公司合并中的股东权益保护

【作者】 王成弘；

【导师】 沈四宝；

【作者基本信息】 对外经济贸易大学 ， 国际法学， 2004， 硕士

【摘要】 随着公司规模的扩大，所有者和经营者逐步分离，股东交出公司的管理权；代理成本的存在即公司的管理者背离股东甚至公司的最大利益行事，产生了股东权益保护问题。由于我国目前普遍存在公司股权结构不合理、公司治理结构不完善的情况，股东权益保护尤其应当引起重视。另一方面，在不同交易中，对股东权益保护的必要性和保护方式不同，因此，构建有针对性的法律制度，才能确保特定交易中的股东权益。十五大以后，随着我国经济体制改革的深化，国有资本逐步从一般竞争性行业退出，“外资并购”受到热烈追捧。并购，包括合并与收购，二者虽然有诸多共同点，但是由于合并的交易双方是收购公司和目标公司，而股权收购的交易双方是收购公司的股东和目标公司的股东，因此需要区别对待。 我国目前对包括合并在内的并购进行的研究主要集中在反垄断、证券市场监管以及行业准入等政府监管方面，而股东权益的保护，特别是通过公司治理结构和股东诉权的完善来保障股东的权利并没有引起足够的重视。虽然在公司治理和股东诉权的完善方面，现有的研究分别对国外的制度有一定介绍，但是并没有专门就合并这一特定交易而研究，更没有对合并中股东权益保护进行全面的分析。由于经济上和法律上的种种原因，美国对公司合并的法律研究走在了世界的前列，其中对公司合并中的股东权益起到有利保障作用的制度包括两个方面：股东、董事的权利、义务规范以及事后的救济制度。一方面，通过规范董事、控制股东的诚信义务并赋予异议股东股份评估权，可以建立一个稳定的法律架构，使得公司的实际控制者和没有控制权的股东处于平等的地位上；而另一方面，权利必须有救济制度予以保障。 综上，本文在阐明了问题之所在和性质的基础上，系统分析了英美公司法在公司合并中的股东权益保护方面的先进制度，最后指出我国《公司法》中引进相应制度的必要性和可能性。更多还原

【Abstract】 As the scale of the corporations expands, owners separate from managers of corporations gradually and the control of corporations passed from owners from managers. The existence of agency cost, i.e., the managers do not act for the best benefits of shareholders or even the corporations, brings out the issue of protection against shareholders. Since the shareholding structure and corporate governance standing of corporations in China’s mainland are far from satisfactory, we shall attach great importance on protection against the shareholders’ rights and interests. Meanwhile, as the necessity and approach of the protection shall vary among different circumstances, the establishment of appropriate system is essential for the protection of shareholders in particular transaction. After the 16* National Conference of CPC, the economy is experiencing deeper revolution, including the exit of the State-owned capital from general competitive industry. In this revolution, merger or acquisition, or M&A, by foreign capital are widely chased. Merger and acquisition share many common characters, however, since the parties to a merger are the companies to be merged while the parties to a share acquisition shall be shareholders, merger and acquisitions shall be treated differently.The research regarding M&A in China’s mainland focuses on antitrust, securities regulation and industry supervision as well as other governmental regulation. On the other hand, the protection against rights and interests of shareholder, esp., the protection via improving the regulations regarding corporate governance and shareholders’ suit, does not enjoy the importance that it deserves. Although there are to some extent introduction of advanced foreign systems in terms of corporate governance and shareholder’s suit, researches focusing on the adoption of the advanced systems in M&A transactions are rarely found, let alone a comprehensive analysis with respect to the protection of shareholders in mergers. Due to various economic and legal reasons, the legal study of merger in the United States takes the leading position in the world. The systems protecting the rights and interests of shareholders in mergers include two aspects: to clarify the rights and obligations of shareholders and board directors and the corresponding relief. That is to say, for one thing, through the fiduciary duty and appraisal right, a stable structure may be established and consequently controller of a corporation and the shareholders not in possession of the control are on equal position; for the other, the enforcement of any rights and obligations shall resort to relief.On the basis of the analysis of the existence and character of the issue, the advanced systems in the United States are introduced and the necessity and possibility of migrating such systems to the Company Law of China’s mainland are pointed out in this article.更多还原