毒丸計劃的法律分析
發(fā)布時間：2019-02-22 07:17
【摘要】： 公司反收購是針對公司收購尤其是敵意收購而言的,指目標公司管理層為了防止公司控制權(quán)轉(zhuǎn)移而采取的旨在預(yù)防或挫敗收購者收購本公司的行為。 毒丸計劃被認為是最有效的反收購措施之一。它作為公司反收購的重要手段,在董事會中心主義的美國得到了充分的完善和發(fā)展,并通過一系列的判例確立了完整的合法性審查體系。 第五次并購浪潮的興起和波及,我國上市公司股權(quán)分置改革的完成,以及新《公司法》、《證券法》的實施,都預(yù)示著我國上市公司收購和反收購活動將而臨深刻的變革。2006年9月1日,新《上市公司收購管理辦法》正式實施,有關(guān)反收購措施的規(guī)定依然集中在第33條一個條文上。根據(jù)這一條文,對于收購人作出提示性公告之前上市公司董事會實施的毒丸計劃在內(nèi)的反收購措施如何進行適用和規(guī)制,仍然是一個尚未解決的問題。 鑒于此,.本文基于對毒丸計劃概念及毒丸計劃的特點、發(fā)展、種類的分析,論證了毒丸計劃理論和實證價值。依據(jù)我國的市場環(huán)境和法律規(guī)定,本文對具有客觀合法性和主觀合法性的毒丸計劃如何在我國的法律體系中適用進行了探討。結(jié)合上述分析并借鑒美國成熟市場反收購實踐和近乎完善的反收購司法審查體系,針對毒丸計劃的合理性和非合理性特點,本文嘗試構(gòu)建和完善我國的商業(yè)判斷規(guī)則,探討構(gòu)建對毒丸計劃反收購措施的司法審查體系。
[Abstract]:Corporate anti-takeover is aimed at corporate takeover, especially hostile takeover, and refers to the behavior of the management of the target company in order to prevent the transfer of control of the company and to prevent or frustrate the acquisition of the company by the acquirer. The poison pill plan is considered one of the most effective anti-takeover measures. As an important means of corporate anti-takeover, it has been fully improved and developed in the board-centric America, and has established a complete legitimacy examination system through a series of precedents. The rise and spread of the fifth wave of mergers and acquisitions, the completion of the reform of the split share structure of listed companies in China, and the implementation of the new Company Law and the Securities Law, On September 1, 2006, the new "Management measures for the acquisition of listed companies" was formally implemented, and the provisions on anti-takeover measures were still concentrated on the provisions of Article 33. According to this article, how to apply and regulate the anti-takeover measures, including the poison pill plan implemented by the board of directors of listed companies before the acquirer makes an indicative announcement, is still an unsolved problem. In view of this, Based on the analysis of the concept of poison pill plan and the characteristics, development and types of poison pill plan, this paper demonstrates the theoretical and empirical value of poison pill plan. According to the market environment and legal regulations of our country, this paper discusses how the poison pill plan with objective legitimacy and subjective legitimacy can be applied in our country's legal system. Combined with the above analysis and drawing lessons from the American mature market anti-takeover practice and almost perfect anti-takeover judicial review system, aiming at the rationality and non-rationality characteristics of the poison pill plan, this paper tries to construct and perfect the commercial judgment rules of our country. To establish a judicial review system for the planned anti-takeover measures of poison pills.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：D922.291.91;D922.287
本文編號：2427957
[Abstract]:Corporate anti-takeover is aimed at corporate takeover, especially hostile takeover, and refers to the behavior of the management of the target company in order to prevent the transfer of control of the company and to prevent or frustrate the acquisition of the company by the acquirer. The poison pill plan is considered one of the most effective anti-takeover measures. As an important means of corporate anti-takeover, it has been fully improved and developed in the board-centric America, and has established a complete legitimacy examination system through a series of precedents. The rise and spread of the fifth wave of mergers and acquisitions, the completion of the reform of the split share structure of listed companies in China, and the implementation of the new Company Law and the Securities Law, On September 1, 2006, the new "Management measures for the acquisition of listed companies" was formally implemented, and the provisions on anti-takeover measures were still concentrated on the provisions of Article 33. According to this article, how to apply and regulate the anti-takeover measures, including the poison pill plan implemented by the board of directors of listed companies before the acquirer makes an indicative announcement, is still an unsolved problem. In view of this, Based on the analysis of the concept of poison pill plan and the characteristics, development and types of poison pill plan, this paper demonstrates the theoretical and empirical value of poison pill plan. According to the market environment and legal regulations of our country, this paper discusses how the poison pill plan with objective legitimacy and subjective legitimacy can be applied in our country's legal system. Combined with the above analysis and drawing lessons from the American mature market anti-takeover practice and almost perfect anti-takeover judicial review system, aiming at the rationality and non-rationality characteristics of the poison pill plan, this paper tries to construct and perfect the commercial judgment rules of our country. To establish a judicial review system for the planned anti-takeover measures of poison pills.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：D922.291.91;D922.287
【引證文獻】
相關(guān)碩士學(xué)位論文 前2條
1 張慧;毒丸計劃法律問題研究[D];中國政法大學(xué);2011年
2 郭婧;“毒丸計劃”規(guī)制研究[D];中國政法大學(xué);2011年
，本文編號：2427957
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