【作者】 杨德敏；

【导师】 蒋岩波；

【作者基本信息】 江西财经大学 ， 经济法学， 2002， 硕士

【摘要】 加入WTO，必将给我国的经济发展带来重大机遇，为能在面对越来越激烈的国内外竞争环境中获得优势地位，我国的公司规模必将日益扩大，随着公司规模的扩大，公司股东人数必然增多且散居全国各地，甚至全球各地。股权分散化是公司发展的必然趋势，它给股东出席股东大会造成了不便，带来了困难，尤其是那些持股比例不大的广大中小股东，由于他们对股东大会决议影响甚微，这些主客观原因的存在，造成了许多股东不能或不愿出席股东大会的事实。为使公司决策的民主化，维护股东和公司的合法权益，委托书制度便应运而生。 股东书立委托书，委托他人在股东大会上代理行使表决权，符合民法上设立代理制度的价值，也方便了股东，克服了其不能或不愿出席股东大会的现实矛盾。然而，如果代理人接受为数众多的股东的委托，甚至广泛宣传，大量征集委托书，便形成了委托书收购。所谓委托书收购G of proxy人 是指当事人以大量征集股东委托书的方式，取得代理表决权，代理股东出席股东大会并通过集中行使这些数量优势的表决权，以便于通过符合其意愿的经营策略、改选公司董事会等股东大会决议，从而达到实际控制上市公司经营权的公司收购的特殊方式。 委托书收购可以方便广大股东参加到股东大会的表决中来，使广大股东能对股东大会的决议充分表达自己的意见，极大地调动了他们参与公司管理的积极性，对发挥股东大会的监督功能有着积极的作用。委托书收购和股权收购、资产收购一样，都可能改组公司管理层，使公司的控制权发生转移，这样一方面可以使具有经营事业心的善意收购者（如善意在野大股东），能有机会淘汰不适任的现任经营者，使公司扭亏为盈，增进股东和公司的利益；另一方面可促使在任的公司经营者采用有利于股东和公司的经营政策，不断改善经营管理措施，提高经营管理水平，否则就有被赶下台的危险。委托书收购给他们形成了巨大的压力，为公司的外部监督力量再添利器，对完善公司治理结构具有重要意义。然而，在委托书<WP=6>收购运用过程中，收购者与被收购者之间存在着严重的信息不对称关系，广大主资者（股东）普遍素质偏低且缺乏经营管理经验的情况，因此，也不可避免地5有抄别别有用心的投机收购者钻委托书收购制度的空子，利用委托书收购掌Q公司经营重权，违背委托人的意志，恶意进行经营舞弊行为，谋取其个人私利，造成了委托书收购的滥用，严重扰乱了证券市场秩序，给公司及股东的利益带9了极大损害。 对于利弊俱存的委托书收购制度，英美等发达国家及我国台湾地区在立法上者给予了绵密规定，委托书收购在这些国家和地区也较为盛行。2000年1至3月，我国证券市场上也首次出现了颇具影响的“委托书收购案”（即胜利股权之争）。胜利股份的第二大股东通百惠公司第一次明确而大规模地运用“委托书收购”的方式，征集股东的授权委托书，代理股东出席股东大会并集中行使表决权，开创了我国“委托书收购”的先河，具有独特性和创新性。而我国的《公司法人《上R公司章程指引》、《股票发行与交易管理暂行条例》等法律法规为委托书收购提供司法律依据，但现有的法律规定只能说明股东有权委托代理人出席股东大会并行使表决权，没有对委托代理的条件、程序、信息披露等问题作出详细规定，特别是对实践中问题较为突出的委托书收购欺诈行为、股东的提案权、可否以金钱购买委托书等问题没有作出规定，缺乏可操作性。98年年底通过的《证券法》对委打书收购没有作任何限制，使我国委托书收购出现了许多立法空白，这些法律漏洞都可能使委托书收购的负面效应更为突出。 随着我国经济的快速发展，国有企业民营化步伐的加快，对个人持股的放宽多种形式持股主体的培育，必将增大上市公司流通股的比例，“委托书收购”在叫国具有广泛的生存空间，委托书收购所具有的一系列优点以及在我国首次成功5践，从侧面也说明了委托书收购在中国具有存在的必要。本文在对德国、英国、美国等法制先进国家及我国台湾地区委托书收购制度逐个分析，综合评述、研9的基础上，结合我国经济发展现状、立法现状及委托书收购实际案例，提出我匡<WP=7>应加快委托书收购立法的脚步来赶上实践的步伐。在立法方法上，可以先对我国现行的《公司法》、《证券法》进行修订，在其中相关章节增加“委托书收购”或“股东表决权代理征集”的一些原则性规定，然后再由证监会根据《公司法人《证券法》的规定制定比较详细具体的实施条例加以规范，必要时法律也可以授权公司在不违背法律规定的前提下，公司有权在公司章程中对本公司的委托书收购行为作出约束性的规定。在立法内容方面应包括：对收购者收购资格、代理表决权的数量进行严格限制；收购者应真实、准确、及时、完整地披露与收购有关的信息；收购者应严格履行审查备案制度；应对委托书的形式和内容作出统一规定；应禁止收购者以金钱或其它物质利益为代价收购委托书；对违反委托书收购规定的，证券主更多还原

