我国上市公司反收购措施的合法性研究  

Research on The Legality of Anti-Takeover Measuresof Listed Companies

作　　者：李继霞[1] 罗心眸 LI Jixia;LUO Xinmou

机构地区：[1]广东省社会科学院法学研究所 [2]北京德恒(深圳)律师事务所

出　　处：《新经济》2024年第5期75-89,共15页New Economy

摘　　要：2023年受IPO阶段性收紧政策影响,A股IPO大幅度减少,与此同时,收购兼并市场不断升温。然而,我国上市公司在收购过程中十分被动,可供上市公司选择的反收购措施有限,且反收购措施的合法性判断标准始终模糊不清。本文通过借鉴美国《威廉姆斯法案》及其他反收购实践中产生的规则,在新公司法引入类别股与授权资本制的情况下,针对我国反收购措施判断标准不明、反收购归属权模糊不清、股权回购限制大、常用反收购计划实施存在障碍等现实困境,通过类型化反收购措施的判断标准、建立以董事会为反收购决策权力中心的公司治理模式、关注回购条款的限制与前置程序、拓宽具体反收购计划的适用空间等方式探索构建我国反收购措施的合法性路径。2023 by the impact of the IPO phase tightening policy,the A-share IPO has been reduced significantly,while at the same time,the mergers and acquisitions market has been heating up.However,China's listed companies are very passive in the takeover process,with limited anti-takeover measures available to listed companies,and the criteria for judging the legality of anti-takeover measures are always vague.In this paper,by drawing on the U.S.Williams Act and other rules arising from anti-takeover practices,and in the context of the introduction of class shares and authorized capital system in the new company law,and in response to the real dilemmas such as unclear judgment standards of anti-takeover measures,ambiguous attribution of anti-takeover rights,large restrictions on equity repurchase,and obstacles to the implementation of commonly used anti-takeover plans,we have developed a new approach to the anti-takeover market in China through the typology of the judgment standards of anti-takeover measures,and the establishment of a corporate governance system with the Board of Directors as the By typifying the judgment criteria of anti-takeover measures,establishing a corporate governance model with the board of directors as the center of anti-takeover decision-making power,paying attention to the limitations of the repurchase clause and the pre-procedure,and broadening the application space of specific anti-takeover plans,the legitimacy of anti-takeover measures in China can be explored.

关 键 词：恶意收购 反收购 公司治理 

分 类 号：G124[文化科学]