Research on The Legality of Anti-Takeover Measures of Listed Companies
2023 by the impact of the IPO phase tightening policy,the A-share IPO has been reduced significantly,while at the same time,the mergers and acquisitions market has been heating up.However,China's listed companies are very passive in the takeover process,with limited anti-takeover measures available to listed companies,and the criteria for judging the legality of anti-takeover measures are always vague.In this paper,by drawing on the U.S.Williams Act and other rules arising from anti-takeover practices,and in the context of the introduction of class shares and authorized capital system in the new company law,and in response to the real dilemmas such as unclear judgment standards of anti-takeover measures,ambiguous attribution of anti-takeover rights,large restrictions on equity repurchase,and obstacles to the implementation of commonly used anti-takeover plans,we have developed a new approach to the anti-takeover market in China through the typology of the judgment standards of anti-takeover measures,and the establishment of a corporate governance system with the Board of Directors as the By typifying the judgment criteria of anti-takeover measures,establishing a corporate governance model with the board of directors as the center of anti-takeover decision-making power,paying attention to the limitations of the repurchase clause and the pre-procedure,and broadening the application space of specific anti-takeover plans,the legitimacy of anti-takeover measures in China can be explored.
NETL
NSTL
万方数据
维普
