【作者】 许昌清；

【导师】 张建伟；

【作者基本信息】 复旦大学 ， 法律， 2008， 硕士

【摘要】 公司收购是公司重要的外部治理环境,是公司控制权市场发挥作用的基础,具有促进经济效率的优点,但也具有一定的局限性,因此,反收购应运而生。反收购的目的就是挫败敌意收购行为。随着中国证券市场股权分置改革的完成,证券市场进入全流通时代,上市公司的股权结构更加分散,收购与反收购案件将大量涌现。而目前我国上市公司反收购法律制度十分分散和凌乱,缺乏具体、明确的标准,难以适应证券市场发展的需要。本文介绍了上市公司反收购的理论基础和具体措施,借鉴了英美上市公司反收购立法的实践,并结合我国反收购立法的具体情况,提出了自己的建议,希冀对完善我国反收购立法有所裨益。本文共分为三个部分:第一部分,上市公司反收购制度概述。这部分介绍了收购与反收购的基本概念、种类及特点,并介绍了反收购的相关理论,即公司控制权市场理论和公司社会责任理论。这部分还介绍了上市公司的反收购措施,包括事先预防措施和事后抵御措施。第二部分,国外上市公司反收购立法的比较研究。这部分对国外反收购立法的法律框架和实践进行了比较研究。当前主要存在反收购决定权归属股东大会的英国模式和归属董事会的美国模式。英国模式的主要特点是将采取反收购措施的权力授予目标公司股东,目标公司管理层未经股东同意不得采取反收购措施。而董事会决定模式认为,目标公司管理层有权采取反收购措施。第三部分,完善我国上市公司反收购立法的思考。这部分首先介绍了我国上市公司反收购立法的现状并对之进行评析。在此基础上提出我国上市反收购立法的原则和具体建议。更多还原

【Abstract】 As the important external governance environment and the basis of the operation of market for corporate control, takeover can promote economic effectiveness while it has drawbacks. Therefore, anti-takeover becomes necessary. The purpose of anti-takeover is to defeat hostile takeover. With the accomplishment of full circulation reform, securities market comes into the phrase of full circulation. The ownership structure of listed company becomes scattered. Takeover and anti-takeover cases become more and more popular. Chinese legal system regarding anti-takeover of listed company remains disorderly without concrete and definite criteria, thus can(?) satisfy the need of securities market development. This paper introduces the basic theories and concrete measures of anti-takeover, borrows the Anglo-American legal practice regarding anti-takeover and provides some suggestions to improve Chinese legal system regarding anti-takeover based on Chinese unique situation.This paper includes three parts:The first part generally introduces listed company anti-takeover system. This part introduces the basic concept, category and characteristic of takeover and anti-takeover and the basic theories of anti-takeover which includes the theory of the market for corporate control and social responsibility theory. In addition, this part introduces listed company anti-takeover measures which include precautionary measures and defensive measures.The second part makes a comparative study about foreign listed company anti-takeover legislation. This part makes a comparative study about foreign listed company legislation framework and practice. The mainstream patterns are Britain pattern which attributes the decision power to the meeting of shareholders and American pattern which attributes the decision power to the board of directors. The main difference between Britain pattern and American pattern is that the board of directors has no power to take anti-takeover measures in the Britain pattern while the board of directors has the power to take anti-takeover measures in the American pattern.The third part gives some suggestions about Chinese listed company anti-takeover legislation. This part introduces the present status of Chinese listed company anti-takeover legislation and makes some comments about it. Based on this, the paper gives some general and concrete suggestions about Chinese listed company anti-takeover legislation.更多还原