中国可行性反收购策略The Feasibility of Anti-takeover Strategies in China
反收购是专门针对恶意收购的,当恶意收购有利于公司未来的发展以及增加股东利益的时候,反收购策略就没有执行的必要;反之,当恶意收购危害到了公司的价值和股东利益的时候,反收购作为一种公司自我防卫的武器就势在必行了。反收购和恶意收购一样存在着两面性。一方面它可以维护管理层稳定、制止有害于公司的恶意收购或者提高收购溢价;另一方面它也会使公司的价值降低,从而伤害到股东的利益或者给予管理层非法牟利的机会。
本文将通过对反收购的法律应用分析,讨论各种反收购策略在我国现行法律制度下是否可行,通过进行案例分析,研究一些在现行法律体系下不可行的反收购策略今后在我国是否具有一定的可行性;以及结合各种反收购策略在国际与我国使用中的实践经验,分析各种反收购策略在实际应用中的优势及其弊端,探讨管理层和股东在反收购活动中的利益矛盾和反收购的得与失的矛盾,希望能给您提供一些参考。
关键词：收购,反收购,毒丸
Anti-takeover is specifically aiming to hostile takeover. When the hostile takeover is benefit for the company's future development as well as increasing the interests of the shareholders, there is no necessary for the implementation of anti-takeover strategies. On the contrast, anti-takeover as a self-defensive weapons of target company is inevitable. Anti-takeover has its dual nature like hostile takeover. On one hand, it can maintain stable management; stop harmful hostile takeover or increase the takeover premium; on the other hand, it also reduces the value of the company, thus damaging the interests of shareholders or gives the opportunities for the management to make illicit profits.
This thesis will analyze on the practical application and legal system of anti-takeover in China's, estimate its legal feasibility in our future legal system, examine its advantages and weakness in practice and discuss the conflict between executors-shareholders and gain-loss of anti-takeover activities. And hope to shape your decision
Key word: Takeover, Anti-takeover, Poison Pill
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