本文選題：反收購　切入點(diǎn)：反收購措施　出處：《華東政法大學(xué)》2011年碩士論文

【摘要】：公司制度的不斷變革和市場經(jīng)濟(jì)的持續(xù)發(fā)展,為我國的收購市場帶來了新的轉(zhuǎn)機(jī),公司的控制權(quán)爭奪日益激烈。為了有效的應(yīng)對(duì)收購,很多公司通過事先在其章程中設(shè)置反收購條款和敵意收購引發(fā)后的事中對(duì)抗性反收購措施來反擊收購方可能的或現(xiàn)時(shí)的收購,該類反收購措施主要是對(duì)收購方設(shè)置各種阻礙,以延緩收購方入主董事會(huì),或者降低目標(biāo)公司的收購價(jià)值,加大收購方的收購成本,增加收購難度等方式,以達(dá)成反收購的效果。但是,因我國反收購經(jīng)驗(yàn)不夠成熟,立法方面又缺乏有關(guān)的規(guī)制,所以在實(shí)踐中,有不少上市公司采取的反收購措施不夠規(guī)范,有的甚至有違背公司法基本原則的措施,本文提出了一些基本原則如保護(hù)股東原則,商業(yè)判斷準(zhǔn)則,公共利益原則等,并通過運(yùn)用該類原則對(duì)我國當(dāng)前反收購措施的主要方法進(jìn)行了分析,論證了在我國當(dāng)前的法律環(huán)境下,上市公司所采用的常見的反收購措施的合法性,并對(duì)現(xiàn)實(shí)立法規(guī)制的缺失提出了有益的建議。文章主要分為五部分。 第一部分為導(dǎo)言,主要介紹了反收購研究的背景及意義。證券法的修訂及后續(xù)法規(guī)的出臺(tái),從制度上為收購市場的發(fā)展掃清了障礙,反收購的合法性研究從長遠(yuǎn)來說,對(duì)公司收購活動(dòng)的規(guī)范進(jìn)行和市場的健康發(fā)展有重要意義。 第二部分主要論述了反收購措施的雙面作用及合法性考量標(biāo)準(zhǔn)。本文主要從反收購的價(jià)值和功能出發(fā),提出了公司反收購措施的主要考量標(biāo)準(zhǔn),即保護(hù)股東原則,商業(yè)判斷準(zhǔn)則,董事的拍賣義務(wù)和公共利益準(zhǔn)則。從而為反收購措施的合法性評(píng)價(jià)提供了基本的考量標(biāo)準(zhǔn),為本文的論證奠定了基礎(chǔ)。 第三部分主要是對(duì)目標(biāo)公司通常采用的事前預(yù)防性反收購措施如在章程中加入限制股東提名董事條款、分期分級(jí)董事會(huì)條款以及毒丸計(jì)劃進(jìn)行了介紹,并利用第二部分的原則進(jìn)行了該類措施的合法性分析。 第四部分主要是對(duì)目標(biāo)公司在面臨收購時(shí)采用的事中對(duì)抗性反收購措施如資產(chǎn)處置措施、股份回購措施、引入善意收購方計(jì)劃進(jìn)行介紹,并利用前述原則對(duì)其進(jìn)行了合法性論證。 第五部分主要是在前述反收購措施合法性分析的基礎(chǔ)上,針對(duì)我國反收購領(lǐng)域中存在的一些問題,提出了立法規(guī)制的建議,指出反收購決定權(quán)是反收購立法首要解決的問題,并提出了有關(guān)的規(guī)制建議,并提出建立反收購的信息披露制度和反收購糾紛解決機(jī)制,較為系統(tǒng)的對(duì)我國反收購立法提出了規(guī)制建議。
[Abstract]:The continuous change of the company system and the sustained development of the market economy have brought a new turn for the acquisition market of our country, and the competition for the control right of the company is becoming increasingly fierce.In order to respond effectively to acquisitions, many companies counter possible or current acquisitions by setting in advance anti-takeover clauses in their articles of association and antagonistic anti-takeover measures in the event of hostile takeover.In order to achieve the effect of anti-takeover.However, because our anti-takeover experience is not mature enough, and there is a lack of relevant regulation in legislation, in practice, many listed companies take anti-takeover measures that are not standardized, and some even violate the basic principles of the Company Law.This paper puts forward some basic principles, such as the principle of protecting shareholders, the principle of commercial judgment, the principle of public interest, and analyzes the main methods of anti-takeover measures in China by using these principles.This paper demonstrates the legitimacy of the common anti-takeover measures adopted by listed companies under the current legal environment of our country, and puts forward some useful suggestions for the lack of legislation in reality.The article is divided into five parts.The first part is the introduction, mainly introduces the background and significance of anti-takeover research.The revision of the securities law and the promulgation of the subsequent laws and regulations have cleared the way for the development of the acquisition market from the institutional point of view. In the long run, the research on the legitimacy of anti-takeover is of great significance to the standardization of corporate acquisition activities and the healthy development of the market.The second part mainly discusses the dual role of anti-takeover measures and the criteria of legitimacy.Starting from the value and function of anti-takeover, this paper puts forward the main criteria for consideration of anti-takeover measures, namely, the principle of protecting shareholders, the criterion of commercial judgment, the auction obligation of directors and the criterion of public interest.Therefore, it provides the basic criteria for the legitimacy evaluation of anti-takeover measures and lays a foundation for the argument of this paper.The third part mainly introduces the preventive anti-takeover measures usually adopted by target companies, such as limiting shareholders' nomination of directors, staging and grading the board of directors and poison pill plan.And use the principle of the second part to analyze the legality of this kind of measures.The fourth part mainly introduces the countervailing measures adopted by the target company in the face of acquisition, such as asset disposal measures, share repurchase measures, and the introduction of bona fide acquirers' plans.And use the above principles to demonstrate its legitimacy.The fifth part is mainly based on the analysis of the legitimacy of the aforementioned anti-takeover measures, aiming at some problems in the field of anti-takeover in China, it puts forward some suggestions of legislative regulation, and points out that the decision-making power of anti-takeover is the first problem to be solved by anti-takeover legislation.
【學(xué)位授予單位】：華東政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：D922.291.91

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本文編號(hào)：1701683