The Research In Anti-takeover Stragety Of Listed Company

With the advancement of national economy and the accelerating speed in the stock market,the excess capacity has to be solved in the process of economic development in China.Which shows that our listed companies also face the opportunity of reorganization and consolidation.The acquisition and anti-acquisition will more frequently appear in our view.From the view of reform,as the related legal system is not perfect,the listed company takeover behavior will cause the attention of researchers in the future.On the basis of a hostile takeover,if the buyer has launched and forced the acquisition of the underlying company without the consent of the management of listed companies,the management will take anti-takeover strategy to protect myself.As an important means of anti-takeover,anti-takeover strategy is a behavior that the company's management revolts the buyer and also is a competition that the two sides in the process of acquisition want to control of the game.When listed company has been purchased,it should according to the company being acquired process to determine its strategy.From the view of time point,the acquired process mainly can be divided into three stages which is before the merger,in the acquisition and after the acquisition.To hold 5% stake in the company for information disclosure is a critical point,and the offer is another critical point,the company should base on its different time stage to select the appropriate strategy.The type of anti-takeover strategy includes strategies which sacrifice their own interests to realize anti-takeover,such as poison pill plan,scorched-earth tactics and so on,and also includes the white guards,issuance,litigation,etc.Based on the requirement of the current related laws,the listed company's anti-takeover measures should not directly or indirectly harm the interests of the shareholders.If not,the related terms will be regarded as invalid.Therefore,when the listed company studies the strategy of anti-acquisition,it must take into account the interests of the shareholders and the interests of the society.This paper with the examples of China Vanke Co.,Ltd.in counterattack treasure to hostile takeover problem on theoretical analysis,mainly has the following contributions.First,theoretically reveals the interests for the mechanism in takeover and anti-takeover battle for Chinese listed company.This article explain the generalization of the anti-takeover strategy as well as the influence factor of affecting the anti-takeover strategy choice research,combining the theory of the market for corporate management,corporate social responsibility theory and the theory of external supervision,more objectively evaluate the anti-takeover of listed companies in China.In the second place,theory reveals the Chinese listed companies which against a hostile bid for various methods of anti-takeover.It is respectively selecting the orientation to raise equity through the introduction of white guard 'increasing and its asset quality,other means such as looking for help in law and so on.In this paper,by analyzing the typical case of anti-takeover of listed companies in China division to events,also in view of the current market risk capital raising and multi-party game position,we suggest the possible reasons for the analysis in the process.So that investors can get knowledge of the target company as a result of anti-takeover strategies in the process of anti-takeover of investment risk,and to further improve the ownership structure of listed companies in our country to set up opinions and suggestions.The basic structure of this paper mainly divided into five parts.The first part is the introduction,introduced the selected topic background and research significance.The second part is theoretical overview,this paper expounds the theory of takeover and anti-takeover.The third part introduced the ease of Vanke and treasure to events of the basic conditions.The fourth part is the main body of the paper,mainly analysis the anti-takeover strategy choice in reasons,effect and consult.The fifth part is case study conclusion and revelation.