我国上市公司要约收购制度评析

发布时间：2018-12-15 16:30

【摘要】：为猎取公司经营发展控制权的股东以及为获得公司股份分红及股票交易利益持股达法定比例的投资人,都应当是上市公司的收购人。拥有股权30%是我国要约收购触发点,我国公司收购实行自愿要约与强制要约、全面要约与部分要约并行的模式,不同收购方式的要约要求不同:要约收购可以选择全面要约和部分要约,协议收购和间接收购达法定持股比例,则强制实行全面要约。要约收购豁免只适用于协议收购和间接收购,我国法律豁免的不是全面强制要约,而是要约收购,这为收购人规避法律留有空隙;因此,根据法定情形获得豁免的,应当有一定期限的限制和持股比例上限的限制。
[Abstract]:The shareholders who hunt for the control of the company's operation and development, and the investors who hold shares in proportion to the company's share dividend and share trading benefits should all be the acquirers of the listed company. Ownership of 30% of shares is the trigger point of tender offer in our country. The mode of voluntary offer and compulsory offer is adopted in the acquisition of Chinese companies, and the mode of comprehensive offer and part of offer is parallel. The requirements of different takeover methods are different: full offer and partial offer can be chosen by tender offer, and full offer can be enforced if agreement acquisition and indirect acquisition reach legal shareholding ratio. The exemption of tender offer is only applicable to the agreement acquisition and indirect acquisition. The legal exemption of our country is not a comprehensive mandatory offer, but an offer, which leaves a gap for the acquirer to evade the law. Therefore, according to the legal circumstances of exemption, there should be a certain period of time limit and the maximum limit of shareholding ratio.
【作者单位】：西南政法大学全球新闻与传播学院;清华大学法学院;日本东北大学;
【分类号】：D922.291.91

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