本文選題：余股股東　切入點：強(qiáng)制擠出　出處：《天津師范大學(xué)》2017年碩士論文

【摘要】：為避免余股股東濫用股東權(quán)利,有效提高公司運(yùn)作效率,降低公司運(yùn)營成本和代理成本,大股東往往會選擇通過余股強(qiáng)制擠出制度來實現(xiàn)對目標(biāo)公司完全的私有化。我國2015年4月《證券法》(修訂草案)中雖然在第122條對該制度進(jìn)行了規(guī)定,但規(guī)定過于原則,對具體的觸發(fā)條件、實施程序、監(jiān)督程序和救濟(jì)程序等都沒有明確規(guī)范,而強(qiáng)制擠出其相關(guān)制度在國外公司證券法律制度中已經(jīng)比較完善和成熟。巨大的制度優(yōu)越性和市場需求使得該制度的建立和完善迫在眉睫,但目前國內(nèi)理論界對該制度研究成果不多且不夠深入。本文意圖通過對國外該制度優(yōu)秀經(jīng)驗的借鑒,結(jié)合我國具體實情,對余股強(qiáng)制擠出制度的啟動、實施和救濟(jì)等諸多方面的制度構(gòu)建提出有價值的建議。論文共分為五部分:第一部分,提出問題。通過介紹和分析案例,引出是否應(yīng)當(dāng)賦予大股東強(qiáng)制擠出權(quán)、滿足何種條件可以行使該權(quán)利及如何行使該權(quán)利等本文所探討的具體問題。第二部分,重點研究余股強(qiáng)制擠出制度的基礎(chǔ)理論問題。通過對余股強(qiáng)制擠出概念與相關(guān)概念的辨析,對該制度建立的法理基礎(chǔ)、立法準(zhǔn)備和政策基礎(chǔ)以及社會基礎(chǔ)進(jìn)行探討來說明建立該制度的必要性及重要性。第三部分,詳細(xì)探究余股強(qiáng)制擠出制度的觸發(fā)條件。首先,提出在設(shè)定觸發(fā)條件時應(yīng)當(dāng)堅持信義原則和效率原則,觸發(fā)條件主要包括該制度適用范圍的認(rèn)定、資本多數(shù)性的認(rèn)定、股權(quán)份額的計算及變相持股的限制等諸多方面。第四部分,著重探討了余股強(qiáng)制擠出制度的實施程序和監(jiān)督程序。首先,通過比較研究余股強(qiáng)制擠出決議程序的國外做法,確立適合我國國情的余股強(qiáng)制擠出決議程序;其次,討論了余股強(qiáng)制擠出的實施期限,余股股東補(bǔ)償對價的認(rèn)定和大股東支付對價擔(dān)保等問題;最后,關(guān)于構(gòu)建余股強(qiáng)制擠出的監(jiān)督機(jī)制,提出獨立董事監(jiān)督、第三方服務(wù)機(jī)構(gòu)監(jiān)督和證券機(jī)構(gòu)監(jiān)督三位一體的監(jiān)督機(jī)制。第五部分,完善了余股強(qiáng)制擠出制度的救濟(jì)程序。首先,探討并提出余股股東在進(jìn)行救濟(jì)時所應(yīng)當(dāng)堅持實質(zhì)公平的原則,通過對正當(dāng)商業(yè)目的、公平價格和程序的認(rèn)定來維護(hù)余股股東正當(dāng)權(quán)益;其次,探討余股股東的申訴權(quán),提出應(yīng)當(dāng)賦予余股股東針對證監(jiān)會的批準(zhǔn)決定提出申訴的權(quán)利,以維護(hù)其正當(dāng)權(quán)益;最后,構(gòu)建余股股東司法救濟(jì)途徑,通過引入司法程序來維護(hù)余股股東正當(dāng)權(quán)益。
[Abstract]:In order to avoid the abuse of shareholders' rights, improve the efficiency of company operation and reduce the operating cost and agency cost, the majority shareholders often choose to realize the complete privatization of the target company through the forced extrusion system of surplus shares.Although this system is stipulated in Article 122 of the Securities Law (Amendment draft) in April 2015, the provisions are too principled, and there are no clear regulations on the specific trigger conditions, implementation procedures, supervision procedures and relief procedures, etc.Forced extrusion of its related systems in foreign companies in the securities legal system has been relatively perfect and mature.The great superiority of the system and the market demand make the establishment and perfection of the system urgent, but at present the research results of the system are not enough and deep enough in the domestic theoretical circle.This paper intends to put forward valuable suggestions on the construction of the system of forced extrusion of surplus shares in many aspects, such as the initiation, implementation and relief of the system through the reference of the excellent experience of foreign countries and the concrete facts of our country.The paper is divided into five parts: the first part, put forward the question.Through the introduction and analysis of cases, this paper discusses the specific problems such as whether to give the majority shareholders the right to force extrusion, what conditions can be satisfied and how to exercise the right.The second part focuses on the basic theory of the forced extrusion system.Based on the analysis of the concept of forced extrusion of surplus shares and related concepts, this paper discusses the legal basis, legislative preparation, policy basis and social basis of the establishment of the system to explain the necessity and importance of establishing the system.The third part, explores the trigger conditions of the forced extrusion system of surplus shares in detail.First of all, we should adhere to the principle of fiduciary and efficiency when setting the trigger conditions, which mainly include the determination of the applicable scope of the system, the determination of the majority of capital, the calculation of the share share and the limitation of the disguised shareholding, and so on.The fourth part focuses on the implementation procedure and supervision procedure of the forced extrusion system.First of all, through the comparative study of the foreign practice of forced extrusion resolution procedure, we establish the residual forced extrusion resolution procedure suitable for the national conditions of our country; secondly, we discuss the implementation period of residual forced extrusion.The determination of compensation consideration of residual shareholders and the guarantee of large shareholders' payment of consideration. Finally, the author puts forward the supervision of independent directors on the construction of supervision mechanism of forced extrusion of surplus shares.Third-party service institutions and securities institutions to supervise the trinity of the supervision mechanism.The fifth part, has perfected the relief procedure of the surplus stock forced extrusion system.First of all, it discusses and puts forward the principle that the residual shareholders should adhere to the principle of substantive fairness in the course of relief, and protect the legitimate rights and interests of residual shareholders through the determination of legitimate commercial purposes, fair prices and procedures; secondly, the right of appeal of residual shareholders is discussed.The author puts forward that the residual shareholders should be given the right to appeal against the approval decision of CSRC in order to safeguard their legitimate rights and interests. Finally, the judicial remedy way of residual shareholders should be constructed to protect the legitimate rights and interests of residual shareholders through the introduction of judicial procedures.
【學(xué)位授予單位】：天津師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：D922.287

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