论目标公司反收购行为的决定权及其规制

本文针对我国《公司法》、《证券法》的立法空白点 ,对上市公司收购中目标公司反收购行为的决定权及其规制问题作了探讨。分析了有关敌意收购和反收购功能评介的各种观点 ;论证了目标公司反收购行为的决定权属于股东的理由 ;并在控制性股东和公司经营者权力滥用防范层面上阐明了对目标公司反收购行为规制的内容 ;最后通过境外相关立法比较 ,对我国上市公司收购制度的完善提出了建议。

On the Decision-making Power of Target Corporation's Anti-takeover Action and the Regulation thereof

This article aims at the legislation blank in our company Law and Securities Law. It is about the theory research and practice feasibility in deciding who and how to take anti takeover measures in public company purchasing. It analyzes different viewpoints about hostile bids and anti takeover; demonstrates that in China the decision making power should belong to shareholders other than directors. From the view of precaution against power abuses of target corporate management and dominated shareholders, it clarifies the regulations for public company purchasing system through the comparison between relevant foreign legislation.