董事主导“毒丸”反收购措施利弊分析

The Advantages and Disadvantages Analyses of Poison Pill Anti-takeover Measures by Target Company's Directors

毒丸反收购措施的实施是一个复杂的利益重置过程,涉及主体包括:目标公司的董事、短期股东、长期股东、收购公司股东以及利益相关者。当董事主导毒丸反收购措施的积极意义大于消极意义的时候,我国公司法就应当予以引进。董事主导毒丸反收购措施具有合理性,值得我国公司法体制改革借鉴。

The implementation of poison pill anti-takeover measures is a complex process to reset the interests. The relevant parties include target company＇s directors, short-term shareholders, long-term shareholders, bidding-firm shareholders and stakeholders. The implementation of poison pill anti-takeover measures by target company＇s directors should be recommended if its positive significance exceeds its negative significance. From a traditional perspective, expanding horizon and new vision, it is reasonable to implement poison pill anti-takeover measures by target company＇s directors. Therefore, we should draw on the experience of these measures in the reform of China＇s Company Law.