上市公司协议收购语境下中小股东权益保护研究
发布时间：2019-03-18 18:02
【摘要】：协议收购是我国上市公司收购的一种重要方式。在上市公司的收购活动中,通过公开要约方式成功完成上市公司收购的案例还未出现。实践中发生的大量上市公司收购,几乎都是以协议收购的方式进行。上市公司协议收购的法律特征决定了协议收购先天存在着与上市公司的某些法定运作原则相悖的弊端,容易导致信息垄断和内幕交易,损害公众投资者尤其是中小股东的合法利益。通过对我国上市公司协议收购保护中小股东权益的立法和实践考察,指出我国《公司法》在上市公司协议收购中对中小股东权益保护方面明显缺位,《证券法》的规定又过于简单,证券民事赔偿责任缺乏依据,协议收购中信息披露不全面等问题。针对上述问题,结合国外经验,提出应当完善我国《公司法》和《证券法》在上市公司协议收购中中小股东权益保护的规定,建立对损害中小股东利益的证券民事赔偿责任制度,加强对证券市场的监管,完善反收购立法规定,细化信息披露内容,强化控股股东、董事会和监事会的相关义务等方面更好地对上市公司协议收购过程中中小股东权益进行保护。
[Abstract]:Agreement acquisition is an important way of acquisition of listed companies in China. In the acquisition activities of listed companies, the successful completion of the acquisition of listed companies by means of public offer has not yet appeared. In practice, a large number of acquisitions of listed companies, almost all by agreement acquisition. The legal characteristics of the agreement acquisition of listed companies determine that the agreement acquisition is inherently contrary to some of the legal operating principles of listed companies, and it is easy to lead to information monopoly and insider trading. Damage the legitimate interests of public investors, especially minority shareholders. Through the legislative and practical investigation on the protection of the rights and interests of minority shareholders by agreement acquisition of listed companies in China, it is pointed out that the Company Law of our country is obviously lacking in the protection of the rights and interests of minority shareholders in the process of agreement acquisition of listed companies. The provisions of the Securities Law are too simple, the civil liability of securities is lack of basis, and the disclosure of information in the agreement acquisition is not comprehensive and so on. In view of the above-mentioned problems and combined with foreign experience, it is proposed that the provisions on the protection of the rights and interests of minority shareholders in China's Company Law and Securities Law under the Agreement acquisition of listed companies should be perfected, We will establish a civil liability system for securities that damages the interests of small and medium-sized shareholders, strengthen the supervision of the securities market, perfect the legislative provisions on anti-takeover, refine the contents of information disclosure, and strengthen the controlling shareholders. The relevant obligations of the board of directors and the board of supervisors are better to protect the rights and interests of minority shareholders in the process of agreement acquisition of listed companies.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91
本文编号：2443093
[Abstract]:Agreement acquisition is an important way of acquisition of listed companies in China. In the acquisition activities of listed companies, the successful completion of the acquisition of listed companies by means of public offer has not yet appeared. In practice, a large number of acquisitions of listed companies, almost all by agreement acquisition. The legal characteristics of the agreement acquisition of listed companies determine that the agreement acquisition is inherently contrary to some of the legal operating principles of listed companies, and it is easy to lead to information monopoly and insider trading. Damage the legitimate interests of public investors, especially minority shareholders. Through the legislative and practical investigation on the protection of the rights and interests of minority shareholders by agreement acquisition of listed companies in China, it is pointed out that the Company Law of our country is obviously lacking in the protection of the rights and interests of minority shareholders in the process of agreement acquisition of listed companies. The provisions of the Securities Law are too simple, the civil liability of securities is lack of basis, and the disclosure of information in the agreement acquisition is not comprehensive and so on. In view of the above-mentioned problems and combined with foreign experience, it is proposed that the provisions on the protection of the rights and interests of minority shareholders in China's Company Law and Securities Law under the Agreement acquisition of listed companies should be perfected, We will establish a civil liability system for securities that damages the interests of small and medium-sized shareholders, strengthen the supervision of the securities market, perfect the legislative provisions on anti-takeover, refine the contents of information disclosure, and strengthen the controlling shareholders. The relevant obligations of the board of directors and the board of supervisors are better to protect the rights and interests of minority shareholders in the process of agreement acquisition of listed companies.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291.91
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