强制要约制度与中小投资者保护——基于我国上市公司协议收购市场反应的实证研究

Mandatory Bid Rule and Minority Shareholders Protection:——An Empirical Research of Negotiated Trades of Corporate Control

协议收购中的强制要约是一项保护中小股东利益的重要制度。2002年我国法律借鉴英国的立法精神,对强制要约制度做出了具体的规定,2006年又对该制度做出了进一步的修订。本文运用我国上市公司协议收购的经验数据,从市场反应的角度对强制要约的作用进行了实证研究,检验了强制要约制度实施前后市场对上市公司协议收购的反应的差异。实证结果表明,强制要约的实施对投资者而言是一个"好"的信号,尤其是在我国投资者保护环境尚不完善的情况下,该制度能够增强投资者信心,使市场对协议收购产生积极的反应。我们的研究可以为我国强制要约制度的评价和改善提供有益的信息。

Mandatory bid rule is an essential institution of minority shareholders protection in corporate control negotiated trades. Administration of the Takeover of Listed Companies Procedures （2002） clearly define Mandatory bid rule. This paper analyzes the effect of mandatory bid rule （MBR） from market infect of negotiated trades of corporate control. The results suggests, in the defective environment of investor protection , MBR is a good signal of market which enforces the investor＇s confidence and incur positive market infect of the trades of corporate control. This paper may provide some useful information for evaluation and amendment of MBR.