本文選題：外資并購 + 敵意收購��； 參考：《西南財(cái)經(jīng)大學(xué)》2010年碩士論文

【摘要】：毋庸置疑,外資并購是一柄“雙刃劍”,其積極意義表現(xiàn)在有利于優(yōu)化我國上市公司的股權(quán)結(jié)構(gòu)和提高上市公司的質(zhì)量,有利于國有經(jīng)濟(jì)戰(zhàn)略重組和產(chǎn)業(yè)結(jié)構(gòu)調(diào)整、升級(jí)等等；其消極意義則表現(xiàn)在可能導(dǎo)致阻礙我國企業(yè)的發(fā)展壯大,造成國有資產(chǎn)流失,出現(xiàn)壟斷,威脅民族產(chǎn)業(yè)甚至國家經(jīng)濟(jì)安全等等。所以,筆者認(rèn)為,在宏觀層面,政府應(yīng)當(dāng)重視收購與反收購立法,加強(qiáng)外資并購審查；在微觀層面,企業(yè)應(yīng)當(dāng)做好外資敵意并購的預(yù)防措施以及在面對(duì)敵意并購時(shí)正確運(yùn)用法律手段積極應(yīng)對(duì)。然而,由于我國目前反收購立法的缺位,理論上的各種反收購措施是英、美等敵意收購活動(dòng)比較活躍的國家和地區(qū),通過大量的公司并購實(shí)踐及相關(guān)的司法實(shí)踐而逐步創(chuàng)造和發(fā)展起來的。由于各國文化、傳統(tǒng)、法律的差異,許多反收購措施并不具有普適性。就我國而言,資本并購市場(chǎng)出現(xiàn)也只有十來年,還是新生事物,有關(guān)制度規(guī)范大部分是借鑒于市場(chǎng)成熟的資本主義國家。具體的反收購措施也大部分是直接引進(jìn)、借鑒,因而魚龍混雜,合法與非法并存。對(duì)于具體的反收購措施,我國法律還沒有予以明確規(guī)范,即規(guī)定哪些是許可的,哪些是禁止的,以及這些具體措施的構(gòu)成要件、適用條件和產(chǎn)生的具體法律后果。本文基于應(yīng)當(dāng)正確引導(dǎo)我國上市公司反收購的立場(chǎng),展開本文的探討。 具體而言,本文在結(jié)構(gòu)體系上擬分為以下五個(gè)部分： 第一章為本文的導(dǎo)論部分。首先以一個(gè)案例展開探討,本文選取“中國上市公司首宗惡意收購案--哈啤集團(tuán)VS SABMiller"一案作為引子,并進(jìn)一步對(duì)我國的市場(chǎng)環(huán)境和法律環(huán)境方面進(jìn)行分析,不難看出我國企業(yè)面臨著遭遇外資敵意并購的潛在風(fēng)險(xiǎn),最后簡析外資在我國的發(fā)展現(xiàn)狀和并購我國企業(yè)的勃勃雄心,明確指出要對(duì)外資并購我國企業(yè)給予更多的關(guān)注,在看到其積極方面的同時(shí)還要看到其消極方面,懷抱“凡事預(yù)則立,不預(yù)則廢”的姿態(tài)正確考量外資并購,尤其是外資敵意并購。然后分析本文的研究意義,指出本文不僅具有重要的理論意義,更具有重要的現(xiàn)實(shí)意義。最后對(duì)本文涉及的幾個(gè)基本概念作出應(yīng)有的交代。 第二章分析外資并購中反收購之理論基石、動(dòng)因以及價(jià)值。首先探究反收購之理論基石,從否認(rèn)目標(biāo)公司擁有反收購權(quán)的公司控制權(quán)市場(chǎng)理論追尋到肯定目標(biāo)公司擁有反收購權(quán)的利益相關(guān)者理論,重點(diǎn)對(duì)后者展開論述,接著簡要分析了外資并購中反收購之動(dòng)因和價(jià)值,探尋在外資并購國內(nèi)企業(yè)的情景下反收購的動(dòng)因以及反收購存在的價(jià)值,并將該部分作為本文的理論基礎(chǔ)展開下文。 第三章主要分析我國上市公司采用反收購策略的現(xiàn)狀與存在的問題。作為中心論題的鋪墊,分析現(xiàn)狀,發(fā)現(xiàn)問題。實(shí)事求是的發(fā)現(xiàn)問題是分析問題所在的前提和基礎(chǔ)。 第四章對(duì)國外反收購主要策略在我國當(dāng)前法律制度下的適用性進(jìn)行分析。本部分進(jìn)行了比較系統(tǒng)詳細(xì)的分析,并采取了分塊研究,即將國外反收購主要策略分為預(yù)防性策略和對(duì)抗性策略。在預(yù)防性策略部分,比較詳細(xì)的探討了絕對(duì)多數(shù)條款、公平價(jià)格條款、輪換董事條款、限制大股東表決權(quán)條款、提高臨時(shí)股東會(huì)召集權(quán)持股比例和時(shí)間、股東提案權(quán)比例條款、雙重資本制、“毒丸計(jì)劃”、管理層優(yōu)先收購、“降落傘條款”等反收購策略的具體內(nèi)容、實(shí)施方法以及在我國的應(yīng)用情況分析；在對(duì)抗性策略部分比較詳細(xì)的探討了股份回購、“白衣騎士”、“白衣護(hù)衛(wèi)”、“帕克曼”戰(zhàn)略、“焦土政策”、運(yùn)用控告、訴訟手段等反收購策略的具體內(nèi)容、實(shí)施方法以及在我國的應(yīng)用情況分析,探究這些策略與我國法律的兼容性,即是與我國法律、政策相容還是相沖突,亦或是雖然我國目前法律沒有明確規(guī)定卻體現(xiàn)了其精神,能夠與我國法律相協(xié)調(diào)但實(shí)際作用卻有限,如果有沖突,沖突又何在,能否轉(zhuǎn)化適用等等。在本部分論述中,對(duì)不同的觀點(diǎn)進(jìn)行比較、評(píng)價(jià)和駁論,限于篇幅,輔以相關(guān)案例簡潔介紹,點(diǎn)到為止。 第五章我國反收購立法的不足與完善。首先簡單總結(jié)上一部分的分析結(jié)果,明確當(dāng)前我國法律制度下外資并購中反收購策略的可以考慮的現(xiàn)實(shí)選擇,在預(yù)防性策略中有輪換董事制、限制大股東表決權(quán)的累積投票制、管理層優(yōu)先收購、降落傘條款(包含黃金降落傘、銀降落傘及錫降落傘)以及發(fā)行可轉(zhuǎn)換公司債券等可供選擇,在對(duì)抗性反收購策略中有白衣騎士、白衣護(hù)衛(wèi)、帕克曼戰(zhàn)略、控告、訴訟以及對(duì)股份回購等可供選擇。然后從我國現(xiàn)行反收購立法體系和我國現(xiàn)行反收購立法中有關(guān)反收購行為的具體規(guī)定兩個(gè)方面來分析我國反收購立法的現(xiàn)狀,在立法體系這一小節(jié)中,從法律、行政法規(guī)、部門規(guī)章、自律性文件四個(gè)層次簡單加以歸類介紹,在具體規(guī)定這一小節(jié)中,分別分析了《公司法》、《證券法》、《反壟斷法》、《上市公司收購管理辦法》、《關(guān)于外國投資者并購境內(nèi)企業(yè)的規(guī)定》等法律法規(guī)中有關(guān)反收購的規(guī)定,或簡潔或詳細(xì),試圖給出較為完整的總結(jié)。在本章第三節(jié)中,探討當(dāng)前我國反收購措施立法的不足,本文認(rèn)為,當(dāng)前我國立法對(duì)反收購重規(guī)制、輕引導(dǎo)的態(tài)度不利于正當(dāng)?shù)姆词召?我國《公司法》、《證券法》對(duì)可采用的反收購策略缺乏具體規(guī)定,我國《反壟斷法》、《關(guān)于經(jīng)營者集中申報(bào)標(biāo)準(zhǔn)的規(guī)定》對(duì)外資并購申報(bào)標(biāo)準(zhǔn)、執(zhí)法機(jī)構(gòu)和程序等缺乏明確規(guī)定不利于反收購以及《關(guān)于外國投資者并購境內(nèi)企業(yè)的規(guī)定》、《上市公司收購管理辦法》等一系列部門規(guī)章對(duì)反收購規(guī)定缺乏體系且可操作性較差等,并對(duì)各個(gè)觀點(diǎn)作出闡釋說明。