Research On Countermeasure Implementation And Economic Consequences Of Target Enterprise's Anti-malicious Mergers And Acquisitions

With the completion of the reform of non-tradable shares,the liquidity of capital market has improved,and mergers and acquisitions between listed companies have occurred frequently.While improving the efficiency of resource allocation,it has also become a catalyst for malicious mergers and acquisitions.More and more enterprises are facing the risk of malicious mergers and acquisitions.In order to cope with the current or potential malicious mergers and acquisitions,safeguard corporate control,timely and effective anti-mergers and acquisitions countermeasures are particularly important.Among many companies that implement anti-M&A strategies,Yili's share ownership structure is decentralized,and the proportion of managerial ownership is less than 5%.It also faces the rapid response of malicious M&A and diversified countermeasures.Therefore,it is taken as a research case to study the reasons,countermeasures and economic consequences of its implementation of anti-M&A.It is hoped that it can provide reference and experience for other decentralized enterprises in China to counter malicious mergers and acquisitions.Firstly,this paper combs the literature about anti-malicious M&A at home and abroad,and determines the direction and necessity of the research.Secondly,it defines the concepts of malicious M&A and anti-malicious M&A,and elaborates the theoretical basis for anti-malicious M&A.Next,it analyses the development course and current situation of malicious M&A and anti-M&A in China,and summarizes the purpose and characteristics of anti-malicious M&A.On this basis,taking Yili shares as the research object,this paper uses case analysis method and comparative analysis method to analyze its operation status,ownership structure and cash flow,to analyze the reasons why Yili shares are regarded as target companies by Sunshine Insurance,and to summarize the characteristics of target companies.Through combing the specific strategies implemented in the process of anti-M&A of Yili shares,this paper analyses the effect and advantages and disadvantages of anti-M&A countermeasures,and explores the feasibility of other anti-M&A strategies.This paper studies the economic consequences of anti-malicious mergers and acquisitions of Yili shares by using event study method and Dupont analysis method,and analyses the impact of anti-mergers and acquisitions strategies on enterprises from the perspectives of stock price,market reaction,financial performance and employee quality.It is found that:enterprises with good operating performance,abundant cash flow but undervalued market value and decentralized ownership structure are vulnerable to malicious mergers and acquisitions.The Countermeasures of anti-M&A of Yili shares are effective,but there are some improvements.The implementation of the anti-M&A strategy of Yili shares has good economic consequences.The implementation of anti-M&A strategy needs to consider multi-party interests.On this basis,from the three perspectives of corporate governance,anti-merger and acquisition of enterprises and government supervision,the paper puts forward that the company should optimize its ownership structure and enhance its awareness of anti-merger and acquisition.The government should improve relevant laws and regulations,strengthen the construction of anti-merger intermediaries,and expand the channels for minority shareholders to exercise their voting rights through the network.The innovations of this paper are:(1)Deeply excavate the reasons of anti-malicious M&A of case companies,summarize the characteristics of target enterprises,and put forward anti-M&A suggestions for enterprises with decentralized equity.(2)Evaluate the anti-malicious M&A events from the perspective of multi-stakeholders.