公司重组中股份交换法律制度研究

发布时间：2018-06-16 21:59

本文选题：股份交换 + 股份转移　；参考：《华东师范大学》2010年硕士论文

【摘要】： 我国公司并购重组的方式多种多样,除了传统的公司合并、公司吸收外,还包括要约、协议收购、强制收购、合并、换股合并、营业转让制度、向第三者发行增资扩股等方法。多样化的制度设计为市场主体的并购重组提供了较为全面而周延的选择。然而,与其他公司重组方式相较而言,股份交换、股份转移制度更有利于追求经营集团化以及便捷高效等重组目标的实现,已逐渐成为国外上市公司进行重组所普遍采用的方式。虽然目前这两项制度在我国尚未得到确立,但《公司法》、《证券法》、《反垄断法》等法律法规的修改和新法的颁布已经为该制度在我国境内的推行预设了一定的制度适用空间,当前需解决的问题是进一步扫清现有立法中的障碍,加强相关理论研究和完善制度细节,为股份交换、股份转移制度在我国的移植提供良好的法律环境。本研究基于“文献分析”、“比较分析”的方法,以“郑百文”重组案为视角,分析因为法律制度缺位,导致的重组效率低下以及重组方案不公平引发的各方争议,以期通过导入股份交换、股份转移制度,来改善目前实务中的公司重组法律制度的缺位问题。通过对美国的三角合并、倒三角合并制度,日本的股份交换、股份转移制度的介绍,进一步认识我国法律在这一领域的不完善之处,并分析域外法制向我国移植的可能性、可行性、可塑性。本文研究主要分为三个部分。引言部分介绍了问题缘起,评述了相关学者的观点,并交代了理论分析框架和研究方法。第一章主要从“郑百文”重组案入手,厘清我国现行法律有关公司并购重组的基本类型,说明在我国导入股份交换制度的必要性,随后介绍了股份交换、股份转移的概念、特征,以及与其他公司重组制度的比较。从法理的角度,在公平与效率的价值取向上衡量股份交换制度的价值定位。第二章通过对美国的三角合并和倒三角合并制度、日本的股份交换、股份转移制度的简介,阐释其在我国移植的战略意义。第三章论证了移植这一制度所需的法制土壤,我国现行的法律、法规,主要是公司法、证券法、反垄断法、税法为导入股份交换制度提供了哪些可适的环境。最后,在前文分析的基础上,得出结论,股份交换、股份转移制度在我国的构建,需要各法律部门协调好各方(公司、股东、债权人等)权益。
[Abstract]:There are many ways of M & A in our country. In addition to the traditional merger and absorption of the company, it also includes the methods of offer, agreement acquisition, compulsory acquisition, merger, stock exchange merger, business transfer system, issuance of additional capital to the third party, and so on. The diversified institutional design provides a more comprehensive and comprehensive choice for the M & A of the main body of the market. However, compared with other corporate restructuring methods, the share exchange and share transfer system are more conducive to the realization of restructuring objectives such as business collectivization and convenience and efficiency. It has gradually become a common way for foreign listed companies to restructure. Although these two systems have not yet been established in China, the revision of laws and regulations, such as the Company Law, the Securities Law and the Anti-monopoly Law, and the promulgation of the new laws have preset a certain amount of system application space for the implementation of the system in our country. The problem that needs to be solved at present is to further clear the obstacles in the existing legislation, strengthen the relevant theoretical research and perfect the system details, and provide a good legal environment for the transplantation of the stock exchange and the stock transfer system in our country. This study is based on the methods of "literature analysis" and "comparative analysis". From the perspective of "Zheng Baiwen" reorganization case, this study analyzes the various disputes caused by the lack of legal system, the inefficiency of reorganization and the unfair reorganization scheme. By introducing stock exchange and stock transfer system, this paper aims to improve the absence of corporate reorganization law system in practice. Through the introduction of American triangle merger, reverse triangle merger system, Japan's stock exchange and share transfer system, we can further understand the imperfections of our country's laws in this field, and analyze the possibility of the extraterritorial legal system being transplanted to our country. Feasibility, plasticity. This paper is divided into three parts. The introduction introduces the origin of the problem, comments on the views of relevant scholars, and explains the theoretical analysis framework and research methods. The first chapter mainly starts with the "Zheng Baiwen" reorganization case, clarifies the basic types of merger and acquisition and reorganization of companies in China, explains the necessity of introducing the stock exchange system in our country, and then introduces the concepts of stock exchange and share transfer. Characteristics and comparison with other corporate restructuring systems. From the angle of jurisprudence, the value orientation of stock exchange system is measured on the value orientation of equity and efficiency. The second chapter explains the strategic significance of American Triangle merger and inverted Triangle merger, Japan's share Exchange and share transfer system. The third chapter demonstrates the legal soil needed to transplant this system, the current laws and regulations of our country, mainly company law, securities law, anti-monopoly law, tax law for the introduction of stock exchange system to provide a suitable environment. Finally, on the basis of the previous analysis, it is concluded that the construction of stock exchange and stock transfer system in our country requires all legal departments to coordinate the rights and interests of all parties (companies, shareholders, creditors, etc.).
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：D922.291.91

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