【摘要】 在美国,防御式股份回购是目标公司董事会采用的抵制敌意收购的惯用措施之一,目标公司采用防御式股份回购的方法有公开市场回购、自我要约收购以及绿邮回购。本文通过对此三种防御式股份回购的判例法与成文法之评析,指出美国对防御式股份回购的法律规制过于自由,应予以适当管制。反观我国立法,应对目标公司管理者的防御式股份回购进行限制,但不能一概禁止。以法律有效规范为前提,可允许目标公司采取自我要约收购方式回购股份,而应禁止采用防御式公开市场回购和绿邮回购。更多还原

【Abstract】 In recent years,target companies have resorted with increasing frequency to repurchases of their own stock to defeat hostile tender offers in America.We refer to all target stock repurchases that are undertaken to defeat a hostile takeover bid as defensive stock repurchases.There are three kinds of tactic:defensive open market repurchase;defensive self-tender offers and greenmail.After analysing the case law and statute of defensive stock repurchases in America,the paper thinks American regulation on defensive stock repurchases is too loose.In relation to Chinese legislation,we should lay down rules to forbide defensive open market stock repurchase and greenmail,and the defensive self-tender offers should be permitted subject to certain conditions.更多还原