收购与反收购都是证券市场发展到一定阶段的产物,前者是收购者入主并控制目标公司的工具,后者是公司管理层抵御进攻的利器。作为一种全新的资产重组方式,它有利于引导社会资本的高效流动,实现资源的优化配置。有收购则必然有反收购,公司的收购与反收购实质上是为了获取或保持目标公司控制权而在收购者与目标公司之间展开的一场争夺战。这场激烈的争夺战必将对目标公司的权力配置产生巨大的影响, Both acquisitions and anti-takeover are the product of the development of the securities market to a certain stage. The former is the acquirer’s tool to control the target company and the latter is the weapon against which the management of the company defends against attacks. As a new way of reorganization of assets, it helps to guide the efficient flow of social capital and realize the optimal allocation of resources. Acquisitions will inevitably have anti-takeover, the company’s acquisition and anti-takeover is essentially a battle between the acquirer and the target company in order to obtain or maintain control of the target company. This fierce battle will surely have a huge impact on the target’s power allocation.