【摘要】：毒丸計(jì)劃是反收購(gòu)措施中最靈活高效的一種,也是被收購(gòu)公司很容易采用的一種。它的突出作用表現(xiàn)在對(duì)敵意收購(gòu)具有強(qiáng)大的威懾力,反收購(gòu)成功率高,能夠較好地防止公司控制權(quán)轉(zhuǎn)移,保護(hù)公司和股東利益。但毒丸計(jì)劃與其他反收購(gòu)措施一樣具有兩面性,只有受到合理地規(guī)制,其存在價(jià)值才能得以體現(xiàn),成為維護(hù)被收購(gòu)公司和股東利益的最佳武器,為公司的持續(xù)穩(wěn)健長(zhǎng)遠(yuǎn)發(fā)展保駕護(hù)航。 值得注意的是,毒丸計(jì)劃自產(chǎn)生以來(lái)就倍受爭(zhēng)議,甚至因其涉嫌與公司法同股同權(quán)原則相沖突而被一些國(guó)家禁止。我國(guó)立法對(duì)其態(tài)度也模糊不清。所以,毒丸計(jì)劃在我國(guó)的使用是否合法以及毒丸計(jì)劃究竟該如何規(guī)制,仍然沒(méi)有明確的法律依據(jù)可循。 本文的研究目的就在于討論毒丸計(jì)劃存在的價(jià)值以及對(duì)我國(guó)毒丸計(jì)劃的規(guī)制進(jìn)行立法思考。本文通過(guò)案例分析、國(guó)外經(jīng)驗(yàn)評(píng)析及歸納總結(jié)的方法對(duì)毒丸計(jì)劃規(guī)制問(wèn)題做了較為全面的分析,以期對(duì)我國(guó)未來(lái)反收購(gòu)措施立法有所幫助。 本文的主要內(nèi)容包括四個(gè)部分。 第一部分為上市公司反收購(gòu)措施與毒丸計(jì)劃的概述。該部分引出毒丸計(jì)劃這一研究對(duì)象,介紹其常見(jiàn)種類,通過(guò)與其他反收購(gòu)措施相比較的方法分析其實(shí)施自主迅速、反收購(gòu)成功率高、能更好地保護(hù)公司及股東利益的優(yōu)勢(shì),并從股份平等、公司內(nèi)部治理及公司外部監(jiān)督效應(yīng)等相關(guān)理論角度指出其弊端。 第二部分為我國(guó)毒丸計(jì)劃的實(shí)踐狀況及反收購(gòu)措施的立法現(xiàn)狀。該部分通過(guò)案例分析的方法指出我國(guó)毒丸計(jì)劃在實(shí)踐中存在的問(wèn)題,而后結(jié)合分析我國(guó)反收購(gòu)措施的立法現(xiàn)狀,得出了我國(guó)反收購(gòu)實(shí)踐亟需得到法律的指引,包括毒丸計(jì)劃在內(nèi)的諸多反收購(gòu)措施需要法律予以認(rèn)可和規(guī)制的結(jié)論。 第三部分為國(guó)外關(guān)于毒丸計(jì)劃規(guī)制的可借鑒經(jīng)驗(yàn)。該部分通過(guò)對(duì)美國(guó)及歐洲部分國(guó)家和地區(qū)的立法現(xiàn)狀及原因的分析,得出對(duì)我國(guó)毒丸計(jì)劃規(guī)制的立法啟示,即對(duì)毒丸計(jì)劃的立法態(tài)度應(yīng)為允許其在特定條件下合法存在,但必須嚴(yán)格限制其使用,并確立一系列配套制度加以規(guī)制。 第四部分為對(duì)我國(guó)毒丸計(jì)劃規(guī)制的立法思考。該部分在進(jìn)一步闡述毒丸計(jì)劃在我國(guó)的必要性與可行性問(wèn)題的基礎(chǔ)上,提出對(duì)毒丸計(jì)劃規(guī)制的具體設(shè)計(jì),包括確定毒丸計(jì)劃使用范圍、確定提議權(quán)及決策權(quán)歸屬以及確立個(gè)案審查標(biāo)準(zhǔn)。
[Abstract]:Poison pill plans are the most flexible and efficient anti-takeover measures, and are easily adopted by acquired companies. Its outstanding function is that it has a powerful deterrent to hostile takeover and has a high success rate of anti-takeover, which can prevent the transfer of corporate control and protect the interests of the company and shareholders. However, the poison pill plan, like other anti-takeover measures, has two sides. Only if it is properly regulated, can its existence value be reflected and become the best weapon to safeguard the interests of the acquired companies and shareholders. For the company's continued steady and long-term development to protect. It is worth noting that the poison pill plan has been controversial since its birth, and has even been banned by some countries for its alleged conflict with the principle of the same shares and rights in the Company Law. Our legislative attitude towards it is also ambiguous. Therefore, there is still no clear legal basis for the use of poison pill plan in our country and how to regulate it. The purpose of this paper is to discuss the value of poison pill plan and to legislate the regulation of poison pill plan in China. This paper makes a comprehensive analysis of the planning regulation of poison pills through case analysis, foreign experience analysis and summary, in order to help our country to legislate future anti-takeover measures. The main content of this paper includes four parts. The first part is the outline of anti-takeover measures and poison pill plan of listed companies. This part leads to the poison pill plan as a research object, introduces its common types, analyzes its advantages of rapid implementation and high success rate of anti-takeover by comparing with other anti-takeover measures, which can better protect the interests of the company and its shareholders. It also points out its disadvantages from the angle of equity equality, corporate internal governance and external supervision effect. The second part is the practice of poison pill plan and the legislative status of anti-takeover measures. This part points out the problems existing in the practice of poison pill plan through the method of case analysis, and then analyzes the legislative status of anti-takeover measures in our country, and concludes that the practice of anti-takeover in our country needs to be guided by law. Many anti-takeover measures including poison pill plan need to be recognized and regulated by law. The third part is the experience of foreign countries about poison pill planning regulation. Based on the analysis of the current legislative situation and reasons of the United States and some European countries and regions, this part draws the legislative enlightenment to the regulation of poison pill plan in our country, that is, the legislative attitude to the poison pill plan should be allowed to exist legally under certain conditions. However, it is necessary to strictly restrict its use and establish a series of supporting systems to regulate it. The fourth part is the legislative thinking on the planning regulation of poison pill in China. On the basis of further expounding the necessity and feasibility of poison pill plan in our country, this part puts forward the concrete design of poison pill plan regulation, including determining the scope of poison pill plan use. Determine the ownership of proposals and decision-making powers and establish case review criteria.
【學(xué)位授予單位】：中國(guó)政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F271

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本文編號(hào)：2294740