论上市公司收购中的一致行动

一上市公司收购是投资者依法购买股份有限公司已发行上市的股份，从而获得该上市公司控制权的行为。一致行动是上市公司收购中收购者经常采取的共同行动，它是指两个以上的人（包括自然人和法人）在收购过程中，相互配合以获取或巩固某家公司控制权的行动。虽然我国证券法对上市公司收购的一些基本制度诸如信息披露、强制要约收购、协议收购均作了相关规定，但是，对于“一致行动”的概念以及应如何对它进行规范却未作任何规定。我国《证券法》的这一立法空白并非表明我国上市公司收购的实践中没有出现一致行动的情况，恰恰相反，我国证券市…     

论我国上市公司收购最新立法的特点——以中小股东的权益保护为中心

上市公司收购制度是证券市场资本运作和重组的一项重要制度。在上市公司的收购过程中,往往会产生目标公司中小股东权益受侵害的现象。本文在考察国外相关立法规定的基础上,论述了法律规范上市公司收购制度的意义以及对收购过程中中小股东权益保护的必要性,并结合我国2005、2006年分别修订和颁布的有关上市公司收购的法律法规对我国立法的制度设计作出了具体分析。最后,就我国未来证券立法如何完善对中小股东的合法权益的保护提出了切实有效的建议。     

评我国证券法第四章“上市公司收购”

我国《证券法》第四章专章规定了上市公司收购 ,这对规范上市公司收购行为具有重要意义 ,但仍存在某些不足 ,需进一步完善 ,作者认为 ,协议收购仅是一种过渡时期的收购方式 ,应颁布专门的行政法规加以规范 ;强制收购豁免的具体情形应加以规定 ;目标公司董事会的权利义务及行动一致在《证券法》中应有体现。     

论协议收购大量存在的原因及法律规范

上市公司股权结构不合理、要约收购法律制度的缺陷、不规范的地方政府行为是导致上市公司股份协议收购大量发生的原因，应进一步完善协议收购程序、义务规范。     

上市公司协议收购信息披露的逻辑与规范

我国资本市场中的上市公司收购绝大多数采协议收购方式,但现行协议收购的制度建构零散不成体系,也未能依据协议收购的内在机理建立科学的信息披露规制措施,从而给资本市场并购监管造成很大的困境。本文在比较协议收购与要约收购信息披露之差异的基础上,认为上市公司协议收购的信息披露应兼顾确保程序便捷、防范证券违法行为的双重考量,从权益披露、防止内幕交易、防止操纵市场三个维度进行监管。需要厘清的核心疑难问题包括协议收购应当在何时披露,协议公告披露后能否修改或撤销,协议的报告与公告能否分开使用等。为了更好地规范上市公司的协议收购,应当统一《证券法》与《上市公司收购管理办法》中的相关规定,并将持股数量与协议收购目的的披露相结合,同时对疏漏的规则进行补充完善以回应实践中的疑难问题。     

我国协议收购有关法律问题的研究

全球经济时代,企业资本为了实现利润的最大化,将大量资本投向公司收购领域,以期用更少的资金控制更多的企业。中国作为新兴市场的代表,吸引着众多收购者的目光。我国上市公司的收购主要是通过协议转让国有股和法人股来实现。鉴于国有企业的重组仍将经历一个漫长的时期,因此有必要对上市公司的协议收购给予关注,规范协议收购的有关法律行为。     

上市公司收购中收购人的诚信义务探析

随着我国证券市场的发展,上市公司收购活动也越来越频繁。收购人是上市公司收购中的关键当事人,如何规范其行为,是必须要思考的重要问题。我国于2006年9月1日施行的《上市公司收购管理办法》强化了对上市公司收购的规范和监管,并着力规范了收购人的行为。本文结合《上市公司收购管理办法》的相关规定,认为收购人应在上市公司收购中承担诚信义务,并详细分析了收购人的诚信义务内容及法律规制。     

要约收购所涉法律

要约收购（亦即“标购”）是境外证券市场兼并收购的最主要形式,是指当投资者持有一个上市公司的股份的一定比例时,如果进行收购,应当依法向被收购的上市公司的股东发出收购的意思表示而进行收购的一种方式。我国《证券法》第７８条规定：“上市公司收购可以采取要约收购或者协议收购的方式。”该法涉及要约收购的条款达１７条之多,且将要的收购放在上市公司收购方式之首,足见我国《证券法》对要的收购的重视,为要约收购的开展提供了法律保障。笔者仅就要约收购涉及到的几个法律问题做一粗浅探讨,以求对要约收购的实践有所助益。一、…     

