浅析我国上市公司反收购法律问题
本文选题:上市公司 + 收购 ; 参考:《延边大学》2017年硕士论文
【摘要】:2015年资本市场上的精彩之战非宝能与万科之间的控股权争夺莫属了。伴随着我国证券市场持续成长,上市公司的企业控制权夺取战也愈发的猛烈。为了应对愈来愈多的恶意收购,上市公司反收购的方法也是令人眼花缭乱。各式各样的反收购手段虽然将恶意收购抵御住了,让公司管理层没有失去对公司的控制权,但在这个过程当中上市公司、股东等的权益受到了损害。怎样才能保证这些群体的权益不受到侵害,当务之急需要明确这些反收购手段的合法性和实施条件。但是我国在反收购立法方面还不完备。本文将通过万科宝能股权之争案例进行对相关研究,参照美国、英国反收购立法,并联系我国在反收购方面的实践情况,建议完善我国反收购立法。具体内容如下:首先文章介绍了 2015年开始的万科宝能股权之争,通过万科宝能股权之争来了解反收购概念,并以列举国际上比较常用的预防性反收购策略和抵制型反收购策略,并联系万科宝能股权之争相关案例和我国公司收购实践中发生的反收购案例,分析其在我国现行法律体系下的可行性。并通过上面的那些反收购策略对我国上市公司反收购的现状及法律规制作出了反思。其次文章介绍了我国在反收购的立法方面的现况,包含法律效力层次低;反收购决策权归属于哪个主体很混乱;在董事信义义务方面没有具体准确判断标准,且当董事违背这种义务时若需要负哪些责任也是没有明确的;反收购可操作性弱并且形式单一;反收购中没有完备的救济机制;通过以上存在的这些问题,提出了具体的完善建议,包含:结合我国市场现状和法律体系,完善反收购相关立法;明确反收购决定权的归属;将反收购措施合法细化;对管理层行为的作出明确规定,独立董事做好监督工作;构筑合理有效的司法救助体系。
[Abstract]:The brilliant battle in capital markets in 2015 was a battle for control between Baoneng and Vanke.With the continuous growth of China's securities market, the battle of corporate control of listed companies is becoming increasingly fierce.In order to deal with more and more hostile takeover, listed companies anti-takeover methods are dazzling.Although all kinds of anti-takeover measures will resist the hostile takeover, so that the management of the company does not lose control of the company, but in the process of listed companies, shareholders and other rights and interests have been damaged.How to ensure that the rights and interests of these groups are not infringed, the most urgent task is to clarify the legitimacy and implementation conditions of these anti-takeover measures.However, China's anti-takeover legislation is not complete.This article will carry on the related research through the Vanke Baoneng stock right dispute case, consults the United States, the British anti-takeover legislation, and the link our country in the anti-takeover aspect practice situation, proposed consummates our country anti-takeover legislation.The specific contents are as follows: firstly, the article introduces the contention of Vanke Baoneng stock rights that began in 2015, through which we can understand the concept of anti-takeover.In order to enumerate the preventive anti-takeover strategy and the anti-takeover strategy commonly used in the world, and contact the relevant cases of Vanke Baoneng equity dispute and the anti-takeover cases in China's corporate acquisition practice,Analyze its feasibility under the current legal system of our country.And through the above-mentioned anti-takeover strategies, we reflect on the current situation and legal regulation of anti-takeover of listed companies in China.Secondly, the article introduces the current situation of anti-takeover legislation in our country, including the low level of legal effect; the confusion of which subject the decision-making power of anti-takeover belongs to; there is no specific and accurate judgment standard in the fiduciary duty of directors.And when the director violates this obligation, it is not clear which responsibility he should bear; the anti-takeover operation is weak and the form is single; there is no complete relief mechanism in the anti-takeover; through the above existing problems,Some specific suggestions are put forward, including: perfecting the anti-takeover legislation in combination with the current market situation and legal system of our country; defining the ownership of anti-takeover decision power; defining the legal details of anti-takeover measures; making clear regulations on the behavior of management.The independent director should do a good job of supervision and construct a reasonable and effective judicial aid system.
【学位授予单位】:延边大学
【学位级别】:硕士
【学位授予年份】:2017
【分类号】:D922.291.91
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