Impacts of Public Listed Company Anti-Takeovers from Legal Perspective

摘要

The impacts of anti-takeover of public listed company on the target company, stockholders, managers and employees have two sides. To the target, anti-takeover can keep the target's independence, which benefit to long-term development of the target. While anti-takeover increases costs and expenses of the target, which make against current development of the target. To the shareholders of the target, anti-takeover can ensure fairness of takeover which benefit to the public shareholders. While the preventive devices are adopted, the manager may only pay attention to defensive effect, but harms some shareholders. To the social common interests, anti-takeover make for forming market system about anti-monopoly and help to frame the hostile takeover, while anti-takeover can waste social resources. Anti-takeover has good and bad influences on employees and creditors. The aim of the article is put forward some advice of legislation through analyzing impacts of anti-takeover .