在中国国情下实施反并购策略探析

Problem Study on the Implementation of Anti-M&A in China

反并购根本动因是利益驱动,是股东及企业职工出于对自身利益维护的需要而实施的防御性的行为,而且在中国国情下,反并购的动因还来自维护国家经济安全的需要。分析了国外较成型的反并购策略在中国应用的可行性,从而指出在中国国情下实施反并购所面临的主要问题是反并购与并购的和谐发展、反并购意识的培养、金融等相关制度的创新需求以及法律规范的健全等,并对此提出初步的解决建议。

In general, the cause of AntiM&A (antimerger & acquisition) action is the profitdriven motive, i.e., a defensive behavior required by the stockholders and employees of a business to prevent their own interests from loss. Nowadays, AntiM&A taking place in China is also because of the requirement to protect national economic security. Based on an analysis made to the foreign experience of AntiM&A strategies and its feasibility if applying it to China at present, a conclusion is drawn that AntiM&A process had better come into effect in accord with M&A process, in combination with growing awareness of AntiM&A, innovated financial system and sound law/regulations required for AntiM&A. Some suggestions are offered for solving the current issues found in AntiM&A implementation.