上市公司章程反收购条款的合法性探析

Legitimacy Analysis of Anti-purchasing Clause of Held Corporation Charter

近年来,针对上市公司的敌意收购日益增多,由于我国相关立法对在公司章程设置反收购条款尚未明确规定,众多上市公司纷纷修改章程条款,在其中纳入严厉的反收购条款,由此引发各种争议。因此在理论上分析公司章程反收购条款的合法性尤为重要。立足于公司法理论,同时借鉴国外先进经验基础上,判断反收购条款的合法性可以采取客观合法性标准和主观合法性标准。

In recent years,more and more hostile takeovers aiming at held corporations happen.In our country,the relative law has not done the clear and definite provision to setting anti-purchasing clause in the company charter,as a result,many held corporations modify clauses of charter,including the anti-purchasing clause,which causes a lot of disputes.It is particularly important to theoretical analysis the problem on legitimacy of the anti-purchasing of held corporation.In this article,based on the theory of the ...