毒丸计划产生于美国,是针对敌意收购进行反收购的一种重要措施。随着我国公司资本制度的改革,资本市场更加繁荣,敌意收购的情况也屡见不鲜。2015年末的万科股权之争,虽然万科的董事长王石明言不会使用毒丸计划进行反收购,但这一重大事件仍然使得毒丸计划引起重视。毒丸计划在我国的实施并不尽人意,这主要是由于我国特殊的资本制度以及该制度本身的局限性。因此,应当结合我国反收购现状对该制度进行改进,从而最大限度地发挥其对于反收购的作用,完善我国反收购立法。 Poison pill program was produced in the United States, is an anti-takeover hostile takeover an important measure. With the reform of the corporate capital system in our country, the capital market is more prosperous, and hostile takeovers are not uncommon. Vanke equity dispute at the end of 2015, although Vanke’s chairman Wang Shiming said it would not use the poison pill program for anti-takeover, but this momentous event still makes the poison pill program pay attention. The poison pill program was not implemented satisfactorily in our country, mainly due to the special capital system in our country and the limitations of the system itself. Therefore, the system should be improved in light of the status quo of anti-takeover in our country so as to give full play to its role in anti-takeover and improve our anti-takeover legislation.