上市公司并购重组的市场化改革之法律制度完善

发布时间：2018-12-25 14:23

【摘要】：近年来,我国上市公司并购重组的数量与日俱增,但我国的资本市场和成熟的资本市场相比,存在一些扭曲现象。在政府提出市场化改革之际,如何从法治角度应对上市公司并购重组的市场化改革提出的挑战,使法治符合改革的需要,是本文研究的主要目的。本文共分为四章。第一章分析并购重组的基本概念与经济意义。第二章分析并评述了市场化改革的背景与主要内容,包括四节,第一节分析了过度行政干预是造成市场扭曲的弊端,第二节阐述了市场在资源配置中的决定性作用,第三节阐述了法治是市场化改革的保障,第四节评述了市场化改革的主要内容。第三章论述了市场化改革对法治提出的挑战,从立法、依法行政、司法、行业自律与上市公司自律四个层面展开。第四章研究法治对策,分别针对立法、行政、司法、行业自律与上市公司自律四个层面提出了对策建议。本文认为,上市公司并购重组的市场化改革之法治研究主要包含四个层面:在立法层面,应更新证券法的立法理念,建立新股发行注册制度,并完善配套的法规规章;在依法行政层面,应完善集中型监管模式,加强退市制度的执行力,并建设监管信息共享平台;在司法层面,应衔接好行政责任、民事赔偿制度与刑事责任制度;在行业自律与上市公司自律层面,应确立交易所和行业协会的自律监管地位,应提高上市公司依法履行信息披露义务的意识,并强化上市公司的诚信与社会责任意识。
[Abstract]:In recent years, the number of M & A of listed companies in our country is increasing day by day. However, compared with the mature capital market, there are some distortions in our capital market. When the government puts forward the market-oriented reform, how to deal with the challenge of the market-oriented reform of M & A of listed companies from the angle of rule of law, and how to make the rule of law meet the needs of the reform, is the main purpose of this paper. This paper is divided into four chapters. The first chapter analyzes the basic concept and economic significance of M & A. The second chapter analyzes and comments on the background and main contents of the market-oriented reform, including four sections, the first section analyzes that excessive administrative intervention is the malpractice that causes the market distortion, and the second section expounds the decisive role of the market in the allocation of resources. The third section expounds the rule of law is the guarantee of market reform, the fourth section comments on the main content of market reform. The third chapter discusses the challenge of market reform to the rule of law, from four levels: legislation, administration by law, judicature, industry self-discipline and listed company self-discipline. The fourth chapter studies the rule of law countermeasures, respectively for legislation, administration, justice, industry self-discipline and listed company self-discipline four levels of countermeasures and suggestions. This paper holds that the research on the rule of law in the market-oriented reform of M & A of listed companies mainly includes four levels: at the legislative level, we should update the legislative concept of the securities law, establish the registration system of the new issue of new shares, and perfect the supporting regulations and rules; At the level of administration according to law, we should perfect the mode of centralized supervision, strengthen the executive power of delisting system, and build a platform for the sharing of regulatory information, and at the judicial level, we should link up the administrative liability, civil compensation system and criminal liability system. At the level of industry self-discipline and self-discipline of listed companies, the self-regulatory status of exchanges and trade associations should be established, the consciousness of listed companies to fulfill their obligations of information disclosure should be enhanced, and the consciousness of honesty and social responsibility of listed companies should be strengthened.
【学位授予单位】：上海社会科学院
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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