發(fā)布時間：2018-06-03 16:06

  本文選題：公司并購 + 股份交換��； 參考：《湖南大學(xué)》2010年碩士論文

【摘要】：股份交換在許多國家受到了公司并購者的青睞，并逐漸發(fā)展完善。作為公司法上的組織變更行為，他與公司的吸收合并有著截然不同的目標(biāo)和結(jié)果；作為一種公司并購的手段，他又與傳統(tǒng)的并購方式比如要約收購、協(xié)議收購等有著本質(zhì)的區(qū)別。強(qiáng)制性是股份交換最具價值的特征，在公司收購行為中可以強(qiáng)迫目標(biāo)公司的異議股東出讓其股份，從而實現(xiàn)將目標(biāo)公司全資子公司化的目的，對提升并購效率具有較大的意義。在股份交換制度中，有兩個問題是值得關(guān)注的：一是異議股東的保護(hù)問題，因股份交換的強(qiáng)制性導(dǎo)致異議股東權(quán)利有受到侵害的風(fēng)險，而設(shè)定異議股東股份回購請求權(quán)是解決此問題的關(guān)鍵；二是股份交換行為會在一定程度上減少公司對外承擔(dān)責(zé)任的資產(chǎn)數(shù)額，這必然影響到債權(quán)人的利益，所以國外通常在股份交換制度中設(shè)定了債權(quán)人異議程序。 股份交換制度起源于美國，在日本得到了較大的發(fā)展。目前我國還沒有構(gòu)建這一制度，導(dǎo)入這一制度將促進(jìn)我國公司并購體系的完善。從我國現(xiàn)有立法來看，已具備一定的條件：如股份支付方式的許可、要約收購中的強(qiáng)制性等，但仍需在并購程序、股東訴權(quán)等方面進(jìn)行適當(dāng)?shù)馗倪M(jìn)。此外，，我國《公司法》第75條確立了在公司合并、分立、轉(zhuǎn)讓主要財產(chǎn)時，異議股東可以行使股份回購請求權(quán)，以及第174條確立了公司合并時的債權(quán)人異議程序。倘若我國構(gòu)建股份交換制度，可以借鑒日本公司法的立法經(jīng)驗，將現(xiàn)有公司法中的異議股東股份回購請求權(quán)和債權(quán)人異議程序適用于股份交換行為，來解決利益相關(guān)者的保護(hù)問題。
[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.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：D922.291.91


本文編號：1973377