上市公司反收购诸措施的合法性研究

发布时间：2018-06-22 11:59

本文选题：上市公司 + 反收购措施　；参考：《新疆大学》2017年硕士论文

【摘要】：市场经济的持续发展和股权分置改革的全面普及,催生了我国收购市场充满活力的全新局面,上市公司控制权更迭也日益频繁。上市公司为避免遭遇敌意收购,会采用预防性的反收购措施。而面对现时的敌意收购,则多采取对抗性的反收购措施。通常,反收购行为对象只能是敌意收购,且以维护目标公司及股东利益为目的,采用正当的反收购措施能够避免上市公司遭遇敌意收购,最大程度地保护公司与股东利益。但由于我国资本市场尚不成熟,有关收购、反收购方面的经验相对欠缺,立法方面也不完善。导致在实践中,很多目标公司实施的一些反收购措施不仅浪费了良好资源整合的机会,甚至损害了目标公司及其股东的权益。因此反收购诸措施合法性的判断至关重要。笔者通过对我国现行反收购立法的介绍与分析,对常见的反收购措施的合法性进行了检验,并结合与国外相关立法的比较,指出了我国现行反收购立法中存在的不足,最后结合我国国情,对当前立法规制的缺失提出了一些建议。本文内容主要分为四部分:第一章第一节主要介绍了反收购及敌意收购的概念,上市公司之所以反收购的原因;第二节介绍了我国立法中有关反收购措施的相关规定;第三节探讨了反收购措施合法性的判断标准。第二章第一节详细介绍了反收购措施的几种常见类型,并对上市公司常采用的几种具体反收购措施的合法性进行了检验;第二节通过介绍几类经典反收购案例,讨论了反收购措施在实践中运用情况。第三章反映了在反收购诸措施合法性研究过程当中显现出的问题,即反收购行为规制相关立法的缺失。第四部分主要针对我国反收购相关立法缺失的问题,相应地提出了立法规制的建议。
[Abstract]:The sustained development of market economy and the popularization of the reform of split share structure have given birth to a new situation that is full of vitality in the acquisition market of our country, and the change of control rights of listed companies is also becoming more and more frequent. Listed companies in order to avoid hostile takeover, will use preventive anti-takeover measures. And in the face of the current hostile takeover, more antagonistic anti-takeover measures. Usually, the object of anti-takeover can only be hostile takeover, and in order to protect the interests of the target company and shareholders, adopting proper anti-takeover measures can avoid the hostile takeover of listed companies and protect the interests of companies and shareholders to the greatest extent. However, the capital market of our country is not mature, the experience of acquisition and anti-takeover is relatively short, and the legislation is not perfect. In practice, some anti-takeover measures implemented by many target companies not only waste the opportunity of good resource integration, but also damage the rights and interests of target companies and their shareholders. So the legitimacy of anti-takeover measures is crucial. Through the introduction and analysis of the current anti-takeover legislation in China, the author tests the legitimacy of the common anti-takeover measures, and points out the shortcomings of the current anti-takeover legislation in China. Finally, according to the situation of our country, some suggestions are put forward on the deficiency of current legislation. The content of this paper is divided into four parts: chapter one mainly introduces the concepts of anti-takeover and hostile takeover, the reasons of the anti-takeover of listed companies, the second section introduces the relevant provisions of anti-takeover measures in Chinese legislation. The third section discusses the judgment standard of the legality of anti-takeover measures. The first section of the second chapter introduces several common types of anti-takeover measures in detail, and tests the legitimacy of several specific anti-takeover measures often adopted by listed companies; the second section introduces several classic anti-takeover cases. The application of anti-takeover measures in practice is discussed. The third chapter reflects the problems in the study of the legality of anti-takeover measures, that is, the lack of legislation related to the regulation of anti-takeover. In the fourth part, the author puts forward the suggestion of legislative regulation in view of the lack of legislation related to anti-takeover in China.
【学位授予单位】：新疆大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91

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