论目标公司反收购决策权的归属及行使

Target Company’s Decision-making Right to Anti-acquisition

关于目标公司反收购决策权的归属和制度设计 ,主要有如下两种模式 :“股东大会决定模式”和“董事会决定模式”。通过对比上述两种模式的制度设计、理论基础和利弊得失 ,并结合我国公司治理的具体立法与实践 ,我们应采纳“股东大会决定模式” ,将反收购决策权归诸股东大会 ,并具体构建其行使程序 ,加强目标公司董事的义务。

There are mainly two models of the system design of the belonging of target company's decision right to take anti-takeover measures,i.e.General Meeting Deciding Model and Director's Board Deciding Model.Comparing the system designs,theoretical bases and advantages and disadvantages,as well as considering Chinese specific legislation and practice on company governance,the author holds that China should adopt General Meering Decision Model,which means attributing the decision right to take anti-takeover measures to General Meeting,at the same time,set out to regulate the execution procedure of such a right and strengthen target company's directors' duties.