我国公司换股并购法律制度研究

发布时间：2018-05-18 08:30

本文选题：换股并购 + 换股比例　；参考：《山西财经大学》2011年硕士论文

【摘要】：换股并购不仅比现金并购方式节约交易成本,而且在财务上可合理避税和产生股票预期增长效应。因此,随着20世纪90年代以来国际金融环境的日趋宽松,尤其是金融贸易自由化的极大发展,换股并购交易风行全球。同国外悠久的发展历史相比,换股并购在中国的发展历史并不长,只有短短的11年时间,但笔者认为,在当前这个特定的时期深入研究中国公司换股并购非常重要和迫切,2002年9月出台的《上市公司收购管理办法》将换股并购这种并购模式写入法规,这意味着换股并购获得了法律的认可和支持,股权分置改革的顺利完成,解决了我国换股并购发展的桎梏——换股比例确定问题,中国的换股并购正在步入加速发展阶段。本文主要从法律的角度对换股并购进行探讨。换股并购涉及的法律关系甚为广泛,也非本文所能穷尽,因此,本文只是择取其中若干法律问题进行探讨。可以说换股并购制度具有强大的生命力和广阔的发展前景,这也正是本文研究的目的和意义所在。本文共分四部分: 第一部分共分三节,前两节是关于换股并购的总则性概述,包括换股并购的概念、特征、分类及换股并购的动机分析。第三节是对换股并购百年来的发展历史进行了整体的分析和评价并简要的回顾了我国换股并购的发展历史。第二部分是在第一部分的基础上,对换股并购涉及的主要法律问题展开阐述。本部分第一节对换股比例进行法律的分析,并概括性的探讨了换股比例中的法律问题,分析了确定换股比例在我国法律环境中下所存在的问题。第二节对换股使用股票的两种来源方式:库存股和定向增发进行分析,并提出了作者自己的建议。第三节是关于换股并购中股东权益的保护内容。第三部分是先对西方国家关于换股并购的法律规定进行介绍和评析,并在此基础上分析其立法特点。第四部分是针对我国换股并购的法律规范及立法思考进行论述,并立足于对第二部分所探讨的法律问题的解决。第一、二节介绍了我国关于换股并购的法律规定,对相关配套法律出台的合理性做出了肯定,并分析了其中的不足。第三节作者对我国关于换股并购的立法作简要的思考,对采用何种立法方式提出了自己的见解,并提出了相应的立法建议。基于以上论述,本文认为,我国应对换股并购这一趋势做出积极响应,不仅要出台相关的实施细则,而且要在《公司法》、《证券法》中完善相关的规定,才有可能很好地解决换股并购中所出现的一些法律问题。
[Abstract]:Stock exchange M & A not only saves transaction cost compared with cash M & A, but also can avoid tax reasonably and produce stock expected growth effect. Therefore, with the increasingly relaxed international financial environment since the 1990s, especially the great development of financial and trade liberalization, stock exchange M & A has become popular all over the world. Compared with the long development history of foreign countries, the history of M & A in China is not long, only 11 years, but the author thinks, It is very important and urgent to study deeply the merger and acquisition of Chinese companies in this particular period. In September 2002, the "Management measures for the acquisition of listed companies" incorporated the mode of M & A into the laws and regulations. This means that the merger and acquisition of stock exchange has been recognized and supported by the law, the reform of split share structure has been completed smoothly, the shackles of the development of M & A in China have been solved-the proportion of exchange of shares has been determined, and the merger and acquisition of stock exchange in China is stepping into the stage of accelerated development. This paper mainly discusses the merger and acquisition of stock exchange from the angle of law. M & A involves a wide range of legal relations, and can not be exhausted in this paper, therefore, this paper only select some of the legal issues for discussion. It can be said that the M & A system has a strong vitality and broad development prospects, which is the purpose and significance of this study. This paper is divided into four parts: The first part is divided into three sections, the first two sections are about the general principles of stock exchange M & A, including the concept, characteristics, classification and analysis of the motivation of mergers and acquisitions. The third section is a comprehensive analysis and evaluation of the history of stock exchange mergers and acquisitions in the past 100 years and a brief review of the development history of stock exchange mergers and acquisitions in China. On the basis of the first part, the second part expounds the main legal issues involved in the merger and acquisition of stock exchange. In the first section of this part, we analyze the law of the proportion of stock exchange, and discuss the legal problems in the proportion of the exchange of shares in a general way, and analyze the problems existing in the legal environment of our country to determine the proportion of the exchange of shares. In the second section, the author analyzes the two sources of stock exchange: inventory stock and directional additional offering, and puts forward the author's own suggestions. The third section is about the protection of shareholders' rights and interests in stock exchange mergers and acquisitions. The third part is the introduction and analysis of the legal provisions of merger and acquisition in western countries, and on the basis of the analysis of its legislative characteristics. The fourth part is to discuss the legal norms and legislative thinking of merger and acquisition in China, and based on the legal issues discussed in the second part. The first and second section introduces the legal provisions of merger and acquisition of stock exchange in China, affirms the rationality of relevant supporting laws, and analyzes the shortcomings. In the third section, the author makes a brief reflection on the legislation of merger and acquisition of stock exchange in our country, and puts forward his own opinion on what kind of legislation way to adopt, and puts forward the corresponding legislative suggestions. Based on the above discussion, this paper holds that China should make a positive response to the trend of merger and acquisition of stock exchange, not only to issue relevant implementation rules, but also to perfect the relevant provisions in Company Law and Securities Law. It is possible to solve some legal problems in M & A.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91;F275

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