目标公司反收购措施的合法性研究

发布时间：2018-04-02 18:58

本文选题：反收购　切入点：反收购措施　出处：《华东政法大学》2011年硕士论文

【摘要】：公司制度的不断变革和市场经济的持续发展,为我国的收购市场带来了新的转机,公司的控制权争夺日益激烈。为了有效的应对收购,很多公司通过事先在其章程中设置反收购条款和敌意收购引发后的事中对抗性反收购措施来反击收购方可能的或现时的收购,该类反收购措施主要是对收购方设置各种阻碍,以延缓收购方入主董事会,或者降低目标公司的收购价值,加大收购方的收购成本,增加收购难度等方式,以达成反收购的效果。但是,因我国反收购经验不够成熟,立法方面又缺乏有关的规制,所以在实践中,有不少上市公司采取的反收购措施不够规范,有的甚至有违背公司法基本原则的措施,本文提出了一些基本原则如保护股东原则,商业判断准则,公共利益原则等,并通过运用该类原则对我国当前反收购措施的主要方法进行了分析,论证了在我国当前的法律环境下,上市公司所采用的常见的反收购措施的合法性,并对现实立法规制的缺失提出了有益的建议。文章主要分为五部分。第一部分为导言,主要介绍了反收购研究的背景及意义。证券法的修订及后续法规的出台,从制度上为收购市场的发展扫清了障碍,反收购的合法性研究从长远来说,对公司收购活动的规范进行和市场的健康发展有重要意义。第二部分主要论述了反收购措施的双面作用及合法性考量标准。本文主要从反收购的价值和功能出发,提出了公司反收购措施的主要考量标准,即保护股东原则,商业判断准则,董事的拍卖义务和公共利益准则。从而为反收购措施的合法性评价提供了基本的考量标准,为本文的论证奠定了基础。第三部分主要是对目标公司通常采用的事前预防性反收购措施如在章程中加入限制股东提名董事条款、分期分级董事会条款以及毒丸计划进行了介绍,并利用第二部分的原则进行了该类措施的合法性分析。第四部分主要是对目标公司在面临收购时采用的事中对抗性反收购措施如资产处置措施、股份回购措施、引入善意收购方计划进行介绍,并利用前述原则对其进行了合法性论证。第五部分主要是在前述反收购措施合法性分析的基础上,针对我国反收购领域中存在的一些问题,提出了立法规制的建议,指出反收购决定权是反收购立法首要解决的问题,并提出了有关的规制建议,并提出建立反收购的信息披露制度和反收购纠纷解决机制,较为系统的对我国反收购立法提出了规制建议。
[Abstract]:The continuous change of the company system and the sustained development of the market economy have brought a new turn for the acquisition market of our country, and the competition for the control right of the company is becoming increasingly fierce.In order to respond effectively to acquisitions, many companies counter possible or current acquisitions by setting in advance anti-takeover clauses in their articles of association and antagonistic anti-takeover measures in the event of hostile takeover.In order to achieve the effect of anti-takeover.However, because our anti-takeover experience is not mature enough, and there is a lack of relevant regulation in legislation, in practice, many listed companies take anti-takeover measures that are not standardized, and some even violate the basic principles of the Company Law.This paper puts forward some basic principles, such as the principle of protecting shareholders, the principle of commercial judgment, the principle of public interest, and analyzes the main methods of anti-takeover measures in China by using these principles.This paper demonstrates the legitimacy of the common anti-takeover measures adopted by listed companies under the current legal environment of our country, and puts forward some useful suggestions for the lack of legislation in reality.The article is divided into five parts.The first part is the introduction, mainly introduces the background and significance of anti-takeover research.The revision of the securities law and the promulgation of the subsequent laws and regulations have cleared the way for the development of the acquisition market from the institutional point of view. In the long run, the research on the legitimacy of anti-takeover is of great significance to the standardization of corporate acquisition activities and the healthy development of the market.The second part mainly discusses the dual role of anti-takeover measures and the criteria of legitimacy.Starting from the value and function of anti-takeover, this paper puts forward the main criteria for consideration of anti-takeover measures, namely, the principle of protecting shareholders, the criterion of commercial judgment, the auction obligation of directors and the criterion of public interest.Therefore, it provides the basic criteria for the legitimacy evaluation of anti-takeover measures and lays a foundation for the argument of this paper.The third part mainly introduces the preventive anti-takeover measures usually adopted by target companies, such as limiting shareholders' nomination of directors, staging and grading the board of directors and poison pill plan.And use the principle of the second part to analyze the legality of this kind of measures.The fourth part mainly introduces the countervailing measures adopted by the target company in the face of acquisition, such as asset disposal measures, share repurchase measures, and the introduction of bona fide acquirers' plans.And use the above principles to demonstrate its legitimacy.The fifth part is mainly based on the analysis of the legitimacy of the aforementioned anti-takeover measures, aiming at some problems in the field of anti-takeover in China, it puts forward some suggestions of legislative regulation, and points out that the decision-making power of anti-takeover is the first problem to be solved by anti-takeover legislation.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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