CAJ | 학술논문

上市公司的收购与反收购是一体两面的事物。反收购措施的产生、发展与敌意收购有着密不可分的关系。从法律价值看，收购制度更倾向于保护的法律价值是兼顾效率与公平，以效率为主；反收购制度更倾向于保护的法律价值是兼顾公平与效率，以公平为主。从法律主体看，收购制度更倾向于保护收购方；反收购更倾向于保护被收购方，具体而言，反收购更倾向于保护目标公司及其股东（特别是中小股东）、利益相关者利益和社会公共利益。完善我国上市公司的反敌意收购制度，保护合理的收购防御行为，有利于克服敌意收购的负面效应，保护市场公平。
상시공사적수구여반수구시일체량면적사물。반수구조시적산생、발전여활의수구유착밀불가분적관계。종법률개치간，수구제도경경향우보호적법률개치시겸고효솔여공평，이효솔위주；반수구제도경경향우보호적법률개치시겸고공평여효솔，이공평위주。종법률주체간，수구제도경경향우보호수구방；반수구경경향우보호피수구방，구체이언，반수구경경향우보호목표공사급기고동（특별시중소고동）、이익상관자이익화사회공공이익。완선아국상시공사적반활의수구제도，보호합리적수구방어행위，유리우극복활의수구적부면효응，보호시장공평。
The takeover and anti-takeover of listed companies is two things. Generation and development of anti-takeover measures has an inseparable relationship with a hostile takeover. From the legal value acquisition system more inclined to protect both efficiency and equity is the value of the law, give priority to with efficiency; Anti-takeover system more inclined to protect both fairness and efficiency is the value of the law, give priority to with fair. From the legal subject acquisition system more inclined to protect the acquirer; Anti takeover by acquirers tend to be more protection, specifically, anti-takeover more inclined to protect the target company and its shareholders, especially minority shareholders）, stakeholder interests and public interests. To perfect our system of hostile takeover of listed companies, protect the reasonable takeover defence behavior,is beneficial to overcome the negative effects of hostile takeovers,protecting fair market.