论上市公司并购中目标公司少数股东利益的保护

发布时间：2018-05-24 11:52

本文选题：上市公司 + 并购　；参考：《辽宁大学》2014年硕士论文

【摘要】：上市公司并购，是指通过在市场上通过购买一定份额的目标公司股票来达到控制目标公司的行为。它因为具有众多积极作用而受到市场的青睐，随着证券市场的快速发展，上市公司并购大有愈演愈烈之势，迅速在市场上刮起了一阵并购之风。它一方面帮助市场更好地实现资源的整合，促进资源的有效配置，使整个市场更具效率与朝气，另一方面随之而来的问题也日渐凸显。在公司并购的过程中，相对于并购方、目标公司控股股东、目标公司高管等人员，，目标公司少数股东处于极度弱势的地位，由于经济人的本性让这些主体都以最大程度地实现自身利益为目标，并为此而使出浑身解数。利益的冲突常导致违法行为的发生，而在这些利益主体中，少数股东囿于自身的弱势地位更容易受到市场上一些不规范行为的干扰与侵害。然而少数股东却牵涉面广、涉及利益主体众多，对少数股东权益保护不力，小则影响上市公司的治理，不利于上市公司的正常运行，大则动摇整个金融市场，造成金融危机。因而为了兼顾效率与公平，提高投资者对于市场的信心，便需要通过制定相应的规范制度从法律的层面上对少数股东予以特别的关照。因而在上市公司并购中加强少数股东利益保护具有重大现实意义。本文的研究中，以新公司法、证券法为背景利用实证分析方法，对我国现有的上市公司并购中目标公司少数股东利益保护现状进行深刻的分析，通过借鉴国外对少数股东利益保护的先进经验，对信息披露制度、强制要约制度提出了一些完善建议，同时对强制要约制度和股东平等待遇进行了深入思考，期待我国上市公司在并购中加强对目标公司少数股东利益的保护。本文正文分成四部分。第一部分是对并购中少数股东利益概述，主要解决了三个问题:一是介绍上市公司并购及少数股东利益保护的相关含义，界定研究的概念、研究范畴；二是研究的理论依据；三是研究公司并购中少数股东利益保护的价值。正文的第二部分通过介绍国外公司并购过程中对少数股东保护的立法，从信息披露制度、强制要约并购制度、反收购制度三个方面阐述了国外在公司并购中少数股东利益保护的先进经验。文章的第三部分主要分析了我国公司收并购中少数股东利益保护的立法现状及其在保护少数股东方面的缺陷。第四部分则是针对我国目前的立法现状缺陷提出的对策，以期对现有的立法进行完善。
[Abstract]:M & A of listed companies refers to the behavior of controlling target companies by purchasing certain shares of target companies in the market. With the rapid development of the securities market, the M & A of listed companies has become more and more intense, and a wave of M & A has been blowing quickly in the market. On the one hand, it helps the market to better realize the integration of resources, promote the effective allocation of resources, make the whole market more efficient and vibrant, on the other hand, the problems that come with it become increasingly prominent. In the process of corporate merger and acquisition, the minority shareholders of the target company are in an extremely weak position compared to those of the M & A side, the controlling shareholders of the target company, the executives of the target company, and so on. Because of the nature of economic man, these subjects aim to realize their own interests to the maximum extent, and do their best to achieve them. The conflict of interests often leads to illegal behavior, but in these interest subjects, minority shareholders are more vulnerable to interference and infringement by some non-standard behaviors in the market because of their weak position. However, minority shareholders are involved in a wide range of interests, involving a large number of stakeholders, weak protection of minority shareholders' rights and interests, small impact on the governance of listed companies, is not conducive to the normal operation of listed companies, which will destabilize the entire financial market, resulting in financial crisis. Therefore, in order to give consideration to efficiency and fairness and improve investors' confidence in the market, it is necessary to pay special attention to minority shareholders from the level of law by making corresponding normative system. Therefore, it is of great practical significance to strengthen the protection of minority shareholders' interests in M & A of listed companies. In the research of this paper, with the background of the new company law and securities law, using the empirical analysis method, this paper makes a profound analysis of the current situation of the protection of minority shareholders' interests of the target companies in the M & A of listed companies in China. Through drawing lessons from the advanced experience of foreign countries to protect the interests of minority shareholders, this paper puts forward some perfect suggestions to the information disclosure system and the compulsory offer system, at the same time, it makes a deep reflection on the compulsory offer system and the equal treatment of the shareholders. It is expected that China's listed companies will strengthen the protection of minority shareholders' interests in M & A. The text is divided into four parts. The first part is an overview of minority shareholders' interests in M & A, which mainly solves three problems: first, it introduces the relevant meanings of M & A and minority shareholders' interests protection of listed companies, defines the concept and scope of the research, second, the theoretical basis of the research; The third is to study the value of minority shareholder protection in M & A. The second part of the text introduces the legislation of minority shareholders protection in the process of merger and acquisition of foreign companies, from the information disclosure system, mandatory offer M & A system, Three aspects of anti-takeover system expound the foreign advanced experience of protecting minority shareholders' interests in M & A. The third part of the article mainly analyzes the legislation status of minority shareholders' interests protection and its defects in the protection of minority shareholders in Chinese companies' mergers and acquisitions. The fourth part is to put forward the countermeasures against the defects of our country's current legislative situation, in order to perfect the existing legislation.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D922.291.91;D922.287

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