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1、反接管视角的管理公司治理（Managementofcorporategovernancefromthepointofviewoftakeover）InthefaceofDagangOilfieldAishigufenacquisitionofthecontrollingsituation,sothestartofthearticles"thenominationofdirectors"provisionsofantitakeover,whichledtotheantitakeoverprovisionsofthetwosidesaroun
2、dthebickeringbeloweventuallyintheCommissioninterventiontoquellChinese.Withthesurgingwaveofmergersandacquisitions,antitakeovermeasureswillincreasinglybeinvolvedinactualcombat.Inrecentyears,theacquisitionofCITICGF,Sinatakeoverincidenthasarousedwidespreadcontroversyaroundthe
3、antitakeovermeasures.ActivereversetakeoverThepositivesignificanceoftheantitakeovercanbebroadlydividedintothreeperspectives.First,fromtheTargetCorppointofview,asmoderncompanieslinkmanystakeholders,long-termvalueshouldbeemphasized.Althoughthesharepriceofhostiletakeoveroffer
4、sisgenerallyhigherthanthecurrentmarketvalueoftheTargetCorp,Liptonbelievesthatthetakeoverwillbeequallysuccessfulinthelongrun.Moreover,duetothetakeoverthreat,themanagementofthecompanytomaintaincontrolandimprove(atleastguarantee)thehumancapitalvalue,haveturnedtofocusonshort-
5、termbehavior,andgiveupthosewhocomplywiththecompany'slong-termdevelopmentstrategyplan.Hannesisaverypositiveantitakeoverofpositivesignificance:first,antitakeovercanrepelthoseforcedandnotconducivetotheinterestsoftheshareholdersofthehostiletakeover;secondly,theantitakeoverand
6、takeoverofTargetCorpandtheacquisitionofcompetitivebargaining,andstriveforgreaterpremiumforshareholders;third,antitakeoverofthemanagementrepresentativeofthecompany,cansavefordispersedshareholdersandbringhightransactioncosts;fourth,thestockmarketdoesnotreflectthevalueofTarg
7、etCorp,completelyandaccuratelysothatbuyersbiddespitehigherthanthecurrentmarketvalue,butitispossibletolowertheactualvalueoftheTargetCorp.Second,fromtheacquirer'spointofview,thepurposeoftheacquisitionisalsodifficulttosayistoreallyenhancetheperformanceofTargetCorp,onthecontr
8、ary,islikelytouseacquisitionasatoolforotherpurposes.SuchasafterobtainingcontrolofTargetCorp,name
