反收购策略

所谓预防性反收购策略，是指目标公司为防范可能发生的收购行为，在敌意收购发生前所采取的安排和措施的总称。

Preventive anti-takeover strategy means target company takes measures to prevent possible acquisitions before hostile takeover .

上市公司反收购策略研究

Public Company Anti-takeover Measures Study

20世纪80年代，敌意收购的盛行使得美国公司纷纷制定反收购策略以阻碍敌意收购的进行。

The prevailing of hostile takeover in 1980s impelled American company to plan antitakeover strategy which can block hostile takeover .

应强调股东大会决定模式，并设计若干适合国情的反收购策略。

Secondly , the anti-takeover tactics should be up to the convention of shareholder and be apt to Chinas situation .

本文同时运用列举方法，分两部分列举了目前国内外运用较多的反收购策略，并对其法律上的可行性进行了研究。

In addition , this paper enumerates anti-takeover measures often-used inside and outside China at present in two parts by enumerative means , and studies their legal feasibility .

第三部分，对抗性反收购策略的法律问题。对抗性反收购策略是收购方已经开始对目标公司进行收购活动，目标公司为了抵御对抗收购方进行收购活动所采取的各种策略。

Chapter Three : The legal issue of the confronting strategies of anti-acquisition The confronting strategies of anti-acquisition are taken by the target corporation when the purchaser has begun their purchasing act .

因为，目标公司针对收购方案选择不同的反收购策略将对目标公司的未来发展和收购计划的最终成败起到至关重要的影响。

Because the target company bid for choice of different strategies of the target company will lose the future development of the final success or failure of the takeover plan and vital .

该家族表示，家族很团结，持有公司70%以上的股份，而且公司还有反收购策略与众多的“毒丸”计划。

The family says it is united , it holds more than 70 per cent of the equity , and in any case the company has a takeover bulletproof structure and numerous poison pills .

美国学者对反收购策略与目标公司股东财富之间的关系作了大量的检验，试图为股东利益假说或者管理层壁垒假说提供实证支持，但是这些研究没有得出一致的结论。

A lot of American scholars tried to give support to either shareholder interest hypothesis or management entrenchment hypothesis by examining the correlation between antitakeover strategy and wealth of shareholder of target company . But the conclusions failed to reach a consensus .

第四部分介绍了反收购的策略、现行反收购的法律框架和适用范围。

Part IV introduced the anti-takeover strategy , the existing anti-takeover legal framework and the scope of application .

为抑制跨国并购所带来的垄断倾向，一方面可以采用反收购与反兼并策略，另一方面可以采用战略联盟战略。

We can adopt either the strategies of anti-M A or the strategy of alliance to repress the monopoly caused by the M A.

在美国反收购立法的支持下，美国公司的反收购策略迅速发展，反收购策略在保护股东利益和公司利益方面起着重要的作用。

With the support of antitakeover legislation , antitakeover strategy developed rapidly and took an important role in protecting the interest of target company and its shareholder .

同时，由于新颁布的《劳动合同法》、《反垄断法》对于反收购行为实施会产生重大影响，以及反收购策略具有很强的操作性和复杂性，这些也是本文试图深入论述的内容。

As the new " Labor Contract Law " and " anti-monopoly law " put into effect , for the anti-takeover strategy will have a significant impact . At the same time , anti-takeover acts have strong operational and complexity .

根据各国公司收购及反收购的立法实践，上市公司反收购行为法律规制中的核心就是反收购策略为的决定权归属问题。

According to the national company acquisitions and the validity of the legislative practice , the listed companies in the legislation of anti-takeover behavior is the core strategy for the acquirer ascription problem .