在本章第四部分即本文最后一部分提出了完善我國反收購措施的立法構(gòu)想,首先談到了我國反收購立法原則：處理好收購與反收購的和諧發(fā)展原則,信息公開原則,保護(hù)公司股東權(quán)益原則,保護(hù)公司利益相關(guān)者權(quán)益原則,優(yōu)化資源配置原則,維護(hù)國家經(jīng)濟(jì)安全原則等,然后在后面各個(gè)部分加以闡述：完善并建立起以《公司法》、《證券法》為基礎(chǔ)的調(diào)整外資并購方式、反并購措施的法律規(guī)范體系；完善《反壟斷法》中相關(guān)市場(chǎng)的界定、申報(bào)標(biāo)準(zhǔn)以及反壟斷執(zhí)法等規(guī)定；構(gòu)建我國外資并購安全審查制度；在正確引導(dǎo)反收購的同時(shí),確立適度的的反收購監(jiān)管制度等等。 本文的貢獻(xiàn)：先前的相關(guān)研究主要有以下兩個(gè)方向,一是反收購決策權(quán)的歸屬,借鑒英美國家的立法和實(shí)踐,探討我國反收購決策權(quán)究竟是應(yīng)該歸屬于董事會(huì)還是股東(大)會(huì)；二是站在鼓勵(lì)并購的立場(chǎng),探討反收購的規(guī)制問題,這與我國目前政策鼓勵(lì)外資并購相吻合。也有個(gè)別文章探討此類問題,但由于其關(guān)注點(diǎn)側(cè)重不同,所以探究的不夠全面和深入。而本文則旗幟鮮明地站在應(yīng)當(dāng)合理引導(dǎo)反收購的立場(chǎng),聚焦于探討國外反收購策略在我國的應(yīng)用問題,分析哪些反收購策略在我國可以直接適用,哪些可以轉(zhuǎn)化適用以及哪些不適用,最后提出自己的立法完善構(gòu)想,研究角度比較新穎,且在這一個(gè)研究方向上作出了比較全面而又深入的探討。
[Abstract]:There is no doubt that foreign merger and acquisition is a "double-edged sword". Its positive significance is to optimize the ownership structure of the listed companies in China and improve the quality of the listed companies. It is beneficial to the strategic reorganization of the state-owned economy, the adjustment of the industrial structure, the upgrading of the industrial structure and so on. Its negative significance may lead to the development and expansion of our enterprises. Therefore, at the macro level, the government should attach importance to the acquisition and anti acquisition legislation, and strengthen the review of foreign merger and acquisition. At the micro level, the enterprises should do well in the prevention and purchase of foreign investment and the correct use of the hostile merger and acquisition. However, due to the absence of the current anti acquisition legislation in China, the various anti acquisition measures in theory are countries and regions with relatively active hostile takeover activities such as Britain and the United States, which have been gradually created and developed through a large number of mergers and acquisitions and related judicial practices. Many anti takeover measures are not universal. As far as China is concerned, the capital merger and acquisition market is only a decade or a new thing. Most of the rules of the system are in view of the mature capitalist countries. For specific anti takeover measures, China's law has not yet been clearly regulated, that is, what is permissible, which is prohibited, and the elements of the specific measures, the conditions of application and the specific legal consequences. This article is based on the correct guidance of the stand of anti takeover of Listed Companies in China and the discussion of this article.
Specifically, this paper is divided into five parts on the structural system.
The first chapter is the introductory part of this article. First of all, this article begins with a case study. This article selects "the first malware purchase case of Chinese Listed Companies -- VS SABMiller" as an introduction, and further analyzes the market environment and the legal environment of our country. It is not difficult to see that Chinese enterprises are confronted with foreign hostile merger and acquisition. In the end, the current situation of foreign investment in China and the ambition of M & A in China are briefly analyzed. It is clearly pointed out that we should pay more attention to the foreign capital merger and acquisition of our enterprises, and see its negative aspects while seeing its positive aspects, and cherish the correct consideration of the foreign capital M & A, especially in the posture of "precondition and not" This paper analyzes the significance of this study, and points out that this article not only has important theoretical significance, but also has important practical significance. Finally, we have made a due account of the basic concepts involved in this article.
