论经营判断原则在欧洲反收购立法中的运用--兼"严格中立原则"之检讨

通过对欧洲反收购立法中采用的严格中立原则中存在的忽视股东集体行动和董事对于非股东利益相关者的义务、经验主义、为政府强制性反收购措施所不容等非理性状况的分析,提出了在欧洲反收购立法中采用经营判断原则的建议,认为这样可以为敌意收购行为提供更统一的运作环境,保护股东利益,减少成员国在建立反垄断屏障的压力,并且为企业在采取反收购行动时提供更丰富的选择。

How to Adopt Judgment Principles of Management in Anti- takeover Law of Europe--Shortcomings of strict neutrality principles

Analyses some existing shortcomings of the strict neutrality principles in anti-takeover law of Europe, such as overlooking the shareholders' collective action problem and directors' responsibility to non-stakeholders, experience doctrine, offence against government' anti-takeover measures, and suggests to adopt judgment principles of management in anti-takeover law of Europe, thus we can provide a much uniform operation environment for hostile takeover, protect interest of shareholders, lessen member-countries' press of establishing antitrust barriers, and provide more options for anti-takeover action.