fully prepared before the acquisition takes place and actively responds to the overall situation when it occurs,can the listed company effectively resist the malicious acquirer and protect the rights of shareholders.