大额持股披露义务规制

Regulating Block-holder Disclosure Obligations

最近一轮的敌意收购浪潮引发了资本市场各方对大额持股披露功能利弊及其监管立场的理论纷争。因短视主义之故,投资者购入大宗股份常被视为敌意收购且受到上市公司乃至学者与监管者的厌恶与指责,收紧大额持股披露规则的呼声随即成为学界与舆论热点。毋容置疑,要求投资者披露其持有上市公司大宗股份信息有其正当理由,但应平衡积极投资者与上市公司及其管理层之间的监管负担。抑制这些积极股东的短视主义或投机主义固然重要,但因敌意收购本身并无原罪,故立法者不应矫枉过正、一味收紧大额持股披露监管规则,尤不应把道德上的苛责或情绪化表达转化为法律上的义务从而偏惠于一方,阻碍收购市场的发展。

The latest wave of hostile takeovers has triggered disputes concerning about pros and cons of block-holder disclosure and how to regulate activist investors buying large stakes of listed company. Because of their short-termism in purchasing large stakes of listed companies,the investors have been regarded as hostile takeovers,and disgusted and criticized by listed companies,scholars and regulators. The latter called for tightening up block-holder disclosure rules. There is no doubt that it is justified to require investors to disclose their holdings of large shares of listed companies,however,the legislator should balance the regulatory burden among activist investors and target companies and its managements. It is important to curb the activist investors＇ short-termism or opportunism,however,seeing that hostile takeover itself has no sin,lawmakers shall not overcorrect and blindly tighten up block-holder disclosure rules,especially not take moral blame or emotional expression into legal obligation,so as not to hinder development of acquisition market.