As an efficient mechanism of external corporate governance,hostile takeovers are playing more and more important role in corporate governance,which is efficient to help stockholders supervise senior corporate executives.

The marketed M&A becomes thriving with the Total Distribution of stock market arising from the reform of stock market and the ordination of Management Mehod of the M&A of Stock Company,but there are more and more hostile M&A, so it is necessary and urgent for stock companies to construct a effective mechanism of anti-hostile M&A.

If object corporation implements the anti-acquisition, it may offset the active functions of the hostile acquisition.

As one of the most important defensive measures of hostile acquisitions, poison pill has significant impact on corporate management structure and corporate market control.

Study on Legal Regulations of Hostile Takeover of Listed Company in China;

In the background of listed companies shell remaining scarce,plus the system of part of the tender offer,and the acquisition offering by cash and securities,it will greatly increase the possibility of hostile takeover.