基于企业边界视角的企业反收购研究

Research on the Anti-takeover based on the Firm's Boundary

当企业内部组织成本与市场交易成本处于均衡状态时,企业达到了其有效边界。但由于企业之间竞争激烈,企业边界的均衡受到外在的威胁,采用反收购是一种选择。历来对于企业反收购的价值毁誉参半,但文章认为以利益相关者理论指导企业反收购能有效地防御企业边界。文章借鉴西方成熟的企业反收购策略,构建了包括强本机制、预警机制和反击机制三个层面的我国企业反收购体系。

When the organizing cost in the firm equals the transaction cost in the market, the firm arrives to the effective boundary. But it is threatened by the outside environment, where the competition is fierce, Then take anti-takeover. But there are many discussions about the value of anti - takeover. The stakeholder theory could protect the stability of the firm＇s boundary in case not to be destroyed. According to western anti-takeover system, the paper constructs an anti-takeover system including： strengthening, guarding, attacking mechanisms.