本文選題：換股并購(gòu) + 換股比例�。� 參考：《山西財(cái)經(jīng)大學(xué)》2011年碩士論文

【摘要】：換股并購(gòu)不僅比現(xiàn)金并購(gòu)方式節(jié)約交易成本,而且在財(cái)務(wù)上可合理避稅和產(chǎn)生股票預(yù)期增長(zhǎng)效應(yīng)。因此,隨著20世紀(jì)90年代以來(lái)國(guó)際金融環(huán)境的日趨寬松,尤其是金融貿(mào)易自由化的極大發(fā)展,換股并購(gòu)交易風(fēng)行全球。同國(guó)外悠久的發(fā)展歷史相比,換股并購(gòu)在中國(guó)的發(fā)展歷史并不長(zhǎng),只有短短的11年時(shí)間,但筆者認(rèn)為,在當(dāng)前這個(gè)特定的時(shí)期深入研究中國(guó)公司換股并購(gòu)非常重要和迫切,2002年9月出臺(tái)的《上市公司收購(gòu)管理辦法》將換股并購(gòu)這種并購(gòu)模式寫(xiě)入法規(guī),這意味著換股并購(gòu)獲得了法律的認(rèn)可和支持,股權(quán)分置改革的順利完成,解決了我國(guó)換股并購(gòu)發(fā)展的桎梏——換股比例確定問(wèn)題,中國(guó)的換股并購(gòu)正在步入加速發(fā)展階段。本文主要從法律的角度對(duì)換股并購(gòu)進(jìn)行探討。換股并購(gòu)涉及的法律關(guān)系甚為廣泛,也非本文所能窮盡,因此,本文只是擇取其中若干法律問(wèn)題進(jìn)行探討。可以說(shuō)換股并購(gòu)制度具有強(qiáng)大的生命力和廣闊的發(fā)展前景,這也正是本文研究的目的和意義所在。 本文共分四部分: 第一部分共分三節(jié),前兩節(jié)是關(guān)于換股并購(gòu)的總則性概述,包括換股并購(gòu)的概念、特征、分類及換股并購(gòu)的動(dòng)機(jī)分析。第三節(jié)是對(duì)換股并購(gòu)百年來(lái)的發(fā)展歷史進(jìn)行了整體的分析和評(píng)價(jià)并簡(jiǎn)要的回顧了我國(guó)換股并購(gòu)的發(fā)展歷史。 第二部分是在第一部分的基礎(chǔ)上,對(duì)換股并購(gòu)涉及的主要法律問(wèn)題展開(kāi)闡述。本部分第一節(jié)對(duì)換股比例進(jìn)行法律的分析,并概括性的探討了換股比例中的法律問(wèn)題,分析了確定換股比例在我國(guó)法律環(huán)境中下所存在的問(wèn)題。第二節(jié)對(duì)換股使用股票的兩種來(lái)源方式:庫(kù)存股和定向增發(fā)進(jìn)行分析,并提出了作者自己的建議。第三節(jié)是關(guān)于換股并購(gòu)中股東權(quán)益的保護(hù)內(nèi)容。 第三部分是先對(duì)西方國(guó)家關(guān)于換股并購(gòu)的法律規(guī)定進(jìn)行介紹和評(píng)析,并在此基礎(chǔ)上分析其立法特點(diǎn)。 第四部分是針對(duì)我國(guó)換股并購(gòu)的法律規(guī)范及立法思考進(jìn)行論述,并立足于對(duì)第二部分所探討的法律問(wèn)題的解決。第一、二節(jié)介紹了我國(guó)關(guān)于換股并購(gòu)的法律規(guī)定,對(duì)相關(guān)配套法律出臺(tái)的合理性做出了肯定,并分析了其中的不足。第三節(jié)作者對(duì)我國(guó)關(guān)于換股并購(gòu)的立法作簡(jiǎn)要的思考,對(duì)采用何種立法方式提出了自己的見(jiàn)解,并提出了相應(yīng)的立法建議。 基于以上論述,本文認(rèn)為,我國(guó)應(yīng)對(duì)換股并購(gòu)這一趨勢(shì)做出積極響應(yīng),不僅要出臺(tái)相關(guān)的實(shí)施細(xì)則,而且要在《公司法》、《證券法》中完善相關(guān)的規(guī)定,才有可能很好地解決換股并購(gòu)中所出現(xiàn)的一些法律問(wèn)題。
[Abstract]:Stock exchange M & A not only saves transaction cost compared with cash M & A, but also can avoid tax reasonably and produce stock expected growth effect. Therefore, with the increasingly relaxed international financial environment since the 1990s, especially the great development of financial and trade liberalization, stock exchange M & A has become popular all over the world. Compared with the long development history of foreign countries, the history of M & A in China is not long, only 11 years, but the author thinks, It is very important and urgent to study deeply the merger and acquisition of Chinese companies in this particular period. In September 2002, the "Management measures for the acquisition of listed companies" incorporated the mode of M & A into the laws and regulations. This means that the merger and acquisition of stock exchange has been recognized and supported by the law, the reform of split share structure has been completed smoothly, the shackles of the development of M & A in China have been solved-the proportion of exchange of shares has been determined, and the merger and acquisition of stock exchange in China is stepping into the stage of accelerated development. This paper mainly discusses the merger and acquisition of stock exchange from the angle of law. M & A involves a wide range of legal relations, and can not be exhausted in this paper, therefore, this paper only select some of the legal issues for discussion. It can be said that the M & A system has a strong vitality and broad development prospects, which is the purpose and significance of this study. This paper is divided into four parts: The first part is divided into three sections, the first two sections are about the general principles of stock exchange M & A, including the concept, characteristics, classification and analysis of the motivation of mergers and acquisitions. The third section is a comprehensive analysis and evaluation of the history of stock exchange mergers and acquisitions in the past 100 years and a brief review of the development history of stock exchange mergers and acquisitions in China. On the basis of the first part, the second part expounds the main legal issues involved in the merger and acquisition of stock exchange. In the first section of this part, we analyze the law of the proportion of stock exchange, and discuss the legal problems in the proportion of the exchange of shares in a general way, and analyze the problems existing in the legal environment of our country to determine the proportion of the exchange of shares. In the second section, the author analyzes the two sources of stock exchange: inventory stock and directional additional offering, and puts forward the author's own suggestions. The third section is about the protection of shareholders' rights and interests in stock exchange mergers and acquisitions. The third part is the introduction and analysis of the legal provisions of merger and acquisition in western countries, and on the basis of the analysis of its legislative characteristics. The fourth part is to discuss the legal norms and legislative thinking of merger and acquisition in China, and based on the legal issues discussed in the second part. The first and second section introduces the legal provisions of merger and acquisition of stock exchange in China, affirms the rationality of relevant supporting laws, and analyzes the shortcomings. In the third section, the author makes a brief reflection on the legislation of merger and acquisition of stock exchange in our country, and puts forward his own opinion on what kind of legislation way to adopt, and puts forward the corresponding legislative suggestions. Based on the above discussion, this paper holds that China should make a positive response to the trend of merger and acquisition of stock exchange, not only to issue relevant implementation rules, but also to perfect the relevant provisions in Company Law and Securities Law. It is possible to solve some legal problems in M & A.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：D922.291.91;F275

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