本文選題：上市公司 + 反收購��； 參考：《西南財經(jīng)大學》2010年碩士論文

【摘要】：2006年中國證監(jiān)會正式頒布了《上市公司收購管理辦法》,該《管理辦法》對我國上市公司收購制度做出了一系列較大的調(diào)整,其中在“董事誠信義務(wù)、適度限制反收購”方面所作了部分修改,尤為令人矚目。該《管理辦法》對反收購行為做出一些原則性的規(guī)定,要求被收購的目標公司董事會就收購行為所做出的決策和措施,應(yīng)當從維護本公司及其股東的合法權(quán)益的角度考量,不得為自身利益濫用公司賦予的職權(quán),對收購方案設(shè)置不適當?shù)恼系K或損害公司利益向收購人提供財務(wù)資助、透露公司機密等。 這些規(guī)定對上市公司收購與反收購行為起到了一定的指引作用,但在具體的反收購法律實務(wù)中仍存在一些制度構(gòu)建上的空白。本文試圖通過對反收購立法、反收購策略的對比研究,進一步提出完善上市公司反收購的法律規(guī)制建議。 本文共分為三章,各章的主要內(nèi)容如下： 第一章主要是對上市公司的收購和反收購進行了必要的界定,并對我國關(guān)于反收購行為的立法規(guī)制現(xiàn)狀及相關(guān)制度構(gòu)建的分析,得出目前急需加強反收購法律行為規(guī)制的必要性。同時,對我國常見上市公司反收購策略的類型進行比較細致的表述,并對各個反收購策略進行合法性的理論分析,最終對我國目標公司反收購策略選擇進行利弊、效應(yīng)以及法律缺陷綜合分析,為目標公司選擇反收購策略提供實務(wù)探討。 第二章主要通過對英美國家反收購策略選擇權(quán)歸屬模式的比較,為我國當前的公司法人治理和市場經(jīng)濟發(fā)展階段,在目標公司內(nèi)部如何確定反收購策略的選擇提供參考。因為,目標公司針對收購方案選擇不同的反收購策略將對目標公司的未來發(fā)展和收購計劃的最終成敗起到至關(guān)重要的影響。決策者與收購方、目標公司、其他股東的利益支撐點很難處于共贏的局面。根據(jù)各國公司收購及反收購的立法實踐,上市公司反收購行為法律規(guī)制中的核心就是反收購策略為的決定權(quán)歸屬問題。雖然公司管理層決定模式具有極大的優(yōu)越性,但是由于我國相應(yīng)的董事義務(wù)立法還不夠完善,所以我國暫時還不適宜采取公司管理層決定模式,而應(yīng)當把反收購的決定權(quán)賦予目標公司股東。 第三章主要內(nèi)容是對于上市公司反收購的法律構(gòu)建。在對反收購策略的選擇權(quán)的歸屬進行確定后,為了防止決策者在選擇反收購策略的過程中為了自身利益危害公司和中小股東的合法權(quán)益,應(yīng)當對目標公司的控股股東、董事在公司收購與反收購的博弈過程中的義務(wù)加以明確地細化。通過對《公司法》、《證券法》等相關(guān)法律、法規(guī)的進一步完善,明細我國公司反收購中控股股東和董事的受信義務(wù)、強化相關(guān)信息披露制度,從而維護公司的健康運轉(zhuǎn)和市場的有序發(fā)展。
[Abstract]:In 2006, China Securities Regulatory Commission formally promulgated the "Management measures on takeover of listed companies", which made a series of major adjustments to the acquisition system of listed companies in China, among which "Directors' good faith obligation," Moderate restrictions on anti-takeover, "made part of the modification, particularly impressive." The "management measures" make some principled provisions on the anti-takeover act, and require the board of directors of the target company to take decisions and measures on the acquisition from the perspective of safeguarding the legitimate rights and interests of the company and its shareholders. It is not allowed to abuse the power given by the company for its own interests, to set up inappropriate obstacles to the acquisition plan or to harm the interests of the company by providing financial aid to the acquirers, revealing the company's secrets, and so on. These regulations play a guiding role in the acquisition and anti-takeover of listed companies, but there are still some gaps in the system construction in the specific practice of anti-takeover law. Through the comparative study of anti-takeover legislation and anti-takeover strategy, this paper puts forward some suggestions on how to perfect the legal regulation of anti-takeover of listed companies. This paper is divided into three chapters, the main contents of each chapter are as follows: The first chapter mainly defines the acquisition and anti-takeover of listed companies, and analyzes the current situation of legislative regulation of anti-takeover in China and the construction of related systems. At present, it is necessary to strengthen the regulation of anti-takeover law. At the same time, the types of anti-takeover strategies of common listed companies in China are described in detail, and the legitimacy of each anti-takeover strategy is analyzed theoretically. Finally, the advantages and disadvantages of anti-takeover strategy selection of target companies in China are discussed. The comprehensive analysis of the effect and the legal defect provides practical discussion for the target company to choose the anti-takeover strategy. The second chapter mainly compares the ownership mode of anti-takeover strategy in Anglo-American countries, and provides a reference for how to determine the choice of anti-takeover strategy in the target company in the current corporate governance and market economy development stage of our country. Because the target companies choose different anti-takeover strategies for the acquisition plan will play a crucial role in the future development of the target company and the ultimate success or failure of the acquisition plan. The interests of policy makers and acquirers, target companies, and other shareholders are hardly in a win-win situation. According to the legislative practice of corporate takeover and anti-takeover in various countries, the core of the legal regulation of anti-takeover behavior of listed companies is the ownership of the decision-making power of anti-takeover strategy. Although the decision mode of company management has great superiority, because the corresponding legislation of director's obligation in our country is not perfect enough, it is not suitable for our country to adopt the mode of management decision for the time being. Instead, the decision on anti-takeover should be vested in the shareholders of the target company. The third chapter is about the legal construction of anti-takeover of listed companies. In order to prevent the decision-makers from harming the legitimate rights and interests of the company and the minority shareholders in the process of choosing the anti-takeover strategy, the controlling shareholders of the target company should be treated. Directors' obligations in the game of corporate takeover and anti-takeover are clearly refined. Through the further improvement of the relevant laws and regulations, such as Company Law, Securities Law, and so on, the credit obligations of the controlling shareholders and directors in the anti-takeover of Chinese companies are detailed, and the relevant information disclosure system is strengthened. In order to maintain the healthy operation of the company and the orderly development of the market.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2010
【分類號】：D922.291.91;D922.287

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本文編號：1988700