我国要约收购及触发点的保留与改进——兼析与欧美上市公司收购规则的比较

The Reservations and Improvements On Trigger and Tender Offer in China——A Comparison with Western Countries

我国与欧美各国一样,在公司收购的多种方式共存中,更推崇要约收购方式。美国采用自愿要约模式,无要约收购触发点与豁免的规定。英国及欧盟多数成员国规定的全面强制要约触发点为公司股份30%;符合法定情形豁免的是全面强制要约,且有时间和持股比例的限制。我国要约收购触发点以收购方式和持股比例为双重标准,全面要约有两个触发点;豁免的是要约收购方式和发出收购要约;其触发点和豁免规定宽严无度。我国应当根据国情保留部分要约,部分要约触发点为公司已发行股份30%,全面要约触发点为公司股份30%;借鉴英国全面强制要约豁免内容,只豁免全面要约,不能豁免全部的要约收购方式,以平衡收购人与目标公司股东之间的利益,达到治理公司的目的。

Just like Anglo-American countries, China prefers tender offer to other takeover methods. The U.S. allows acquirers to bid for whatever proportion of shares they deem appropriate, while the U.K and the E.U both a- dopted a Mandatory Bid rule. China has a less rigorous Mandatory Bid Rule, too, but it implies double standards on different investors. In light of the complicated ownership structure in Chinese listed companies, the Chinese mandato- ry bid rule thereby should have two triggers respectively ： a trigger of partial tender offer at 30% issued shares as well as a trigger of general tender offer at 30% total shares of the company.