控股溢价、分类要约与上市公司股东保护

Issues on Investor Protection

本文以《收购办法》颁布以来发生的十起要约收购为研究样本,从理论和实证两个角度进行分析。从理论角度探讨了要约收购出现的机理,即控股溢价在控股权转让中的合理性。依据理论分析,给出了股权分置情况下“控股溢价”的全新解释。对非流通股股东和流通股股东在要约收购中的行为和结果的分析表明,非流通股股东获得较好保护,拥有退出选择权,分享了“控股溢价”;而流通股股东未获任何保护,不能分享“控股溢价”。

This paper is a review of the 10 acquisition casestaking place after enactment of Acquisition Act. From atheoretical perspective, mechanism of tender offer, namely therationality of premium on holding interest is probed into, whichresults in a brand new explanation of premium issue. Study ofbehavior and result of majority and minority shareholders intender offer reveals that majority shareholders are assured oftheir interests, enjoy the right of exit and share the premium onholding interest, while minority shareholders’ interests are leftunattended to.