The second chapter analyzes the theoretical cornerstone, motivation and value of anti takeover in foreign capital mergers and acquisitions. First, it explores the theoretical cornerstone of anti takeover. From the theory that the Target Corp has the right to control the right of anti takeover, it seeks the stakeholder theory that affirms the anti takeover right of the Target Corp, focuses on the latter, and then briefly analyzes the theory. The motivation and value of anti takeover in foreign capital mergers and acquisitions, explore the motivation of anti takeover and the value of anti takeover in the situation of foreign merger and acquisition of domestic enterprises, and take this part as the theoretical basis of this article.
The third chapter mainly analyzes the current situation and existing problems of the anti takeover strategy of Listed Companies in China. As the paving of the central topic, it analyzes the status quo and finds out the problems. The finding problem of seeking truth from facts is the premise and foundation of the analysis of the problem.
The fourth chapter analyzes the applicability of the foreign anti takeover strategy under the current legal system in China. This part makes a systematic and detailed analysis, and adopts a separate study. The main strategies of foreign anti takeover are divided into preventive and antagonistic strategies. In the part of preventive strategies, the absolute majority are discussed in detail. The provisions, the terms of the fair price, the rotation of the terms of the directors, the restrictions on the voting rights of the large shareholders, the increase of the proportion and time of the holding right of the provisional shareholders, the proportion of the shareholder's proposal, the double capital system, the "poison pill", the priority of management, the parachute clause, and the specific contents, the methods of implementation and in our country. The application situation analysis; in the antagonistic strategy part of the more detailed discussion of share repurchase, "white clothes Knight", "white coat guard", "Parkman" strategy, "coke soil policy", the use of accusations, litigation means and other anti acquisition strategies, the implementation method and application analysis in China, to explore these strategies and China's law. The compatibility of law, that is, is in conflict with our country's laws and policies, or even though our country's current law does not have clear provisions but embodies its spirit. It can be coordinated with our laws but the actual role is limited. If there is conflict, conflict, and whether it can be adapted, and so on. In this part, the different views are carried out in this part. Comparison, appraisal and refutation are limited to space and complemented by relevant cases.
The fifth chapter is the deficiency and perfection of China's anti takeover legislation. First, a brief summary of the analysis results of the previous part is made, and the realistic choice of the anti takeover strategy under the current legal system of China is clearly defined. In the preventive strategy, there is a rotation of the board of directors, the cumulative voting system that limits the decision of the large shareholders, the priority of management and the reduction of the purchase. The Umbrella Clause (including the golden parachute, the silver parachute and the tin