公司收购中目标公司董事的忠实义务研究

Study on Director's Duty of Loyalty of Target Company in Corporate Takeover

目标公司董事的地位和职权决定了其对公司收购的成败起着关键性的作用。由于目标公司董事与公司之间存在着天然的利益冲突,对董事的行为进行忠实义务的审查成为收购程序中不可或缺的环节。本文围绕着公司收购中的利益冲突行为,展开目标公司董事的忠实义务的探讨,主要涉及反收购措施、管理层收购和中小股东保护。本文提出,目标公司董事在公司收购中更应该时刻以公司的利益优先进行独立、公正的判断,做到"受人之托,忠人之事"。同时,本文在借鉴国外经验的基础上,对我国公司收购的立法和实践提出了相关的建议。

The position and authority of target company directors vitally impact on the corporate takeover whether to success. Due to the natural conflict of interest exists between the director and the target company, reviewing duty of loyalty to the behavior of directors becomes the necessary procedure during the takeover. This article revolves around the conflicts of interest occurring in the takeover and expands the discussion around the duty of loyalty of target company directors, including anti-takeover measures, management buy-outs, and protection of minority shareholders. According to the views of this article, during the corporate takeover directors should always make an independent impartial judgment prior to the interest of the target company, being loyal to the entrustment of the target company. Moreover, this article puts forward the legislative and practical suggestion on Chinese corporate takeover on the basis of foreign relevant experiences.