上市公司股份收购与反收购

在证券市场上,企业之间的收购兼并以争夺控股权的方式展开。国家主管部门如何规范上市公司股份收购与反收购活动?证券交易所在上市公司股份收购与反收购行为中,如何及时、正确地适用法律?如何判断上市公司股份收购与反收购的合法与否?是我国股市进一步完善过程中所遇到的十分棘手的问题,同时也是摆在我国证券管理机构和证券管理人员面前的一项新课题。本文针对我国证券市场上上市公司股份收购与反收购中出现和存在的焦点和难点问题,从法律     

论上市公司收购中中小股东权益的保护

在上市公司收购过程中,中小股东因其所持股份比例少而在公司中处于劣势地位,并且随着收购中各种权利主体利益的冲突,往往会产生目标公司中小股东权益受侵害的现象。所以股东权益的保护问题就成为公司法与证券法关注的焦点。本文以上市公司收购为框架,论述了收购过程中对中小股东权益的影响。并结合我国新修订的有关上市公司收购的法律法规,对我国保护中小股东权益的制度设计作了具体分析。最后,结合发达国家和地区的证券立法对我国现有立法作出反思。     

Public procurement as a means to achieving social gains – progress and challenges in European legislation and standards for accessible information and communication technology

This article explores the European Commission goal of improving the quality and level of accessibility in mainstream information and communication technology (ICT) goods and services available in Member States through the use of public procurement legislation and performance standards. Over the past two decades, the Commission has encouraged Member States to adopt common requirements for accessibility and to strengthen efforts to use these requirements in public procurement. In the absence of significant improvements in the level of accessibility over this time, the Commission has more recently committed to bringing forward legislative proposals to harmonize the accessibility requirements used by Member States. A new procurement directive package contains stronger obligations on public bodies to include accessibility as mandatory requirements in Technical Specifications. In parallel to this, a standardization mandate by the Commission to the European Standards Organizations (ESOs) concluded in March 2014 with the publication of the first European standard on ICT accessibility. In light of these developments, this article analyses the trajectory of European policy in the field of accessibility over the last two decades, and the interplay between European public procurement, standardization and law. It examines how far these developments have succeeded in bringing into being a public procurement eco-system that will nudge the market in Europe to producing affordable and accessible ICT products and services for persons with disabilities.     

The Institutionalised Participation of Management and Labour in the Legislative Activities of the European Community: A Challenge to the Principle of Democracy under Community Law

The legislative procedure established by Articles 138-139 of the Amsterdam Treaty is sensitive with regard to democratic prerequisites, but does not, in the final analysis, breach the formal principle of democracy established under Community law. Although the establishment of a parliamentary right of consultation is desirable, sufficient democratic legitimation is nonetheless supplied by virtue of Council and Commission participation within the legislative procedure and by their unlimited right to examine and reject substantive provisions designed by management and labour. By the same measure, the participation of management and labour in the Articles 138-139 legislative process is not of itself sufficient to create democratic legitimation. However, although management and labour organisations might never claim to represent the public of Europe as a whole, they can contribute to the 'substantive' legitimacy of European social law-making where they are adequately representative of persons and groups affected by EC legislative acts and take positive steps to ensure that the interests of such persons are reflected in secondary EC law. Accordingly, the Commission and the Council should review the representative nature of organisations engaged in European social law-making, paying particular attention to under-represented interests and, if necessary, should also make use of their right of rejection where privately negotiated agreements neglect these interests.     

Bioethical and legal considerations in increasing the supply of transplantable organs: from UAGA to "Baby Fae"

In the last 35 years, organ transplant technology has advanced greatly. The major problem associated with organ transplantation is organ availability, and not surgery-related mortality. This article examines current organ procurement procedures and technologies, legislative responses to the scarcity of transplantable organs, as well as the psychological barriers to organ donation. Issues of fairness in the allocation of scarce economic and social resources, the role of religion and ethics in organ donation and transplantation decision, and the impact of the media are also considered.     