parachute) and the issuance of Switching Company bonds are available. In the anti takeover strategy, there are white knights, white clothes, Parchman strategy, accusation, litigation, and share repurchase. The present situation of anti takeover legislation in China is analyzed in two aspects of the specific provisions on anti takeover act in the acquisition legislation. In this section of the legislative system, it is simply classified and introduced from the four levels of law, administrative regulations, departmental rules and self-discipline documents. In this section, the company law, the securities law, and the anti ridges are analyzed. In the third section of this chapter, the shortcomings of the anti takeover measures in China are discussed in the third section of this chapter. Our country < Company Law > Securities Law > lacks specific regulations on the anti takeover strategy that can be adopted, our country "antitrust law >", < the regulations for the centralized declaration of the operator > the declaration standard for foreign capital mergers and acquisitions, the law enforcement agencies and procedures and so on is not conducive to the anti takeover and < In the fourth part of this chapter, the legislative conception of improving China's anti takeover measures is put forward in the fourth part of this chapter: the last part of this chapter, which is the first part of this chapter. First, it talks about the principles of anti takeover legislation in China: to deal with the principle of harmonious development of acquisition and anti takeover, the principle of information disclosure, the principle of protecting the rights and interests of the shareholders of the company, the principle of protecting the rights and interests of the stakeholders of the company, the principle of optimizing the allocation of resources, and the maintenance of the principle of national economic security. The legal system of the merger and acquisition of foreign capital based on the company law and the securities law, the legal system of anti merger and acquisition measures, the definition of the relevant markets in the anti monopoly law, the declaration standards and the anti-monopoly law enforcement regulations, and the establishment of the security review system for foreign capital mergers and acquisitions, and the establishment of a moderate counter collection at the same time in the correct guidance of the anti takeover. Purchase supervision system and so on.
The contribution of this article: the previous related research mainly has the following two directions, one is the attribution of the right of anti takeover decision and the legislation and practice of the British and American countries to discuss whether our anti takeover decision-making power should belong to the board of directors or the shareholders (big), and the two is to stand in the position of encouraging and purchase, and discuss the regulation of anti takeover, which is with me China's current policy encourages foreign capital mergers and acquisitions. There are also some articles to discuss such problems, but because their focus is different, the inquiry is not comprehensive and thorough. The acquisition strategy can be applied directly in our country, which can be applied and which can not be applied. Finally, it puts forward its own legislative perfect conception, and the research angle is new, and makes a comprehensive and in-depth discussion on this research direction.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2010
【分類號(hào)】：D922.29

