新《公司法》授权性规范的加强、公司章程作用的提升,使投资者灵活、充分运用公司章程来设置反并购措施不但是可行的,而且是必要的公司章程是公司的宪法,它不仅确定公司的“政体”、“国体”,还可以确定当公司被威胁时的防御战略。盛大收购新浪,AB收购哈啤等案例典型反映出了这一特性。公司章程中既可以设定促进并购的条款, 也可以设定防御并购的条款。特别是对敌意并购进行防御的规定往往是切实和有效的。 The new “Company Law” to enhance the normative norms, enhance the role of the Articles of Association, to enable investors to flexibly, make full use of the Articles of Association to set anti-mergers and acquisitions measures is not only feasible, but also necessary Articles of Association is the company’s constitution, it not only determine The company’s “government body” and “state body” can also determine defensive strategies when the company is threatened. Shanda’s acquisition of Sina, AB acquisition of Harbin Brewery and other cases typically reflect this feature. Articles of Association can be set to promote the terms of mergers and acquisitions, you can also set the terms of defensive mergers and acquisitions. In particular, the defense of hostile mergers and acquisitions provisions are often effective and effective.