跨国公司控制权交易法律问题研究

发布时间：2018-03-05 02:06

本文选题：跨国公司　切入点：公司治理　出处：《西南政法大学》2011年硕士论文　论文类型：学位论文

【摘要】：跨国公司治理因为渗入了跨国因素而与一般公司治理有所不同,体现在代理链条更长导致两权分离更严重,所有者对管理人的控制更薄弱以及跨国因素导致的信息锁闭。由于这些原因致使控制权交易在跨国公司治理中的地位更加凸显。本文以控制权交易能够促进跨国公司治理为理论前设,以促进和规范跨国公司控制权交易为研究目的,在综合考察跨国公司控制权交易各项重要法律制度的基础上,归纳总结后认为跨国公司控制权交易主体、交易方式和价格确定机制三类问题是整个制度最基本、最核心的法律问题,文章以此为基础展开论述。全文分为五个部分,约两万七千字。第一部分——首先在考察中外文献记载的基础之上,分析了控制权的基本内涵,总结出控制权的定义;紧接着在考察了控制权交易理论源流的基础上,分析了控制权交易的运行逻辑,总结了控制权交易的基本特点;然后将控制权交易纳入跨国公司治理范畴进行讨论,通过与公司治理一般情况的对比,总结出跨国公司治理的特殊性,提出控制权交易是促进跨国公司良好治理的有效途径之一。第二部分——在对掌握跨国公司控制权的各类主体进行具体分析之后,明确了股东是控制权的持有者,在此基础上得出结论认为在跨国公司控制权交易主体制度中,股东的信义义务是最重要的法律问题。但本文从客观和务实的角度认为对股东应当施加适度的信义义务,以确保控制权交易在跨国公司治理中的作用得到最大限度的发挥。本部分提出了股东信义义务的界定原则并提出相应的法律规制措施。第三部分——本部分结合中国的法律实践,介绍了实践中运用较多的四种控制权交易方式,即协议收购、竞价并购、定向增发和吸收合并。分别考察了这些交易方式的法律特点,并重点分析了这些交易方式中存在的法律问题,在此基础之上提出具有针对性的解决思路。第四部分——本部分首先讨论了跨国公司控制权价格确定的法律标准,并对每种标准的优劣作了比较,然后对标准的选择提出建议。紧接着考察了控制权交易价格确定方式,重点指出各种方式下容易出现的法律问题,然后提出了相应的建议。本部分还重点将控制权交易价格的确定与信息披露结合考察,认为信息披露对交易价格有非常直接的影响。以此为基础,文章论述了跨国公司中控制权交易中信息披露义务人、披露原则和披露范围,并就相关法律问题的解决提出了建议。第五部分——本部分在总结文章前几部分的基础上,得出本文的基本结论。认为随着跨国公司在不断发展过程中出现的不同的法律问题,以传统的解决办法并不能得到十分完满的解决结果。在这一客观前提下,法律理论和实践都应当做深刻的思考,从不同角度寻找更好的解决办法,控制权交易便是其中非常重要的一种措施。而控制权交易本身也存在诸多需要解决和完善的地方,主要集中在交易主体制度、交易方式和价格确定制度等方面。为解决些问题,必须从法律角度适当限定股东的信义义务和完善信息披露制度。
[Abstract]:Transnational corporation governance because infiltration of transnational factors and corporate governance are different, reflected in the agency chain leads to the separation of two rights longer and more serious, leading to information locking owner control for the management of the more weak and international factors. Because of these reasons, the transaction control in transnational corporate governance in a more prominent position. In order to control the right to trade can promote the transnational corporation governance as the theoretical premise to promote and regulate the transnational corporation control rights transaction for research purposes, basis of transnational corporation control rights transaction the important legal system on a comprehensive investigation, summed up that the main transaction control of multinational companies, the transaction mode and the price determining mechanism of three kinds of problems is the whole system the most basic legal issues, the core of the article, on the basis of discussion.
This paper is divided into five parts, about twenty-seven thousand words.
The first part: first, on the basis of investigation of Chinese and foreign literature, analyzes the basic connotation of control, summed up the definition of control rights; then based on the study on the origin of the transaction control theory, analyzes the operation logic control transaction, summarizes the basic characteristics of control right transaction; and then the control right multinational transactions into corporate governance are discussed, through the comparison of corporate governance and the general situation, summed up the particularity of multinational corporate governance, puts forward the control right transaction is an effective way to promote good governance of multinational companies.
The second part: analyze in various subjects to grasp the transnational corporation control, clear shareholders is the holder of control right, based on the conclusion that the control of transnational corporations in the transaction subject system, shareholder's fiduciary duty is the law of the most important problems. But we think from the view shall impose appropriate fiduciary duty to shareholders, to ensure the effect of control right transaction in the transnational corporation governance in maximize. This part puts forward the definition of the principle of shareholder's fiduciary duty and put forward the corresponding measures of legal regulation.
The third part: this part Chinese combined with legal practice, introduces the application of the four types of control transactions more practice, namely the takeover agreement for mergers and acquisitions, private placement and merger were investigated. The legal characteristics of these transactions, and analyzes the legal problems in the transaction, on the basis of has put forward specific solutions.
The fourth part: the first part discusses the legal standard of multinational companies control price determining, and compares each kind of standard quality, and then put forward the suggestions on the standard choice. Then investigated the control of the transaction price is determined, and points out the legal issues that way is easy to appear, and then put forward the corresponding this part will focus on suggestions. To determine the right price control combined with the information disclosure of information disclosure, that have a very direct impact on the trading price. On this basis, the article discusses the obligation of information disclosure in the transaction control of multinational companies, disclosure principles and the scope of disclosure, and puts forward some suggestions to solve the related legal the problem.
The fifth part: this part summarizes the former parts, draws the basic conclusion of this paper. With the multinational companies in the development process the different legal problems, the traditional solution and can't get the perfect solution. Results in this objective under the premise of legal theory and practice should be make a deep thinking, to find a better solution from different angles, the transaction control is one of very important measures. And the control right transaction itself there are many places need to improve and solve, mainly concentrated in the main trading system, trading and pricing system. In order to solve these problems, we must from the angle of law defined properly the fiduciary duty of shareholders and improve the information disclosure system.

【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D996

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