股权置换式并购中小股东权益保护研究

发布时间：2019-03-22 06:17

【摘要】：2008年经济危机席卷全球,大大小小的企业在萧瑟寒冬中撑过。危机之危在经济发展趋势衰弱、增长减缓;危机之机却是为企业提供了重新布局的机遇。尤其是随着全球经济的逐渐复苏,企业展开新一轮的并购热潮。在我国后股权分置改革时代,公司也越来越依仗资本市场进行战略重组,利用有限的资本实力撬动更大规模的市场资源。尤其是自2006年证监会发布《上市公司收购管理办法》以来,越来越多的上市公司发挥资本市场强大的“资金池”效用,综合运用现金、股权、债权等多种手段积极进行并购。以股换股形式的并购方式更是在近年来公司并购中发挥着越来越重要的作用。上市公司通过定向增发股票或者以其所持有的子公司的股份按比例置换被并购公司的股份,实现对目标企业的控股或者合并。利用以股换股的方式进行的公司并购,不仅大大减轻了并购方现金支付压力,而且因定向增发新股壮大了自身实力。相对于西方发达资本主义市场上已经十分成熟股权置换式并购,我国股权置换式并购的研究与公司并购实务发展却存在一定的不平衡,公司法对公司并购的规制还处于粗线条状态。股东尤其是中小股东权益在股权置换并购中容易受到来自控制股东的压制,而且处于弱势地位的中小股东缺乏参与股权置换并购决策的意识。如何保障中小股东参与决策的权利和身为投资者的权益,将是本文研究的主要落脚点。本文主要分为导言和正文两大部分。其中导言部分介绍了选题的背景和价值、现有研究资料的数量和质量的实证分析以及本文的研究方法和思路。正文部分主要包括四章:第一章主要是从股权置换并购的理论基础为切入点,分析了股权置换并购兴起的原因、股权置换并购过程中的股东博弈分析以及股权置换并购控制股东绝对意志的必要性约束。第二章主要是以实证研究的方法对我国现阶段对股权置换并购中小股东权益保护的现状进行阐述,从中小股东的实体权利、司法救济途径和反向保护三个角度进行了详细的分析。第三章运用辩证的思维方式对我国股权置换并购中小股东权益保护制度进行思考,旨在总结现有成果,勘明存在的问题,为后续的问题解决和制度设计提供有力的帮助。第四章在前述内容基础之上,提出完善我国股权置换并购中小股东权益保护制度的建议。
[Abstract]:In 2008, the economic crisis swept the world, large and small enterprises in the bleak winter through. The danger of crisis is that the trend of economic development is weak and growth slows, but the opportunity of crisis is an opportunity for enterprises to rearrange. Especially with the gradual recovery of the global economy, enterprises launched a new round of mergers and acquisitions boom. In the era of split share structure reform in China, companies rely more and more on the strategic reorganization of capital market, and use limited capital strength to leverage larger market resources. Especially since the CSRC issued the "Management measures on the acquisition of listed companies" in 2006, more and more listed companies take advantage of the powerful "capital pool" utility of the capital market and make use of various means such as cash, equity, creditor's rights and so on to actively carry out mergers and acquisitions. M & A in the form of stock-for-stock is playing a more and more important role in M & A in recent years. The listed company controls or merges the target company by offering additional shares or replacing the shares of the subsidiaries held by the listed company in proportion to the shares of the merged company. The use of stock-for-stock M & A not only greatly lightens the pressure on M & A parties to pay cash, but also strengthens their strength by offering new shares. Compared with the developed capitalist market in the west, there is a certain imbalance between the research of equity replacement mergers and acquisitions in China and the development of corporate mergers and acquisitions, which is already very mature and mature in the western capitalist market. The regulation of corporate merger and acquisition by company law is still in the state of rough lines. The shareholders, especially the minority shareholders, are easily suppressed by the controlling shareholders in the stock exchange merger, and the minority shareholders in the weak position lack the consciousness to participate in the decision-making of the stock exchange mergers and acquisitions. How to protect the right of minority shareholders to participate in decision-making and the rights and interests of investors will be the main foothold of this paper. This paper is divided into two parts: introduction and text. The introduction introduces the background and value of the topic, the empirical analysis of the quantity and quality of the existing research data, and the research methods and ideas of this paper. The main body includes four chapters: the first chapter is mainly from the theoretical basis of equity exchange mergers and acquisitions, analyzes the reasons for the rise of equity exchange mergers and acquisitions. The game analysis of shareholders in the process of stock exchange mergers and acquisitions and the necessity of controlling the absolute will of the shareholders in share exchange mergers and acquisitions. In the second chapter, the author expounds the current situation of the protection of the rights and interests of minority shareholders in stock exchange mergers and acquisitions in China by means of empirical research, from the point of view of the substantive rights of minority shareholders. The ways of judicial relief and reverse protection are analyzed in detail. The third chapter uses dialectical thinking mode to think about the system of protecting the rights and interests of minority shareholders in equity exchange M & A in our country, aiming at summarizing the existing achievements, identifying the existing problems, and providing powerful help for the solution of the following problems and the design of the system. On the basis of the above contents, the fourth chapter puts forward some suggestions to perfect the system of protecting the rights and interests of minority shareholders in equity exchange M & A in China.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91

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