摘要
随着我国股权分置改革的推进,我国证券市场将面对全流通的全新环境。在上市公司壳资源仍很稀缺的背景下,加之《上市公司收购管理办法》还确立了部分要约收购制度,且部分要约收购可兼采现金、证券方式,敌意收购发生的可能性将大大增加。而为应对敌意收购,不少上市公司已通过修订公司章程采取了反收购措施。在敌意收购发生时,势必还会引入各种形式的反收购措施。因此,法律应如何规制,就面临一个立法政策选择的问题。通过西方国家收购制度的考察,可以发现,各国均不同程度地确立了反收购制度,但存在限制的程度与股东会中心主义与董事会中心主义的区别。中国也应确立设置有严格限制的反收购制度,将反收购决定权赋予股东会,且须基于对少数股东的保护,对股东会反收购决议作出特别限制。
Along with the reform of equity division, the stock market will face a wholly new environment. In the background of listed companies shell remaining scarce, plus the system of part of the tender offer, and the acquisition offering by cash and securities, it will greatly increase the possibility of hostile takeover. To deal with hostile takeover, some listed companies have passed some amendments to the constitution adopting anti- takeover measures. Hostile takeover in time, will also introduce various forms of anti - takeover measures, Therefore, how to regulate the system must deal with a legislative policy choice. It is found that anti - takeover systems in the western countries have been established, but there are limits to the extent and the differences between board eentrism and shareholders centrism. China should also set up the anti - takeover system with strict restrictions, and shareholders will be given the right to decide anti - takeover. And based on the protection of the minority of shareholders, some special restrictions of shareholders＇ anti - takeover resolutions will be made,
出处
《商业经济与管理》
CSSCI
北大核心
2006年第11期62-67,共6页
Journal of Business Economics
关键词
敌意收购
反收购
立法政策
决定权
hostile takeover
anti- takeover
legislative policy
the right to decide
