余股强制挤出制度研究

发布时间：2018-04-07 17:08

本文选题：余股股东　切入点：强制挤出　出处：《天津师范大学》2017年硕士论文

【摘要】：为避免余股股东滥用股东权利,有效提高公司运作效率,降低公司运营成本和代理成本,大股东往往会选择通过余股强制挤出制度来实现对目标公司完全的私有化。我国2015年4月《证券法》(修订草案)中虽然在第122条对该制度进行了规定,但规定过于原则,对具体的触发条件、实施程序、监督程序和救济程序等都没有明确规范,而强制挤出其相关制度在国外公司证券法律制度中已经比较完善和成熟。巨大的制度优越性和市场需求使得该制度的建立和完善迫在眉睫,但目前国内理论界对该制度研究成果不多且不够深入。本文意图通过对国外该制度优秀经验的借鉴,结合我国具体实情,对余股强制挤出制度的启动、实施和救济等诸多方面的制度构建提出有价值的建议。论文共分为五部分:第一部分,提出问题。通过介绍和分析案例,引出是否应当赋予大股东强制挤出权、满足何种条件可以行使该权利及如何行使该权利等本文所探讨的具体问题。第二部分,重点研究余股强制挤出制度的基础理论问题。通过对余股强制挤出概念与相关概念的辨析,对该制度建立的法理基础、立法准备和政策基础以及社会基础进行探讨来说明建立该制度的必要性及重要性。第三部分,详细探究余股强制挤出制度的触发条件。首先,提出在设定触发条件时应当坚持信义原则和效率原则,触发条件主要包括该制度适用范围的认定、资本多数性的认定、股权份额的计算及变相持股的限制等诸多方面。第四部分,着重探讨了余股强制挤出制度的实施程序和监督程序。首先,通过比较研究余股强制挤出决议程序的国外做法,确立适合我国国情的余股强制挤出决议程序;其次,讨论了余股强制挤出的实施期限,余股股东补偿对价的认定和大股东支付对价担保等问题;最后,关于构建余股强制挤出的监督机制,提出独立董事监督、第三方服务机构监督和证券机构监督三位一体的监督机制。第五部分,完善了余股强制挤出制度的救济程序。首先,探讨并提出余股股东在进行救济时所应当坚持实质公平的原则,通过对正当商业目的、公平价格和程序的认定来维护余股股东正当权益;其次,探讨余股股东的申诉权,提出应当赋予余股股东针对证监会的批准决定提出申诉的权利,以维护其正当权益;最后,构建余股股东司法救济途径,通过引入司法程序来维护余股股东正当权益。
[Abstract]:In order to avoid the abuse of shareholders' rights, improve the efficiency of company operation and reduce the operating cost and agency cost, the majority shareholders often choose to realize the complete privatization of the target company through the forced extrusion system of surplus shares.Although this system is stipulated in Article 122 of the Securities Law (Amendment draft) in April 2015, the provisions are too principled, and there are no clear regulations on the specific trigger conditions, implementation procedures, supervision procedures and relief procedures, etc.Forced extrusion of its related systems in foreign companies in the securities legal system has been relatively perfect and mature.The great superiority of the system and the market demand make the establishment and perfection of the system urgent, but at present the research results of the system are not enough and deep enough in the domestic theoretical circle.This paper intends to put forward valuable suggestions on the construction of the system of forced extrusion of surplus shares in many aspects, such as the initiation, implementation and relief of the system through the reference of the excellent experience of foreign countries and the concrete facts of our country.The paper is divided into five parts: the first part, put forward the question.Through the introduction and analysis of cases, this paper discusses the specific problems such as whether to give the majority shareholders the right to force extrusion, what conditions can be satisfied and how to exercise the right.The second part focuses on the basic theory of the forced extrusion system.Based on the analysis of the concept of forced extrusion of surplus shares and related concepts, this paper discusses the legal basis, legislative preparation, policy basis and social basis of the establishment of the system to explain the necessity and importance of establishing the system.The third part, explores the trigger conditions of the forced extrusion system of surplus shares in detail.First of all, we should adhere to the principle of fiduciary and efficiency when setting the trigger conditions, which mainly include the determination of the applicable scope of the system, the determination of the majority of capital, the calculation of the share share and the limitation of the disguised shareholding, and so on.The fourth part focuses on the implementation procedure and supervision procedure of the forced extrusion system.First of all, through the comparative study of the foreign practice of forced extrusion resolution procedure, we establish the residual forced extrusion resolution procedure suitable for the national conditions of our country; secondly, we discuss the implementation period of residual forced extrusion.The determination of compensation consideration of residual shareholders and the guarantee of large shareholders' payment of consideration. Finally, the author puts forward the supervision of independent directors on the construction of supervision mechanism of forced extrusion of surplus shares.Third-party service institutions and securities institutions to supervise the trinity of the supervision mechanism.The fifth part, has perfected the relief procedure of the surplus stock forced extrusion system.First of all, it discusses and puts forward the principle that the residual shareholders should adhere to the principle of substantive fairness in the course of relief, and protect the legitimate rights and interests of residual shareholders through the determination of legitimate commercial purposes, fair prices and procedures; secondly, the right of appeal of residual shareholders is discussed.The author puts forward that the residual shareholders should be given the right to appeal against the approval decision of CSRC in order to safeguard their legitimate rights and interests. Finally, the judicial remedy way of residual shareholders should be constructed to protect the legitimate rights and interests of residual shareholders through the introduction of judicial procedures.
【学位授予单位】：天津师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.287

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