关于山水控制权之争的企业并购法分析  

The Enterprise M&A Legal Analysis on Struggle for the Control of Shanshui Cement

作　　者：曹阳 CAO Yang(Law School of RUC,Beijing 100872)

机构地区：[1]中国人民大学法学院,北京100872

出　　处：《内蒙古师范大学学报（哲学社会科学版）》2020年第1期61-68,共8页Journal of Inner Mongolia Normal University：Philosophy and Social Sciences Edition

基　　金：北京市社会科学基金重大项目(15ZDA41)研究成果之一。

摘　　要：作为国内近年来较典型的企业并购案例,山水控制权之争可以张氏父子被逐出局为界,共分为两个阶段,历时多年、高潮迭起,至今未完全结束。该案例在国内反并购案例中具有典范意义,通过对其中企业并购与反并购策略等相关问题的解析,给国内未来企业并购与反并购留下了不少有益的启示。这些反思可从公司章程反并购条款、焦土战术、野蛮人与白衣骑士等视角加以深入探讨,进而可总结为两方面:一是对企业并购与反并购不应抱持先入为主的价值判断;应采用法治手段、而非依恃群体性力量的丛林规则来指引企业并购与反并购的有序进行。二是在企业并购与反并购中,股东与董事等高管往往是靠不住的;太过频繁地运用焦土战术将使目标公司蒙受巨大损失。As a typical case of Enterprise M&A in China in recent years,struggle for the control of Shanshui Cement is divided into two stages,takes many years and has many climaxes,which is not completely over now.This case has a typical significance in anti-takeover cases in China,and leaves many helpful revelations to the domestic enterprise M&A and anti-takeover in the future,which can be discussed deeply from many perspectives such as anti-takeover clauses in articles,scorched earth policies,barbarians and white knights,and it can be summarized as two aspects:Firstly,the value judgment of enterprise mergers and acquisitions and anti-takeover should not be pre-emptive;the rule of law should be adopted instead of the jungle rules of group power to guide the orderly conduct of mergers and acquisitions and anti-mergers.Secondly,in corporate mergers and acquisitions and anti-takeover,shareholders and directors are often unreliable;too much use of scorched earth tactics will cause huge losses to the target company.

关 键 词：公司法 企业并购 反并购 

分 类 号：DF414[政治法律—经济法学]