Research On Anti-acquisition Strategy Of Listed Companies In China

Mergers and acquisitions(M&A)is a more concerned topic in the financial market.M&A performance has become a long-term effective means to expand the business scale and scope of firms and optimize the allocation of resources in mature and developed European and American market economy countries.In China,M&A performance staged an experience of ups and downs over recent decades.In the context of nowadays,M&A activities began to active in the financial markets.With the increasingly mature development of China's securities market,the law,the regulatory system is maturing and the competition of company's control is even more intense.As a derivative of the acquisition activity,the anti-takeover is the resistance weapon exercised by the target company in the face of the acquiring firms.It can effectively maintain the interests of the target company,rather than blindly accept the the invasion of the acquirer.But no matter which kind of anti-takeover strategy will inevitably exist some of their own limitations,so acquired company need to analyze the company's own actual situation and try to design a most suitable strategy for their own anti-takeover.In June 2015,under the background of China's securities market after a sudden disaster,as well as the current economic downturn,insurance companies frequently warm up and buy listed companies,the acquisition has occurred from time to time.Insurance companies entering the stock market on the one hand can increase the proportion of institutional investors to maintain the stability of the stock market;on the other hand will increase the financial risk of insurance companies.In addition,the diversification of insurance companies acquisition will require regulators to pay close attention to safeguard the healthy and stable development of the entire securities market and entity enterprises.The first chapter is the introduction,including the writing background,research ideas,innovation and deficiency of the article.The second and third chapters introduce the literature review and theoretical research on the acquisition andanti-takeover.The forth chapter introduces the specific case of the acquisition of Vanke.From the both sides of the acquisition,this article analyzes the acquisition motive of Baoneng Group and specific reasons why Vanke become the object of acquisition.The fifth chapter focuses on the analysis of Vanke's anti-takeover strategies.On the one hand,it analyzes the anti-takeover strategy and its causes of Vanke as the acquirer.On the other hand,it analyzes the applicability of some commonly used anti-takeover strategies that Vanke did not adopt.Finally,combining with the whole case,China's existing legislative conditions and system development process,it gives China's listed companies some revelations and recommendations on the anti-takeover strategy.