企业并购中目标公司董事义务探讨

发布时间：2018-03-25 12:13

本文选题：合意并购　切入点：敌意并购　出处：《吉林大学》2017年硕士论文

【摘要】：企业并购作为现代商业活动的一个重要组成部分,越来越受到国内企业的关注。很多成长中的企业想通过企业并购的方式实现自身的增值和综合实力的提升,而董事在并购过程中拥有的相关事项决策权使得其在企业并购过程中的地位十分重要。但是除去我国《公司法》、《证券法》、《上市公司收购管理办法》对于董事的常见义务(如忠实义务、注意义务、信息披露义务)有所规定之外,我国法律对董事在企业并购中所应承担的具体义务并没有系统规定,这对我国企业并购的发展十分不利。本文将以目标公司董事义务为重心,针对目标公司董事在企业并购中所应承担的一般义务以及在合意并购与敌意并购两种不同的情形下所应承担的特殊义务及合理性进行讨论,最后介绍现行实务中目标公司董事广泛采取的防御措施及实施过程中董事应负的义务。本文共分为四个部分,全文两万六千字,主要内容如下:第一部分:企业并购中目标公司董事义务总述这一部分是文章的总括部分,首先介绍了目标公司董事在公司治理中应负的一般义务,即一般注意义务与忠实义务、利益冲突时的回避义务与揭露义务、保密义务。之后参考德国立法和我国台湾地区的现行立法,论述了目标公司董事在企业并购中常见的特殊义务,即保护股东最大利益的义务和提出独立意见的义务。第二部分:合意并购时目标公司董事的义务这一部分主要是具体论述在合意并购时目标公司董事也应当承担相应的义务,并且具体列出了两项在实践中常会涉及的义务类型,即利益冲突时的平衡义务与平等对待所有要约者的义务。从德国和台湾地区的法律实践着手介绍,并附以合理性的论证。第三部分:敌意并购时目标公司董事的义务这一部分主要是具体论述在敌意并购中目标公司董事所应承担的义务,因为各国立法在此处有分歧,主要分为董事会优先原则和董事会中立原则,故本文分别对这两种原则下董事负担的不同义务做了详细说明,并对其合理性进行比较分析。第四部分:现行通用的敌意并购防御措施及董事的义务本文中这一部分先分析了现行敌意并购中目标公司董事会常用的具体防御措施:毒丸计划、股份交换、董事分期改选,并对董事在防御过程中所应承担的义务加以论述。
[Abstract]:M & A, as an important part of modern business activities, has attracted more and more attention from domestic enterprises. Many growing enterprises want to realize their own value-added and comprehensive strength enhancement by means of M & A. The decision-making power of directors in the process of M & A makes their position in the process of M & A very important. But apart from the Company Law of China, the Securities Law, and the Management methods of takeover of listed companies, it is very important to the directors. An obligation (such as a duty of loyalty). In addition to the provisions on the duty of care and the obligation to disclose information, there is no systematic provision in Chinese law on the specific obligations that directors should undertake in enterprise mergers and acquisitions, This is very unfavorable to the development of M & A in our country. This paper will focus on the director's obligation of the target company. This paper discusses the general obligations of the directors of the target company in mergers and acquisitions, and the special obligations and rationality of the directors in the two different situations of consensual and hostile mergers and acquisitions. Finally, it introduces the defense measures widely taken by the directors of the target company and the obligations of the directors in the process of implementation. This paper is divided into four parts, 26000 words of the full text, The main contents are as follows: the first part: the obligations of directors of target companies in M & A. This part is the summary part of the article. Firstly, it introduces the general obligations of directors of target companies in corporate governance. That is, the general duty of care and duty of loyalty, the duty of avoidance and disclosure in the event of conflict of interest, the duty of confidentiality. This paper discusses the special obligations of the directors of the target company in the merger and acquisition of enterprises. That is, the obligation to protect the best interests of shareholders and the obligation to put forward independent opinions. The second part: the obligations of the directors of the target company during the consensual merger and acquisition. This part mainly discusses that the directors of the target company should also bear the corresponding obligations in the case of consensual mergers and acquisitions. It also lists two types of obligations that are often involved in practice, namely, the obligation to balance in the event of conflict of interest and the obligation to treat all bidders equally. The third part: the obligations of the directors of the target company in hostile mergers and acquisitions. This part mainly discusses the obligations of the directors of the target companies in hostile mergers and acquisitions, because there are differences in the legislation of various countries. It is mainly divided into the principle of board of directors' priority and the principle of board of directors' neutrality, so this paper explains in detail the different obligations of directors under these two principles. The fourth part: the current general hostile M & A defense measures and directors' obligations this part first analyzes the specific defense measures commonly used by the board of directors of the target company in hostile M & A: poison pill plan. Share exchange, directors are re-elected by stages, and the obligations of directors in the defense process are discussed.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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