"Body property": challenging the ethical barriers in organ transplantation to protect individual autonomy

One of two articles related to the current organ shortage, this article advocates the need for legislation to recognize organs and tissues separated from the body as a distinct category of personal property. After addressing the legislative history of organ procurement and psychological barriers to donor consent, the article examines the importance of separating the lifetime rights of ownership in our own bodies from postmortem rights. Ultimately, the author proposes a futures market approach to this problem in which individuals before death, or surviving family members after death, are permitted sell the decedent's organs in a private contract.     

政府采购法制之发展路径:补正还是重构

国务院《2009年立法工作规划》明确将《政府采购法实施条例》和《招标投标法实施条例》列为重点立法项目,期冀以此完善实施不尽理想且近年来多为理论界批评与诘难的政府采购法制。借助具体化技术制定实施条例以解决法制不明确、不具体、缺乏操作性等问题是一种立法技巧与智慧;但希求其消弥政府采购法内在矛盾与冲突,则既基于错误的认识前提,也是对法制变迁传统路径之依赖。它不仅不能真正走出政府采购法制实施不理想之困境,反而进一步突出和固化了政府采购法制的内在不协调,增加了必须加以治理的新问题。现代制度变迁"硬核"理论和功能主义立场则昭示:重构才是政府采购法制变迁的应有路径。     

Public Procurement Law, Public Bodies, and the General Interest: Perspectives from Higher Education

Abstract This article examines the interaction of EC public procurement law with the legislative framework governing higher education in England and Wales. It focuses on the impact of this interaction on changing status of higher education institutions, organisations that are at the margins of the much‐discussed public–private divide in law. The Higher Education Act 2004 is viewed as a driver of potential change in status, and a distinction is drawn between mechanisms which appear to support the introduction of change and those that instead introduce fluctuation and lead to concerns for legal certainty at the margins of public law. The study thus also has wider relevance where public‐sector reform is premised upon organisational forms with hybrid or ambiguous status.     

Variation in Speaker Power: The Case of the Russian Congress, 1990-93

The legislative studies literature suggests that speakers may exercise significant power over political outcomes if they can set the agenda of a parliament that lacks a stable majority. This article examines whether speaker power varies once the generic conditions for its exercise exist. This question is central to a better understanding of the decision-making capabilities of a whole class of (often transitional) assemblies, which use speakers to structure their proceedings. The article addresses this question through a case study of the Russian Congress of People's Deputies that draws on new evidence from the stenographic records and voting data. This evidence suggests that the degree of political fragmentation of a parliament and the number of issues negotiated impact on the ability of speakers to structure the assembly's business. The implications of this finding for the work of speaker-dominated legislatures are explored.     

Predatory bidding in competitive tenders: A Swedish case study

Public procurement by competitive tendering is an important part of European policies to encourage competition in network industries previously dominated by public companies. In recent years, the appearance of very low bids has become an issue in several countries. We discuss predatory bidding from a theoretical, practical and legislative point of view. A case of tendering for train services in Sweden is used to illustrate the possibilities to detect an abnormally low bid. An analysis of projected costs and revenues is complemented with a method using historical data on previous tenders. One conclusion is that there is scope for reform in national competition policies in European Union member states concerning multinational enterprises participating in local tenders. JEL Classification K21 · K23 · L12 · L43 · L92     

Obtaining replacements: the organizational framework of organ procurement

In the last ten years there has grown up, in the United States, the most extensive organ procurement system in the world. This system, consisting of approximately 120 organ procurement agencies, retrieved 4435 cadaveric kidneys for transplant purposes in 1981. The nation's organ procurement agencies vary greatly in terms of size, organizational structure, and effectiveness. On average, those agencies not formally part of a transplant hospital appear to be the more effective. This can be accounted for by their superior operational flexibility and their pursuit of a "marketing" strategy. Success in organ procurement requires that medical professionals in non-transplant hospitals, and the potential donors' families, be motivated to assist in the organ procurement process.     

我国政府采购立法模式初探

政府采购是当前我国财政制度改革的一项重大举措,而政府采购制度的建立必须有规范政府采购行为的政府采购法.目前我国政府采购立法的状况怎样?如何加强、完善我国的政府采购立法?我国政府采购立法应选择什么样的目标模式、法体模式以及建立哪些基本制度?本文就这些问题阐述了有关看法和主张.