退市公司余股强制挤出制度的研究

发布时间：2018-04-24 13:36

本文选题：余股强制挤出制度 + 上市公司　；参考：《西南政法大学》2015年硕士论文

【摘要】：健全的上市公司退市制度对于实现资本市场优胜劣汰、增加市场主体活力具有重要意义。作为上市公司主动退市的后续配套措施之一,余股强制挤出制度在我国《证券法》中的缺乏,不利于收购方提高收购效率和减少收购成本。尽管法律出于对剩余股东的保护,规定了在上市公司股本总额或股权分布结构不符合法律规定时,剩余股东可以行使强制出售权,但并未赋予收购方的强制排除权。在收购目标公司绝大部分股权的情况下,收购方往往面临着剩余股东找不着或剩余股东不愿出售股票的窘境。作为股东投资的经济组织,为实现股东的利益,公司必须有序高效地运营。在不影响公平的情形下,效率是公司运营永不懈怠的追求。建立余股强制挤出制度来解决我国上市公司收购中的余股问题,是兼顾投资者利益的保护和收购方的成本效率的良方。为此,本文将结合我国既有的法律制度和现实坏境,对我国引进余股强制挤出制度的正当性进行论证,并且对余股强制挤出制度的适用条件、行使程序、对被挤出股东的合理补偿以及被挤出股东的异议救济进行探讨,进而为我国建立余股强制挤出制度提出建议。本文除引言和结语外,分为四个部分。第一部分,余股强制挤出的概念。界定余股强制挤出的涵义,厘清余股强制挤出与股东退出、公司退市之间的关系。第二部分,余股强制挤出制度的价值。针对学者对余股强制挤出制度的正当性的争议,如背离自愿原则、违反平等原则、打破股东之间利益平衡、剩余股东承受不利益、不利于证券市场发展等,一一进行批判性分析,并从效率和公平之间的博弈来论述余股强制挤出制度的正当性。余股强制挤出制度不仅是对效率价值的追求,也是对公平价值的守望。效率价值和公平价值能够在余股强制挤出制度中得到平衡。第三部分,余股强制挤出的适用规则。包括余股强制挤出的适用条件、行使程序、对被挤出股东的补偿和被挤出股东异议的救济这四方面的内容。在行使条件项下,探讨余股强制挤出制度是否适用于所有的公司类型、收购方股权触发到何种程度才能行使强制排除权等。在满足行使条件的情况下,收购方应在多长期限内、以何种方式排除剩余股东。如果剩余股东被排挤出,对其补偿价格应如何计算、以什么方式补偿、补偿的时间限度是多久。如果被挤出的股东对补偿存在异议,可以获得哪些途径的救济。第四部分,对我国建立余股强制挤出制度的建议。在现行证券法中,我国已确立剩余股东的强制出售权。要完整建立余股强制挤出制度,重点是建立与出售权相对应的收购方的排除权以及其他现行证券法欠缺的地方,如禁止收购方通过变相途径达到持股要求、为被挤出股东确立适当的补偿和支付保证以及被挤出股东存在异议时赋予其有效的救济措施。
[Abstract]:A sound system of delisting of listed companies is of great significance to realize the survival of the fittest in the capital market and to increase the vitality of the main body of the market. As one of the following supporting measures for the listed company to withdraw from the market voluntarily, the system of forced extrusion of surplus shares is lacking in the Securities Law of our country, which is not conducive to improving the purchasing efficiency and reducing the acquisition cost of the acquirer. Although the law, out of the protection of the remaining shareholders, provides that the residual shareholders may exercise the compulsory right of sale when the total amount of equity or the structure of the equity distribution of the listed company is not in accordance with the law, but it does not give the acquirer the power of compulsory exclusion. In the case of a majority stake in the target company, the acquirer often faces the dilemma that the remaining shareholders are unable to find or that the remaining shareholders are unwilling to sell their shares. As an economic organization invested by shareholders, in order to realize the interests of shareholders, the company must operate in an orderly and efficient manner. In the case of no impact on fairness, efficiency is the pursuit of the company never slacking off. It is a good way to set up the system of forced extrusion of surplus shares to solve the problem of surplus shares in the acquisition of listed companies in China, which takes into account the protection of investors' interests and the cost efficiency of the acquirers. Therefore, this article will combine our country existing legal system and the reality bad situation, will carry on the demonstration to our country to introduce the surplus stock forced extrusion system the legitimacy, and to the remaining stock forced extrusion system application condition, the exercise procedure, This paper probes into the reasonable compensation of the displaced shareholders and the dissenting relief of the squeezed shareholders, and then puts forward some suggestions for the establishment of the forced extrusion system of surplus shares in our country. In addition to the introduction and conclusion, this article is divided into four parts. The first part, the concept of forced extrusion. Define the meaning of forced extrusion of surplus shares and clarify the relationship between forced extrusion of surplus shares and withdrawal of shareholders and delisting of companies. The second part, the value of forced extrusion system. In view of the scholars' controversy on the legitimacy of the forced extrusion system of residual shares, such as deviating from the voluntary principle, violating the principle of equality, breaking the balance of interests among shareholders, bearing no interest for the remaining shareholders, and so on, it is not conducive to the development of the securities market. Through critical analysis, this paper discusses the legitimacy of forced extrusion system from the game between efficiency and fairness. The system of forced extrusion of surplus stock is not only the pursuit of efficiency value, but also the watch of fair value. Efficiency value and fair value can be balanced in the system of forced extrusion of surplus shares. The third part, the applicable rules of forced extrusion. It includes four aspects: the applicable conditions of forced extrusion of surplus shares, the procedure of exercising, the compensation to the squeezed shareholders and the relief of the dissent of the displaced shareholders. Under the condition of exercise, this paper discusses whether the system of forced extrusion of residual shares is applicable to all types of companies, and to what extent the acquirer's equity trigger can exercise the compulsory exclusion right and so on. If the exercise conditions are met, within what period and in what manner shall the acquirer exclude the remaining shareholders. If the remaining shareholders are excluded, how should the compensation price be calculated, in what way, and how long. If the squeezed out shareholders have objections to the compensation, what channels of relief can be obtained. The fourth part, the suggestion of establishing the system of forced extrusion of surplus stock in our country. In the current securities law, China has established the right of compulsory sale of residual shareholders. In order to establish a complete system of forced extrusion of surplus shares, the emphasis is on establishing the exclusions of the acquirers corresponding to the right of sale and other deficiencies in existing securities laws, such as prohibiting the acquirers from meeting the shareholding requirements through disguised channels, Establish appropriate compensation and payment guarantee for the squeezed shareholders and give them effective remedies when there is dissent.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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