Research On The Impact Of Anti-takeover On Corporate Valu

In the context of rapid economic development,there is an increasing demand for companies to expand their scale,break through bottlenecks in their main business and improve the quality of their companies through acquisitions and restructuring.In such circumstances,companies with high quality and relatively dispersed shareholdings in the market are likely to become the focus of attention.Many corporate acquirers acquire a majority of shares of the target company directly through the market without the permission of the target company’s management,thereby gaining control of the company,and such hostile takeovers are often accompanied by counter takeovers.At present,in the general environment of corporate mergers and restructuring in China,the updating of corporate anti-takeover strategies appears to be somewhat lagging behind.Therefore,it is particularly necessary to conduct an in-depth study on anti-takeover in Chinese listed companies.Based on the theory of anti-takeover motive,the theory of stable development of the company,the theory of control market and the case of Jinke’s anti-Rongchuang China acquisition,this article takes "the impact of anti-takeover on corporate value" as the core content and focuses on two questions:(1)Did anti-takeover enhance the value of Jinke’s shares value?(2)What is the mechanism of the effect of the acquisition on the corporate value of Jinke?Based on the theory of anti-takeover motives,the theory of stable corporate development and the theory of control market as well as anti-takeover strategies,this paper firstly analyses the impact of anti-takeover on the corporate value of Jinke shares from three aspects,namely corporate governance,operating performance and capital structure,based on the summary of the previous relevant literature review,and answers the first question with the analysis of shortterm market reactions;then answers the second question with the help of the amendments to the articles of association and employee share ownership scheme adopted by Jinke shares.The findings of this paper are:(1)Anti-takeover enhances the operating performance of Jinke,improves its corporate governance and ultimately enhances corporate value.(2)The mechanism of the effect of anti-takeover on Jinke’s corporate value is that,based on the theory of anti-takeover motives,anti-takeover measures are taken to force the company to improve its operating performance and corporate governance.The application value of this paper is that,on the one hand,it can provide a reference for enterprises to choose anti-takeover measures when facing hostile takeovers;on the other hand,the successful case of Jinke’s anti-Rongchuang China takeover helps to enhance the confidence of other enterprises when facing hostile takeovers,and enriches the positive effect of antitakeover strategies on the value of enterprises.