公司收购中违反大额持股申报义务的法律责任——基于“上海新梅案”的分析例证

发布时间：2018-04-09 22:02

本文选题：大额持股申报义务　切入点：公司收购　出处：《河北法学》2017年02期

【摘要】：随着我国上市公司并购浪潮的到来,敌意并购愈益增多,围绕违反大额持股申报义务的法律责任已一再引发诉讼,而目前理论和实务界在其适用依据、内容解释上都尚未达成统一意见。通过对相关条文的法解释学分析,可以发现《证券法》对违反大额持股申报义务的行为仅规定了有限的行政责任,改正完成即是指补充披露与行政处罚完毕。违法收益与法律责任的失衡,造成"门口的野蛮人"突袭事件一再重演。证券法视域下对此种行为的制裁,不仅应考虑当事方受侵害的权利救济,更应立足于证券市场的整体秩序,所以应以消除违规者的非法获益为基准设定法律责任。对于公司收购中违反大额持股申报义务的违法行为,在其合理法律责任的确定上我国应选择违规的股票买入有效但表决权受限的模式,但对限制的程度应持较为克制的态度,并将之设定为一种行政责任。这相对于强制减持超比例持股的做法来说,不失为一种更为柔性的解决方案。
[Abstract]:With the arrival of M & A wave of listed companies in China, hostile mergers and acquisitions are increasing. The legal liability for violating the obligation to declare large shareholdings has repeatedly led to litigation, and at present, the theoretical and practical circles are applying to it.No consensus has yet been reached on the interpretation of the content.Through the analysis of the related articles, it can be found that the Securities Law provides only limited administrative responsibility for the violation of the obligation to declare large stock holdings, and the completion of correction means the completion of supplementary disclosure and administrative punishment.The imbalance between illegal income and legal liability caused the barbarians at the door to repeat their raids.In the view of securities law, the sanction should not only consider the relief of the infringed rights of the parties, but also should be based on the overall order of the securities market. Therefore, the legal liability should be established on the basis of eliminating the illegal benefits of the violators.With regard to the illegal behavior of violating the obligation to declare large-value shares in the acquisition of a company, China should choose the mode of effective but limited voting right to buy illegal shares in the determination of its reasonable legal liability, but should have a more restrained attitude towards the extent of the restriction.And set it as an administrative responsibility.This is a more flexible solution than the forced reduction of overweight holdings.
【作者单位】：华东政法大学;南昌工程学院;
【基金】：江西省社会科学规划项目《双层股权结构的法理基础与监管逻辑》(16FX14)
【分类号】：D922.287

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