【作者】 李敏；

【导师】 崔金珍；

【作者基本信息】 天津财经大学 ， 民商法学， 2023， 硕士

【摘要】 在章程中设置收购防御条款是上市公司抵御敌意收购的一种重要方式,我国上市公司一般会依据证监会公布的《章程指引》来制定公司章程。除此之外,上市公司也会基于章程自治在章程中设置一些《章程指引》以外的体现股东意志的条款,但部分条款未能达到良好的收购防御效果,反而可能会危及股东与公司利益。在《公司法草案(二审稿)》已经公布的背景下,本文通过梳理上市公司章程中收购防御条款的内涵与分类,分析公司章程的学说借以明确收购防御条款的性质,明确该条款存在的主要意义。通过对部分上市公司章程的整理分析,可以发现上市公司章程中收购防御条款存在的主要问题集中在绝对多数条款可能损害中小股东利益、限制股东提案权条款的效力边界不明、上市公司对交错董事会条款的理解混乱以及金色降落伞条款使公司财产不合理流失四个方面。在现有问题的基础上,归纳出我国上市公司章程中收购防御条款出现的种种问题,主要源于我国未形成系统的收购防御制度、公司决策模式存在争议以及因股权结构存在差异而产生利益冲突,以致我国上市公司在制定章程时设计的收购防御条款未能起到其应发挥的作用。基于此,通过联系域外收购防御条款的发展情况,结合我国法律法规对公司章程的相关规定,以及公司法最新修改动向,对资本多数决原则的异化予以矫正,重新构建限制股东提案权条款的效力边界,建立健全交错董事会条款的配套规则,并且从明确审查标准和优化实体制度方面完善董事离职补偿制度。期以在公司法修改的背景下,增强我国上市公司章程中收购防御条款的抵御敌意收购功能,避免“过度”防御,调节各方主体的利益冲突,更好地发挥收购防御条款的规则价值。更多还原

【Abstract】 The establishment of acquisition defense clauses in the articles of association is an important way for listed companies to resist hostile takeover.Chinese listed companies generally formulate their articles of association according to the Guidelines for Articles of Association published by the CSRC.In addition,listed companies will also set some articles in the articles of association that reflect the will of shareholders other than the Guidelines of the Articles of Association based on the autonomy of the articles of association.However,some articles fail to achieve a good acquisition defense effect,and may endanger the interests of shareholders and the company.Under the background that the draft of the Company Law has been published,this paper analyzes the theory of the articles of association of listed companies by combing the connotation and classification of the acquisition defense clause in the articles of association of listed companies to clarify the nature of the acquisition defense clause and the main significance of the clause.Through the sorting and analysis of the articles of association issued by some listed companies,we can find that the main problems of the acquisition defense clauses in the articles of association of listed companies are concentrated in four aspects: the absolute majority clauses may harm the interests of minority shareholders,the unclear effective boundary of the clauses limiting the shareholders’ proposal rights,the confusion of the listed companies’ understanding of the staggered board of directors clauses,and the unreasonable loss of the company’s property caused by the golden parachute clauses.On the basis of the existing problems,this paper sums up the various problems in the acquisition defense clauses in the articles of association of listed companies in China,which are mainly due to the lack of a systematic acquisition defense system in China,the dispute of the company’s decision-making model and the conflict of interest due to the different ownership structure,so that the acquisition defense clauses designed by listed companies in China when formulating the articles of association fail to play their due role.Based on this,the dissimilation of the principle of majority of capital is corrected by combining the development of the defense clause of overseas acquisition,the relevant provisions of the laws and regulations of China on the articles of association,and the latest revision trend of the company law,and the effective boundary of the clause limiting the shareholder’s right to propose is reconstructed,and the supporting rules of staggered board of directors clauses are established and improved,And improve the compensation system for directors’ resignation from the aspects of clarifying the review criteria and optimizing the entity system.In the context of the revision of the Company Law,it is expected to strengthen the function of the acquisition defense clause in the articles of association of listed companies in China to resist hostile takeover,avoid "excessive" defense,adjust the conflict of interests of all parties,and better play the rule value of the acquisition defense clause.更多还原