China's Anti-Takeover Legislative Policy:Foundation and Security of Shareholders Centrism

Along with the reform of equity division,the stock market will face a wholly new environment.In the background of listed companies shell remaining scarce,plus the system of part of the tender offer,and the acquisition offering by cash and securities,it will greatly increase the possibility of hostile takeover.To deal with hostile takeover,some listed companies have passed some amendments to the constitution adopting anti-takeover measures.Hostile takeover in time,will also introduce various forms of anti-takeover measures.Therefore,how to regulate the system must deal with a legislative policy choice.It is found that anti-takeover systems in the western countries have been established,but there are limits to the extent and the differences between board centrism and shareholders centrism.China should also set up the anti-takeover system with strict restrictions,and shareholders will be given the right to decide anti-takeover.And based on the protection of the minority of shareholders,some special restrictions of shareholders' anti-takeover resolutions will be made.