公司收购中小股东的权利保护

【作者】 刘秀梅；

【导师】 王素娟；

【作者基本信息】 北方工业大学 ， 经济法学， 2004， 硕士

【摘要】 在公司收购中，收购要约人和目标公司大股东是行为的左右者，大股东利用其资金和信息优势，为了自身的利益有可能作出损害小股东权益的行为；随着两权的日益分离，公司董事越来越成为公司经营的中心，董事会权利越来越大，在关涉自身利益的时候，也有损害小股东利益的可能。收购人更是在许多方面占尽先机。而小股东较为分散，持股份额少，对公司经营管理决策影响力小，再加上信息方面的弱势，常常处于不利的被动地位，其享有的股东权益往往容易受到伤害。 然而，小股东是证券市场发展的基石，如果没有小股东的信任，没有作为公司资本最重要和最本质来源的广大小股东的投资，不仅不会有证券市场的繁荣和发展，整个社会的经济投资和发展都会受到削弱。因此如何保护小股东的利益成为许多国家公司收购立法所关注的焦点。 在我国，由于证券市场发育的不成熟，以及证券立法的不完善，小股东利益受到侵害的事件时有发生。因此，立法应进一步完善收购行为中小股东权益保护机制。 本文旨在通过对公司收购中小股东弱势地位及原因、我国相关制度和体系漏洞的分析-----如公司治理结构、公司运作规则、信息披露制度、诉讼实体立法和程序立法的不足等，结合对世界其他国家已有的立法和实践的探讨，对我国现存制度的不足以及建立系统完善的小股东综合保护机制提出建议，以期能对相关法律的修改和完善有所裨益。更多还原

【Abstract】 In an acquisition, the offeror and majority stockholders are the deciders. The majority shareholders have chance to damage the benefits of minority stock holders by their advantage of capitals and information for their own profits. Following the gradually separating between ownership and rights of management , directorate is becoming more and more the center of decision in a corporation and has possibility to damage the minority stock holders’ benefits in some situation .The offerer is even advantaged in an acquisition from end to end. But due to dispersed and minor in shares, minority stock holders have little influence on company’s management. Insufficient information are also disadvantage for their rights.However, minority stock holders and their investments that are important and essential resources for corporation funds are footstone of securities business. Without them, there wouldn’t be prosperity and development in securities business and thus impair economic investing and developing of whole society. So how to protect the rights of minority stock holders is focus in many countries’ law in acquisition.In China, due to immature of securities market and incomplete of law in securities, the tortuous events often happen. So, how to perfect acquisition law to protect the rights of minority holders is becoming an urgent affair.In this paper I will study the inferior position of minority holders and the reasons for that, such as management organization of corporation, operational rules, throwing daylight on information, shortcoming lie in litigant law both procedure and entity etc. I will study correlative foreign law and practice, point out the deficiency consisting in China’s existent law, and finally table a proposal for how to set up a integrated system to protect the rights of minority holders. It is my hope to benefit modification of involved law.更多还原