上市公司章程反收购条款之法律界限  

On Legal Boundaries of Anti-takeover Clauses in the Articles of Listed Companies

作　　者：张钰涵 ZHANG Yuhan(School of Law,Macao University of Science and Technology,Macao 999078,China)

机构地区：[1]澳门科技大学法学院

出　　处：《成都理工大学学报（社会科学版）》2020年第1期46-51,共6页Journal of Chengdu University of Technology:Social Sciences

摘　　要：随着全球市场之自由化、开放化程度不断加深,公司控制权市场逐年升温。“敌意收购”和“反收购条款”,本质上是收购和反收购双方对公司控制权的争夺,是一种商业竞争行为。目前,在中国法律允许的范围内,董事交错条款、金色降落伞条款、超级多数条款是实务中常见的反收购条款。收购人和目标公司控股股东或实际控制人的利益,应当具有相同的价值,他们之间的利益冲突应当在合法公平的环境下,通过商业竞争解决。As the degree of liberalization and openness in the global market continues to deepen,the company’s control market is heating up year by year.“Hostile takeover”and“anti-acquisition clause”are essentially the competition between the acquisition and anti-acquisition parties for control of the company and a commercial competition.Within the scope permitted by current Chinese law,directors’staggered clauses,golden parachute clauses,and super-majority clauses are common anti-acquisition clauses in practice.The interests of the purchaser and the controlling shareholder or actual controller of the target company shall have the same value,and the conflict of interest between them shall be resolved through commercial competition in a legal and fair environment.

关 键 词：收购 反收购 上市公司 公司章程 法律界限 

分 类 号：F832.51[经济管理—金融学]