目标公司反收购的法律规制

上市公司收购已成为我国证券市场上最为重要的新生力量。收购市场的活跃引发目标公司反收购的激烈。由于缺少完善的规制反收购的法律规则,我国目标公司的反收购不仅损害了目标公司及股东的利益,而且阻碍了公司收购在公司治理方面有效作用的发挥。本文通过介绍英美的经验,提出了我国当前规制目标公司反收购可采取的措施:(1)确立董事的信义义务;(2)建立控股股东表决权排除制度;(3)构筑司法救济体系。

On law control of the target company's anti- takeover

Takeover has become new emerging forces in our stock market.The activity of takeover excited the intense anti-takeover of target company.Because there is a lack of perfect rule to regulate anti-takeover,anti-takeover not only harms target company and its shareholders but also cumbers takeover which can improve company government.By introducing experience of the United Kingdom and the United States,this paper is trying to analyze the underlying themes of anti-takeover regulations in the following three aspects:(1)establishing the director's fiduciary duty;(2)excluding control shareholders votes;(3)constructing judicial relief.