论全流通时代反收购决策权之归属―董事会与股东会的理性对决.doc

论全流通时代反收购决策权之归属―董事会与股东会的理性对决 （硕士论文摘要） 中国的股权分置改革完成后，中国进入了股票全流通的时代。流通股和非流通股之结终于打通，并购的新时代不可抗拒地到来。然而中国现行法律框架下，规制并购的法律仍不完整，而这种不完善的法制在过去带来了许多问题。那么，迅速转轨的经济将如何与相对落后的法制齐头并进？面对敌意收购，反收购措施是否应该被允许使用？如果回答是“是”，那么究竟谁应该被赋予反收购决策权？当今世界对此主要有两种立法模式，即英国以股东大会为主的模式和美国以董事会为主的模式。在中国现有的所有权结构下，我国应该借鉴哪一种模式？或者说哪一种更适合中国的法制土壤？ 在详细界定目标公司反收购权的法理含义和反收购决策权制度后，本文从理论和实践角度界定了反收购权的合法性。接着，本文详细介绍了英国和美国两种立法模式，即分别将反收购决策权赋予给股东大会和董事会。随后在对中国的所有权现状进行分析的基础上，权衡了其他诸如 “内部人控制问题”、机构投资者规模和股权分置改革等因素的影响，得出应由股东大会主掌反收购决策权的结论并详细阐释了原因。考虑到我国上市公司普遍存在的“一股独大”问题，如何保障股东大会合法行使反收购决策权、如何在各利益主体间寻求平衡也随之成为不可回避的问题。在分析了中国的各种现实状况后，本文提出了相应的建议来保障反收购决策权的行使，如董事的说明义务，控股股东的信义义务和股东派生诉讼等。 [关键字] 反收购决策权 董事会 股东大会 信义义务 股东派生诉讼 Takeover Defensive Tactics in China in the Context of Post- Equity Division Reform Era ---- Board vs. Shareholder Abstract Major：Economic Law Specialty: Commercial Law Author: Qi Ding Supervisor: Associate Professor Chen Daisong With the completion of the Equity Division Reform in China, all shares have become tradable. Thus, the curtain has been torn down. The era of takeovers has arrived irresistibly. However, Chinese takeover law is still incomplete and this has caused problems in the past. How does the fast transition economy deal with legislation which lags far behind? Facing a hostile takeover, should the takeover defensive tactics be allowed? If the answer is “Yes”, then who should have the decision-making right? As the two major approaches have shown, the shareholder’s meeting and the board are two subjects under the UK and the US approach respectively. What about China then? Which approach should the Chinese law follow? It is hard to make a choice because there is nothing we can copy directly from other countries. In addition, the reality, especially the current ownership structure in China, complicates the issue. After analyzing the theoretical meaning of the target company’s decision-making right, this thesis justified the decision-making right from both the theoretical and practical perspective