我国反收购规制的现状、问题及完善

发布时间：2019-03-30 13:42

【摘要】：中国对于反收购的立法规制主要体现在《公司法》、《证券法》及2006年修订的《上市公司收购管理办法》。但是即使是对收购行为规定相对较为详细的《上市公司收购管理办法》,也未能对中国的反收购措施作出一个完整的、具有体系性的制度规范。然而,随着中国的经济结构的不断变革,股权分置改革的进一步深入,敌意收购行为势必将发生得越来越频繁,届时,各个上市公司将如何应对以及他们应当采取何种反收购措施都将成为其管理层不可避免的课题。所以完善中国反收购法律规制已刻不容缓。本文通过对实践中已经出现的具体的反收购措施,逐一对其在中国使用的合法性及可行性进行分析,揭示其优势及可能存在的风险。同时,对国外反收购制度的历史及现状进行详细分析,试图通过借鉴国外的相关经验,去其糟粕,提出对中国反收购制度完善的建议。全文共分四大部分：第一部分,介绍收购及反收购的基本概念及其价值理论。通过对于收购及反收购的概念的辨析和公司收购基本规则的梳理,感性地介绍了收购及反收购在实际操作过程中的相互关系,以及它们各自在收购战中所处地位和影响。通过反收购价值理论的百家争鸣,认识到反收购有其独特的经济价值。第二部分,详细分析了国外反收购制度的历史及现状。本章主要介绍了美国、英国和欧盟的反收购规制。他们都是世界上反收购实践和立法比较发达的国家和地区,并且各有特色,故他们的经验及教训值得其他各国借鉴。第三部分,关于我国上市公司实施反收购措施的合法性的分析。通过对实践中已存在的具体的反收购措施,在中国实施的合法性的探究,揭示其作为反收购措施的优势以及可能存在的,尤其是法律上的风险。以此试图展现一个相对比较有操作性的中国反收购法律制度。第四部分,对完善中国现今的反收购制度的建议。首先基于上文的分析,对公司收购的法律制度中的缺陷进行评述,继而提出相关完善的意见,希望能为今后的反收购立法起到一定作用。
[Abstract]:The legislative regulation of anti-takeover in China is mainly reflected in the Company Law, the Securities Law and the Administration measures on acquisition of listed companies revised in 2006. However, even the relatively detailed regulations on the acquisition behavior of listed companies have failed to make a complete and systematic institutional norm for the anti-takeover measures in China. However, with the continuous transformation of China's economic structure and the further deepening of the reform of the split share structure, hostile takeovers are bound to take place more and more frequently, at that time, How each listed company will deal with and what kind of anti-buy-out measures they should take will be an inevitable issue for their management. Therefore, it is urgent to perfect the legal regulation of anti-takeover in China. This paper analyzes the validity and feasibility of anti-takeover measures in China one by one, and reveals its advantages and possible risks. At the same time, this paper makes a detailed analysis of the history and present situation of the foreign anti-takeover system, tries to use the relevant experience of foreign countries for reference to remove its dross, and puts forward some suggestions for the perfection of the anti-takeover system in China. This paper is divided into four parts: the first part introduces the basic concepts and value theory of acquisition and anti-takeover. By discriminating the concepts of acquisition and anti-takeover and combing the basic rules of acquisition, this paper introduces the relationship between acquisition and anti-acquisition in the practical operation, and their respective positions and influences in the acquisition war. Through the anti-takeover value theory of a hundred schools of contention, the recognition of anti-takeover has its unique economic value. The second part analyzes the history and present situation of foreign anti-takeover system in detail. This chapter mainly introduces the anti-takeover regulation of the United States, the United Kingdom and the European Union. They are all developed countries and regions in anti-takeover practice and legislation in the world, and have their own characteristics, so their experience and lessons should be used for reference by other countries. The third part, on the listed companies in China to implement anti-takeover measures of legitimacy analysis. Through the exploration of the concrete anti-takeover measures in practice and the legality of its implementation in China, this paper reveals its advantages as an anti-takeover measure and the possible risks, especially the legal risks. This attempts to show a relatively operational anti-takeover legal system in China. The fourth part, to perfect China's current anti-takeover system suggestions. Based on the above analysis, this paper comments on the defects in the legal system of company acquisition, and then puts forward some suggestions to improve it in the hope that it can play a certain role in the future anti-takeover legislation.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：D922.291.91;D922.287

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