挤出式并购的理论反思与体系建构——以自愿退市的制度完善为背景  

Theoretical Reflection and System Construction of Squeeze-Out Mergers:In the Context of the System Improvement of Voluntary Delisting

作　　者：刘汉广 Liu Hanguang

机构地区：[1]武汉大学法学院,湖北武汉430072

出　　处：《证券市场导报》2024年第12期33-44,共12页Securities Market Herald

基　　金：国家社科基金重大项目“我国资本市场制度型开放的法律体系构建研究”(22&ZD204);司法部法治建设与法学理论研究部级课题青年项目“股份回购中公司法与证券法的协同机制研究”(22SFB4025)。

摘　　要：挤出式并购制度对促进常态化自愿退市、深化注册制改革有重要意义。本文重申了挤出式并购对少数股东保护和资本市场效率的重要性,通过对比分析美国与欧洲挤出式并购制度形式上相异、功能上趋同的发展趋势,总结对我国的启示。本文指出,我国应考虑在新《公司法》第219条简易合并制度中增设挤出式并购、评估权制度,通过少数股东简单多数决、收购计划向证监会备案、施加内部人监督责任等方式提升挤出式并购与既有制度的适配度。在此基础上,修正欧美挤出式并购制度控股股东制约不足、并购效率不高等通病,对内部人友好收购施以专门责任,提升控股股东防范水平。同时,设置合理的门槛条件,确保形成以评估权诉讼为主、以禁止合并诉讼为辅的差序格局,确保挤出式并购制度在整体上符合经济效益。The squeeze-out merger system is important to promoting the normalized voluntary delisting and deepening the registration-based IPO system reform.This article reiterates the importance of the squeeze-out merger for protecting minority shareholders and the capital market efficiency.By conducting a comparative analysis of the formally divergent yet functionally convergent development trends of squeeze-out merger systems in the U.S.and Europe,this study summarizes the implications for China.The paper points out that China should consider incorporating the squeeze-out merger and appraisal right systems into the simplified merger provisions under Article 219 of the new company law.Measures such as adopting a simple majority rule for minority shareholders,requiring acquisition plans to be filed with China Securities Regulatory Commission,and imposing insider supervisory responsibilities should be introduced to improve the compatibility of the squeeze-out merger with the existing legal framework.On this basis,the paper proposes correcting common deficiencies in the U.S.and European squeeze-out merger systems,such as insufficient constraints on controlling shareholders and low merger efficiency,by imposing special responsibilities on insider-friendly acquisitions to enhance the level of prevention for controlling shareholders.At the same time,reasonable threshold conditions should be set to ensure the formation of a differentiated structure primarily based on the appraisal right litigation and supplemented by the prohibition of merger litigation,ensuring that the squeeze-out merger system overall complies with economic efficiency.

关 键 词：注册制 余股挤出 简易合并 国九条 公司法 自愿退市 

分 类 号：DF438.7[政治法律—经济法学]