本文選題：上市公司　切入點：反收購策略　出處：《吉林大學》2017年碩士論文　論文類型：學位論文

【摘要】：資本市場中,涉及上市公司之間的敵意收購與反敵意收購時有出現(xiàn),持續(xù)已有一年半之久的寶萬股權之爭如何落幕尚未可知。所有滬深兩市上市公司的股東、管理層都從這一堂敵意收購與反收購公開課中深深受教,尤其是寶能系向萬科股東大會提交罷免萬科董事會議案一幕讓人記憶有新,也讓“門口的野蠻人”這個詞廣為人知。董事會為避免公司被敵意收購后自己就被新股東罷免,接二連三地通過修改公司章程采取反收購策略,意圖通過在公司章程中采取各種類型的反收購策略,以達到防御“門口的野蠻人”的目的。本論文通過對寶萬股權之爭這一經(jīng)典案例發(fā)生后2016年度我國上市公司通過修改公司章程采取反收購策略的所有案例進行分析和歸納總結(jié),介紹了中國上市的公司所采取的較為常用的防御敵意收購的反收購策略的類型,分析了在我國法律環(huán)境和監(jiān)管背景下為防御“門口的野蠻人”的敵意收購而采取的各種類型的反收購策略的合法合規(guī)性,進而試圖為確保上市公司在公司治理中能夠合法合規(guī)地采取反收購策略提供規(guī)則建議。本文首先詳細地介紹了毒丸計劃策略、分期分級董事會制度策略等我國上市公司較常采取的反收購策略的基本內(nèi)涵,以及介紹了在2016年度采取了前述類型的反收購策略的滬深兩市的部分上市公司案例,并對上市公司就各類反收購策略是如何具體運用的作了詳細論述。本文其次從我國現(xiàn)行法律規(guī)定層面分別討論了我國上市公司所采取的各類反收購策略的合法性,分析了我國現(xiàn)行法律規(guī)定關于章程中采取的各種類型的反收購策略的合法性。本文緊接著就證監(jiān)會、上交所、深交所等實務監(jiān)管部門依職權對上市公司的收購活動進行監(jiān)管時涉及各種類型的反收購策略的監(jiān)管進行了論述,證監(jiān)會、上交所、深交所按照《公司法》、《上市公司收購管理辦法》等有關法律規(guī)定和從維護公司利益及股東利益角度出發(fā),對各類反收購策略是否合法進行監(jiān)管,未違反《公司法》、《上市公司收購管理辦法》等有關法律規(guī)定的反收購策略,上市公司可以在章程中采取用來防御敵意收購;違反《公司法》、《上市公司收購管理辦法》等有關法律規(guī)定的反收購策略則不得采取。本文最后根據(jù)我國現(xiàn)行法律規(guī)定以及證監(jiān)會、上交所、深交所的監(jiān)管要求關于各類反收購策略合法性的態(tài)度,為確保上市公司在章程中采取各類反收購策略能夠具備合法性提供了規(guī)則建議。市場化經(jīng)濟理應是法治化經(jīng)濟,本論文的研究意義在于為上市公司在采取反收購策略防御敵意收購時能夠具有合法合規(guī)性提供規(guī)則建議,從而有利于促進我國上市公司治理的法治化。
[Abstract]:In the capital market, hostile and anti-hostile takeovers involving listed companies have occurred from time to time. It is not clear how the dispute over the shares of Baowan, which has been going on for over a year and a half, will end. All shareholders of listed companies in the Shanghai and Shenzhen stock markets, Management has been deeply taught in this open course on hostile takeovers and anti-takeover, especially when Baoneng submitted a motion to remove Vanke's board of directors at a general meeting of Vanke shareholders. The term "barbarians at the door" is also widely known. The board of directors, in an effort to avoid being ousted by new shareholders after a hostile takeover, has repeatedly adopted an anti-takeover strategy by modifying the company's articles of association. Intent on adopting various types of anti-takeover strategies in the articles of association, In order to achieve the goal of defending the "barbarians at the door", this paper analyzes and summarizes all cases of anti-takeover strategy adopted by Chinese listed companies by modifying their articles of association in 2016 after the classic case of the dispute over the ownership of Baowan. This paper introduces the types of anti-takeover strategies used by Chinese listed companies to defend against hostile takeover. This paper analyzes the legal compliance of various types of anti-takeover strategies adopted to defend the hostile takeover of the "barbarians at the door" under the legal environment and regulatory background of our country. In order to ensure that the listed company can legally adopt the anti-takeover strategy in corporate governance, this paper first introduces the poison pill planning strategy in detail. The basic connotation of the anti-takeover strategy adopted by listed companies in China, such as the strategy of staged and graded board of directors, and the cases of some listed companies in Shanghai and Shenzhen stock markets that adopted the aforementioned anti-takeover strategy in 2016 are introduced. Then, this paper discusses the legality of all kinds of anti-takeover strategies adopted by listed companies from the aspects of the current laws and regulations of our country. This paper analyzes the legality of the various types of anti-takeover strategies adopted in the articles of association as stipulated in the current laws of our country. The Shenzhen Stock Exchange and other practical regulatory authorities have discussed the supervision of various types of anti-takeover strategies when regulating the acquisition activities of listed companies according to their functions. The Securities Regulatory Commission, the Shanghai Stock Exchange, The Shenzhen Stock Exchange, in accordance with the relevant laws and regulations such as the Company Law, the measures for the Management of acquisitions of listed companies, and from the perspective of safeguarding the interests of the company and the interests of the shareholders, supervises the legality of various anti-takeover strategies. Without violating the anti-takeover strategies stipulated by relevant laws such as the Company Law and the measures for the Administration of takeover of listed companies, the listed companies may use the articles of association to defend against hostile takeovers; The anti-takeover strategy in violation of "Company Law" and "measures for the Administration of takeover of listed companies" and other relevant laws shall not be adopted. Finally, according to the existing laws and regulations of our country and the Securities Regulatory Commission and the Shanghai Stock Exchange, The Shenzhen Stock Exchange's supervision requires an attitude on the legality of various anti-takeover strategies, which provides rules for ensuring that listed companies can adopt various anti-takeover strategies in their articles of association. The market-oriented economy is supposed to be a legalized economy. The research significance of this thesis is to provide rules and suggestions for the listed companies to adopt anti-takeover strategy to defend hostile takeover, and to promote the rule of law of listed companies in China.
【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：D922.291.91

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