Study On The Economic Consequences Of Setting Up Anti-takeover Provisions

After the completion of the equity division reform,China's capital market has entered the era of full circulation.Listed companies have obtained financing through listing transactions on the capital market,in order to achieve leapfrog development,and the concentration of corporate ownership has dropped significantly;China's financial innovation has advanced in depth and is not only “barbarous”.People's "fundraising provides convenience,but they also face the risk of the acquisition of control rights.Everything has its two sides.There are acquisitions and anti-acquisitions,and there are measures to hinder defense when there is a knock at the door of a barbarian.The "Bao Wan dispute" opened the era of hostile takeover in China's capital market.Listed companies have revised the articles of association and added anti-takeover clauses.They have become the focus of all parties in the market for a time.Therefore,this paper selects 14 listed companies as the case study objects,takes the interests of shareholders,management,and small and medium shareholders as the starting point of the case study,and systematically analyzes the market reaction to the event of setting up anti-takeover clauses and the specific impact on company performance.In-depth study.This study finds that:(1)After setting up anti-takeover clauses,a positive CAR is shown,which has a positive effect on the wealth of shareholders.In addition,the setting of anti-takeover clauses varies according to the type of the listed company.Compared with private enterprises,local state-owned enterprises Setting up anti-takeover terms is more optimistic about the market;companies with no actual controllers set up anti-takeover clauses and have a better market response.(2)Setting anti-takeover clauses has a positive impact on company performance.The setting of anti-takeover clauses can increase the return on assets and return on net assets of the company,thereby improving operating performance and market performance.In addition,the setting up of anti-takeover terms also reduced the number of shares held by the top ten shareholders and increased the remuneration of directors.The main innovations of this paper are:(1)to dig deeper into the anti-takeover clauses set up by a number of case companies,and to analyze the influence of the companies before and after the terms of the company's setup;(2)to demonstrate the establishment of anti-takeovers from the perspective of multi-stakeholders The market reaction before and after the terms and the influence of company performance.This article suggests that although the anti-takeover provision will hinder the “punishment” function of the control market,it can establish an invisible contract between the company and the management,and promote long-term project investment that is conducive to the creation of shareholder value.The research in this paper shows that the provision of anti-takeover clauses is conducive to increasing shareholders' wealth and company performance.Therefore,the supervision department and the legislature should correctly understand the effectiveness and compliance of the company's legal rules and regulations,formulate the corresponding policy documents on the anti-takeover policies,guide the company to properly use the anti-takeover provisions for self-protection,and promote the healthy control market in China.development of.