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 陸昊;;對(duì)《反壟斷法》外資并購規(guī)制的評(píng)述[J];安徽農(nóng)業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2008年03期

2 顧正平;;中國外資并購反壟斷申報(bào)制度[J];晟典律師評(píng)論;2007年01期

3 Robert Hanka;哈啤反收購——中國上市公司首宗惡意收購案親歷[J];銀行家;2004年09期

4 肖萬;;上市公司股份回購的反收購適用探究[J];財(cái)會(huì)通訊;2009年02期

5 楊曄;周成躍;;全流通時(shí)代我國上市公司反并購研究[J];財(cái)政研究;2008年12期

6 郭富青;論公司要約收購與反收購中少數(shù)股東利益的保護(hù)[J];法商研究(中南政法學(xué)院學(xué)報(bào));2000年04期

7 王建文;;我國公司章程反收購條款:制度空間與適用方法[J];法學(xué)評(píng)論;2007年02期

8 崔嘉欣;;關(guān)于我國上市公司反收購立法的思考[J];法制與社會(huì);2007年08期

9 戴成;;論上市公司章程中反收購條款的制定及法律規(guī)制[J];法制與社會(huì);2008年23期

10 徐敬華;;《反壟斷法》背景下外資并購法律規(guī)制的完善[J];法制與社會(huì);2008年35期

相關(guān)碩士學(xué)位論文 前7條

1 陳斌;上市公司反收購策略研究[D];對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);2006年

2 曲亮亮;公司反收購法律問題研究[D];吉林大學(xué);2007年

3 侯青云;我國管理層收購（MBO）融資的法律問題研究[D];吉林大學(xué);2007年

4 龔勛;現(xiàn)階段目標(biāo)公司反收購有關(guān)法律問題研究[D];華東政法大學(xué);2007年

5 李慧泉;中國上市公司反收購法律制度研究[D];華東政法大學(xué);2007年

6 邵森琢;全流通時(shí)代下的反收購策略[D];中國政法大學(xué);2007年

7 姜玲玲;中國未來資本市場(chǎng)上市公司反并購策略研究[D];北京林業(yè)大學(xué);2008年

，

本文編號(hào)：1957780