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收购和反收购是证券市场中争夺上市公司控制权两种常见的手段,催生了资本市场无数的波澜,使得证券市场越发成为资本激荡的中心。上市公司股份具有的流动性使收购行为的存在具有更多的合理性,相比之下反收购行为的存在是否具备合理性以及进而如何对反收购行为进行监管却是一个观点不一的问题。如何在加强监管的前提下,允许一定的合理反收购行为存在是证券立法亟待解决的问题。
The acquisition and anti-takeover are two kinds of common means to compete for the control of the listed companies in the securities market, which has caused innumerable waves in the capital market and made the securities market more and more become the center of capital agitation. The liquidity of the shares of a listed company makes the existence of the acquisition more reasonable. In contrast, whether the existence of the anti-takeover is reasonable and how to supervise the anti-takeover is a question with different opinions. How to allow certain reasonable anti-takeover act under the premise of strengthening supervision is an urgent problem to be solved in securities legislation.