目标公司反收购的法律规制

【作者】 蓝澜；

【导师】 漆多俊；

【作者基本信息】 中南大学 ， 经济法， 2005， 硕士

【摘要】 目标公司反收购行为是针对公司收购行为而设置的一项重要行为,其目的就是为了帮助目标公司抵御乃至挫败收购人的收购行为尤其是敌意收购行为。它具有实质上的对抗性、主体上的多方性、客体上的证券性、目的上的明确性、行为上的规范性以及策略上的阶段性等特征。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,收购与被收购市场如火如荼。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,我国相关立法明显滞后于市场发展,《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,并结合我国的实际情况探讨了公司控制权市场理论、公司的社会责任等与目标公司反收购有关的基本理论。而后,本文对西方国家常见的反收购措施进行了研究,分析其制度价值和适用范围、条件,并结合我国的实际情况分析其可行性。在理论与法律措施分析的基础上,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法律规制的立法原则、理论基础、反收购决定权的归属、目标公司及其股东特别是中小股东在反收购中的权利义务的保护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. The fundamental goal of the anti-acquisition measures is to take precautions of or to repulse the hostile purchaser, to protect the long-term interests of the corporation and the shareholders as well as the benefits of the society. The management of the Target Corporation should not abuse the measures in order to strengthen their positions thus hamper the efficiency of the operation of the company and hinder the optimization regrouping of the resources while taking these measures. Both the practice of legislation and the judicial practice of the anti-acquisition should obey this principle.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, 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 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, analyzing the conception and the system value of corporation anti-takeover, discussing some theories concern with corporation anti-takeover. Then the article analyzes the various actions 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 corporationanti-takeover in China.更多还原