上市公司的股份交换问题研究

发布时间：2018-06-03 16:06

  本文选题：公司并购 + 股份交换　； 参考：《湖南大学》2010年硕士论文

【摘要】：股份交换在许多国家受到了公司并购者的青睐，并逐渐发展完善。作为公司法上的组织变更行为，他与公司的吸收合并有着截然不同的目标和结果；作为一种公司并购的手段，他又与传统的并购方式比如要约收购、协议收购等有着本质的区别。强制性是股份交换最具价值的特征，在公司收购行为中可以强迫目标公司的异议股东出让其股份，从而实现将目标公司全资子公司化的目的，对提升并购效率具有较大的意义。在股份交换制度中，有两个问题是值得关注的：一是异议股东的保护问题，因股份交换的强制性导致异议股东权利有受到侵害的风险，而设定异议股东股份回购请求权是解决此问题的关键；二是股份交换行为会在一定程度上减少公司对外承担责任的资产数额，这必然影响到债权人的利益，所以国外通常在股份交换制度中设定了债权人异议程序。 股份交换制度起源于美国，在日本得到了较大的发展。目前我国还没有构建这一制度，导入这一制度将促进我国公司并购体系的完善。从我国现有立法来看，已具备一定的条件：如股份支付方式的许可、要约收购中的强制性等，但仍需在并购程序、股东诉权等方面进行适当地改进。此外，，我国《公司法》第75条确立了在公司合并、分立、转让主要财产时，异议股东可以行使股份回购请求权，以及第174条确立了公司合并时的债权人异议程序。倘若我国构建股份交换制度，可以借鉴日本公司法的立法经验，将现有公司法中的异议股东股份回购请求权和债权人异议程序适用于股份交换行为，来解决利益相关者的保护问题。
[Abstract]:Share exchange has been favored by M & A companies in many countries and developed gradually. As an organizational change behavior in company law, he has completely different goals and results from the absorption and merger of the company. As a means of company merger and acquisition, he is also associated with traditional merger and acquisition methods such as tender offer. Agreement acquisition and so on have the essential difference. Mandatory is the most valuable feature of stock exchange. It can force the dissenting shareholders of the target company to transfer its shares in the acquisition of the company, thus realizing the goal of the target company becoming a wholly-owned subsidiary company, which has great significance for improving the efficiency of mergers and acquisitions. In the stock exchange system, there are two issues that deserve attention: first, the protection of dissenting shareholders, because the mandatory exchange of shares results in the risk of infringement of the rights of dissenting shareholders, The key to solve this problem is to set up the claim right of dissenting shareholders to repurchase shares. Second, the exchange of shares will reduce the amount of assets the company bears responsibility for to a certain extent, which will inevitably affect the interests of creditors. Therefore, foreign countries usually set up creditor objection procedure in the stock exchange system. The stock exchange system originated in the United States and developed greatly in Japan. At present, China has not constructed this system, the introduction of this system will promote the perfection of M & A system in China. From the current legislation of our country, there are some conditions: for example, the permit of the way of share payment, the compulsory in the tender offer and so on, but we still need to improve the procedure of merger and acquisition, shareholder's right of action and so on. In addition, Article 75 of the Company Law of our country establishes that dissenting shareholders may exercise the right of claim for share repurchase in the case of merger, division and transfer of the main property, and Article 174 establishes the procedure of dissent by creditors when the company is merged. If our country constructs the stock exchange system, we can learn from the legislation experience of Japanese company law, and apply the claim right of dissenting shareholders' share repurchase and the creditor's dissent procedure to the stock exchange behavior in the existing company law. To address stakeholder protection issues.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.291.91


本文编号：1973377