上市公司反收购中的章程应用及法律规制  

Legal Application in Anti-takeover

作　　者：钟洪明[1] 

机构地区：[1]中国人民大学法学院,北京100872

出　　处：《证券市场导报》2007年第5期18-23,共6页Securities Market Herald

摘　　要：公司章程是公司的宪章性文件,是公司实现自治的重要手段。在上市公司收购中,目标公司通常通过公司章程的修订,在其中置入相应的反收购条款,以防止或者抵制敌意收购。由于我国的公司、证券法律法规对上市公司反收购问题规定的相对欠缺,导致实践中利用公司章程实施反收购出现失范的情况较为明显。本文尝试分析如何在现行法律框架内对利用公司章程实施反收购的行为进行有效规制,并提出相应的政策建议。Company charter, as the constitution of a company, is an important means to fulfill its autonomy. In the real cases of M＆A, target company is inclined to amend its charter in order to prevent or resist the hostile takeover. In China, due to the lack of specification on anti-takeover in the Company Law and the Securities Law, the validity of the anti-takeover articles in the listed company＇ s charter is often under dispute. This paper tries to analyze how to effectively regulate the actions of antitakeover under the present legal systems by means of company charter and put forward relevant proposals.

关 键 词：公司章程 反收购 法律规制 

分 类 号：F832.5[经济管理—金融学]