我国上市公司敌意收购法律问题探析
发布时间：2018-12-14 15:29
【摘要】：敌意收购是资本市场自由竞争的产物,能够促使公司改善经营、优化资源配置,实现资本经济市场的繁荣和进步;但由于其带有“敌意”色彩,经常伴随着收购双方的激烈对抗,在对抗的过程中,一些诸如股东权益保护、信息披露、董事义务等方面的问题逐渐显现出来。如何对敌意收购法律问题进行健全和完善,消除敌意收购的消极影响,充分发挥其积极价值,成为了当前我国法律实务界不容忽视的问题。论文总共分成三部分:第一部分结合法学和经济学的知识,通过对我国敌意收购的实践现状、法律规制现状及敌意收购案例实践三个方面的分析,指出我国敌意收购法律中存在中小股东权益保护不足、信息披露规定不完善、目标公司董事义务不明确三个问题。第二部分主要是对域外敌意收购法律的考察与借鉴。通过对有着成熟敌意收购法律规制体系的英、美两国的比较分析,考察英、美两国关于中小股东权益的保护、信息披露、目标公司董事义务的规定,并在此基础上归纳出对我国敌意收购法律规制的启示。第三部分是本文的重点章节,在前文分析我国敌意收购法律中存在的问题及借鉴国外有关经验的基础上提出具体的完善建议:一是从公司反收购和股东司法救济两个方面加强对中小股东权益的保护;二是明确收购双方的信息披露内容及加强对信息披露的监管;三是完善目标公司董事义务的具体内容及判断标准。
[Abstract]:Hostile takeover is the product of free competition in the capital market, which can promote the company to improve its management, optimize the allocation of resources, and realize the prosperity and progress of the capital economy market. However, due to its "hostile" color, often accompanied by fierce confrontation between the two sides, in the confrontation process, some issues such as shareholder rights and interests protection, information disclosure, directors obligations and other issues gradually emerged. How to perfect and perfect the legal problem of hostile takeover, eliminate the negative influence of hostile takeover and give full play to its positive value has become a problem that can not be ignored in the legal practice of our country at present. The thesis is divided into three parts: the first part combines the knowledge of law and economics, through the analysis of the status quo of hostile takeover in China, the current situation of legal regulation and the practice of hostile takeover case. It is pointed out that there are three problems in the hostile takeover law of our country, such as inadequate protection of minority shareholders' rights and interests, imperfect regulations on information disclosure and unclear obligations of directors of target companies. The second part mainly studies and draws lessons from the law of extraterritorial hostile takeover. Through a comparative analysis of the legal system of hostile takeover in Britain and the United States, this paper examines the protection of the rights and interests of minority shareholders, the disclosure of information, and the obligations of directors of target companies in Britain and the United States. On this basis, the author concludes the enlightenment to the legal regulation of hostile takeover in China. The third part is the key chapters of this paper. On the basis of analyzing the problems existing in the hostile takeover law of our country and drawing on the experience of foreign countries, some specific suggestions are put forward: first, strengthening the protection of minority shareholders' rights and interests from the aspects of company anti-takeover and shareholders' judicial relief; The second is to clarify the contents of information disclosure and strengthen the supervision of information disclosure, and the third is to perfect the specific content and judgment standard of the directors' obligations of target companies.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91;D922.287
本文编号：2378871
[Abstract]:Hostile takeover is the product of free competition in the capital market, which can promote the company to improve its management, optimize the allocation of resources, and realize the prosperity and progress of the capital economy market. However, due to its "hostile" color, often accompanied by fierce confrontation between the two sides, in the confrontation process, some issues such as shareholder rights and interests protection, information disclosure, directors obligations and other issues gradually emerged. How to perfect and perfect the legal problem of hostile takeover, eliminate the negative influence of hostile takeover and give full play to its positive value has become a problem that can not be ignored in the legal practice of our country at present. The thesis is divided into three parts: the first part combines the knowledge of law and economics, through the analysis of the status quo of hostile takeover in China, the current situation of legal regulation and the practice of hostile takeover case. It is pointed out that there are three problems in the hostile takeover law of our country, such as inadequate protection of minority shareholders' rights and interests, imperfect regulations on information disclosure and unclear obligations of directors of target companies. The second part mainly studies and draws lessons from the law of extraterritorial hostile takeover. Through a comparative analysis of the legal system of hostile takeover in Britain and the United States, this paper examines the protection of the rights and interests of minority shareholders, the disclosure of information, and the obligations of directors of target companies in Britain and the United States. On this basis, the author concludes the enlightenment to the legal regulation of hostile takeover in China. The third part is the key chapters of this paper. On the basis of analyzing the problems existing in the hostile takeover law of our country and drawing on the experience of foreign countries, some specific suggestions are put forward: first, strengthening the protection of minority shareholders' rights and interests from the aspects of company anti-takeover and shareholders' judicial relief; The second is to clarify the contents of information disclosure and strengthen the supervision of information disclosure, and the third is to perfect the specific content and judgment standard of the directors' obligations of target companies.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.291.91;D922.287
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