论防御式股份回购的自由与管制之度——以美国法规制为中心展开

发布时间：2018-01-16 10:24

本文关键词：论防御式股份回购的自由与管制之度——以美国法规制为中心展开　出处：《法学杂志》2012年10期 　论文类型：期刊论文

【摘要】：在美国,防御式股份回购是目标公司董事会采用的抵制敌意收购的惯用措施之一,目标公司采用防御式股份回购的方法有公开市场回购、自我要约收购以及绿邮回购。本文通过对此三种防御式股份回购的判例法与成文法之评析,指出美国对防御式股份回购的法律规制过于自由,应予以适当管制。反观我国立法,应对目标公司管理者的防御式股份回购进行限制,但不能一概禁止。以法律有效规范为前提,可允许目标公司采取自我要约收购方式回购股份,而应禁止采用防御式公开市场回购和绿邮回购。
[Abstract]:In the United States, defensive share repurchase is one of the usual measures to resist hostile takeover adopted by the board of directors of the target company. The target company adopts the defensive stock repurchase method including the open market repurchase. Self-offer acquisition and Green Mail buyback. This paper points out that the legal regulation of defensive share repurchase in the United States is too free through the analysis of the case law and statutory law of these three defensive stock repurchase. It should be controlled properly. On the contrary, the legislation of our country should restrict the defensive stock repurchase of the managers of the target company, but it can not be prohibited completely, and the premise is that the law is effective and standard. Target companies may be allowed to buy back shares through self-offer, while defensive open market repurchases and green mail repurchases should be prohibited.
【作者单位】：佛山大学政法学院;江苏省南通市通州区人民检察院;
【基金】：教育部人文社会科学研究青年基金项目“公司交叉持股法律问题研究”(12YJC820056)的阶段性成果
【分类号】：D971.2;DD912.28
【正文快照】： 所谓防御式股份回购(defensive stock repur-chases)是指目标公司通过股份回购之方式来击败敌意收购。在美国法上,目标公司采用防御式股份回购的方法有公开市场回购(defensive open marketrepurchase)、自我要约收购(defensive self-tenderoffers)以及绿邮回购(green mail)。

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