目标公司反收购若干法律问题研究

【作者】 宋祥伟；

【导师】 赵贺春；

【作者基本信息】 北方工业大学 ， 经济法学， 2004， 硕士

【摘要】 目标公司反收购制度主要是为了克服公司收购制度的缺陷而设立的一项重要的制度。反收购可以为公司的资产重组引入竞争机制，为目标公司股东提供一个讨价还价的机会，保护了股东的利益。但是如没有适当的规制，公司反收购也可能产生一定的负面影响，如反收购必然增加收购成本，可能造成社会资源的浪费，削弱收购制度对目标公司经营者行为的监督。在敌意收购和反收购的较量中，股东的利益，公司制度和资本市场的秩序都受到很大的影响。基于上述原因，英美等国家先后对目标公司反收购作了明确的规定，并形成了董事会决定模式和股东大会决定模式两种不同的反收购决定权模式。在我国，随着经济的发展和改革开放的逐渐深入，公司的数量逐渐增加，规模日趋庞大，股权结构也在不断变化。敌意收购和随之而来的反收购活动日渐增加，对资本市场产生越来越大的影响，迫切需要相关法律制度的建立和完善。但我国的《公司法》、《证券法》对反收购并没有作出任何规定，《上市公司收购管理办法》规定的制度也过于简单和笼统。 本文以目标公司反收购及其法律规制为主线，首先探讨了目标公司反收购的一般原理，主要说明了目标公司反收购与收购的内在关系，分析了目标公司反收购的概念、特征以及其制度价值，并结合我国的实际情况探讨了公司控制权市场理论、公司的社会责任以及目标公司反收购决定权等与目标公司反收购有关的基本理论。而后，本文对常见反收购措施进行了研究，分析其制度价值和适用范围、条件，并对欧美等代表性国家的反收购实践和反收购立法进行了比较研究。在此基础上，本文结合我国反收购的实际情况和反收购立法水平，对我国目标公司反收购的价值趋向、立法原则、立法模式选择、反收购决定权的归属、目标公司及其股东、经营者和职工在反收购中的权利义务以及具体的反收购措施的取舍等内容进行分析判断，提出自己的设想和建议。更多还原

【Abstract】 Corporation anti-takeover is an important system built to overcome the limitation of corporation takeover. Corporation anti-takeover can intake competitive mechanism for the asset restructuring of the target corporations, can provide a chance for bargaining to protect the interests of the shareholders. But if proper measures are not taken, the anti-takeover can lead to ill consequence, such as the fact that the action will cause the waste of the social resources, and it may weaken the supervising function of takeover system, and the runner of the target corporations may abuse their power. The battle between the takeover and the anti-takeover has a lot of influence on the interests of the shareholders and the development of corporation and capital market. So, the economically developed countries of the west have all enforce some act concerning anti-takeover. In china, with the development of the economy and the the deepen of reform, more and more hostile takeover and anti-takeover will appear, so there is an urgent need in china to establish an anti-takeover law system. But the present regulation is simple and blur.This article mainly concern with the anti-takeover and its regulation. At first ,it present a general view about anti-takeover, illuminating the inner relation between corporation takeover and corporation anti-takeover, analyzing the conception, character and the system value of corporation anti-takeover, discussing some theories concern with corporation anti-takeover such as the theory of market for corporate control, who make the anti-takeover decision. Then the article makes a comparative study on the species of corporation anti-takeover tactics and on the various regulations for corporation anti-takeover in foreign countries. In the end, based on the analyzing above and actual circumstance of China, the article puts forward suggestions and proposals for legislation of corporation anti-takeover in China.更多还原