应对国有股减持的全新的公司收购法律制度

The decrease of State-owned shares needs new corporate acquisition legal system

国有企业缺乏天然的利益主体而无法配置责任和利益 ,导致国有控股上市公司效益低下。国有股权从上市公司中退出 ,是实现外资或民营在国有资产为主体的上市公司中配置责任和利益的有效手段。退出的途径是国有控股公司向其他主体转让股权。就我国上市公司股权结构的特有状态 ,应对现行收购法律制度进行修改 :变“强制全面要约收购”为“选择性强制全面要约”;制定适合我国上市公司结构特点的公司收购制度 ;

It is difficult to balance interests and liabilities because of the lack of beneficiaries in state-owned enterprises, resulting in their poor performance in the stock market. Therefore, it is necessary to transfer state shares to foreign or civil capitals. The paper proposes that the current corporate purchase law should be modified in three aspects: turn 'mandatory practice' into 'voluntary practice'; set up different pricing system; specify explicit conditions for exemption.