美国公司反收购战中毒丸计划的法律分析

公司反收购是现代公司控制权争夺过程中的必然现象，虽然有争议，但如果给予必要的法律约束，它对解决优化资源配置问题有巨大的促进作用。反收购措施起源于美国，美国历史上围绕收购与反收购的案例构成了美国反收购立法的重要组成部分。美国反收购实践展示了多种可能性，其中引人注目的是股东权利计划，又称“毒丸计划”，它已为我国的盛大网络公司对新浪公司的收购所采用，但在法理上股东权利计划并没有得到很好的研究和解释。本文主要针对美国公司反收购实践中的毒丸计划进行研究，从而论证毒丸计划在法律上的有效性。

Poison Pill in Counter-Acquisition in US

Counter-acquisition is inevitable with enterprises in their fight for controlling power. When put under appropriate legal control, it helps facilitate optimal capital allocation. Counter-acquisition originated from US, where relevant cases constitute important parts of the legislation. Counter-acquisition process is diversified in the States, the most well-known is shareholder right plan or otherwise known as poison pill plan, adopted by Shanda in its acquisition of Sina, although not properly studied and explained jurisprudentially. This paper is a study of the poison pill plan in terms of its legal effectiveness.