【Abstract】 China’s entry into WTO will inevitably bring about oppochties for economicdevelopment. To acquire dominan position in the face of more and more viciouscomPetition at home and abroad, we should eXPand our company increasingly. Wth theexPansion of the comPany’s scale, the number of the comPany’s shareholders is sure toincrease. Most of the shareholders spread all over the country and even throughout theworid. The scatters of shareholder’s equity are a necessary tendency of the comPany’sdevelopmeni, which brings obstacles and difficulties to shareholder’s attending theshareholder’s conference. Especially those small shareholders Who own a little sharescause a fact that many shareholders can’t or are unwilling to anend the shareholder’sconference because of their minor influence on the resolution of the conference. Tomake comPany’s decision democratic and safeguard shareholders’ and comPany’s legalrights, proxy system accordingly comes into being.Shareholder authorizes proxy and entrusts other Ptople with the right to vote at theshareholder’s conference, Which conforms to the values of estabIishing agency systemon civil laW makes things convenient for the shareholder and overcomes the currentcontradiction that shareholder can’t or is unwilling to attend the shareholder’sconference. Howevef, if the agent accePts many shareholders’ entrust, or evenpropagates widely and collects a large number of proxies, thus Proxy Solicitation comesinto being. Proxy Solicitation means that the client acquires the power of attomey tovote by means of col1ecting a great deal of shareholder’s proxies and acts on behalf ofshareholder in attending the shareholder’s confernce and concentrats power tOexercise the righ to vote so that the conference will pass some decisions aboatmanaging strategy and reelecting the company’s board which are in keeping ed hiswill, thus obtain a special acquisition form which controls practically managing righ ofthe listed companyProxy Solicitation makes it convenient for many shareholders to phocipate in theshareholder’s conference to vote and make many shareholders express their opinionscomPletely about the decisions of .the conference, which stimulates their initiatives tO<WP=9>Ptlclpate Inthe admlnlstratlon of＊thestratlon co呷观 andhas aposluve role on exertingthes叩ervlslon role of＊theon conference．Proxy sollcltMon as well as stockacqulsition毗asset acqulsltlon Is llkelyto change he comPmP聊’s managing class andm＊estheco呷any’s co血rol power shift．Thus，on the one hand，It can m冰e good bwer ofasense ofmanaging have an opportunities to eliminate the present Incompete耐 man吗eLm＊e脸见呷anyshlftfrom loss to profits andltcanalso addbenefitsto shareholderand co呷any On the other hand，It can make the present manager adopt the managlllgpolicy that is beneficial to shareholder and co呷则 llTIDrove the managing meas皿escons枯m灯 and heigNen the managing quality Otherwise the present manager ill hayhavea nsk ofbeing removed from office．Proxy sollcltatlon bungs high a good means to thecomPmPanyany’s external suPervising power and has great significance to m耶roving hecomPmPany’s managing structure．Howeve二 Intheprocess of＊therocess use ofproxy sollclt欢ion，there exists such a situation as extremely unequal Information and most s血eholders oflowqualltyandshoftofmanaglngexperlence．Therefore，It’s Inevlt劝lethatsomespeculative buyer of ultenor motives makes use of the drawbacks of proxy sollcltatlon，getshold ofblgpower ofmanaging byproxy sollclMion，goes against肋 agency’s ill，m欢es cheats In managing with ill will and pl的s hlsown game．All these cause heMuse ofproxy sollcltatlon，dls呷tthe order ofstockm冰成 senously andbnng greatdamageic the benefits of＊thets compa叫 andthe shareholder． England；恤erlca and other developed coulltnes as well ashlwan dlsmct ofourco见叶 m欢e deliberate rules on legislation to proxy sollcltatlon system ofbenefits测更多还原